The government assassinated BAC knowing very well that it was Country Wide who made all the bad deals. They took 77 billions from BAC based on a technicality, meaning that BAC is also responsible for all the mistakes of Country Wide when they acquired it. BAC was trying to help the government at their own request from what I understand. It cost them 77 billions dollars and they had no lawful recourse. The government will not find buyers anymore for their bank in distress unless they sign a document stating the buyer is not responsible for the liabilities of the acquired bank and cannot be sued in the futures for the wrongdoing of the acquired assets from the bank ! The government must also be made liable for the loans they have insured, right or wrong, because they should also make sure the paperwork is right before approving the loan! They should not be relying only on the banks to tell the truth. If Country Wide was guilty, so was the government for approving insurance for trillions of loan without double checking the banks' work. Who gives out trillions of dollars without at least spot checking the loans from time to time. The government should also be liable for at least 50% of the responsibilities.
Thank you for your reply PFG_01. I did not mean that in a derogatory manner. I am a BAC shareholder myself. Please refer to today's article indicating all the dividends being paid. The author appears to be well informed and the article may be of interest to you. May be the % is low compared to the size of the business, but I am concerned with EPS performance for the common shares. Nevertheless, I do rate BAC a strong buy.
They have stopped paying billions, plus they had all these layoffs. I may be dumb, but I am not plum dumb.!
There is a guy called "El stupido" selling a whole bunch of shares @ 15.76; let's hope he won't have anymore to sell pretty soon so that the stock can move.! Volume low today! Many are waiting that the stock falls today to buy it, but it is not happening. Investors are buying it on the dip.
Michel, I understand revenue may be down, but still EPS should be higher since they are not paying billions anymore that they use to shed every quarter.
they have stopped paying billions to the government. It should start showing this quarter!
We would have to know the individual numbers, but traditionally it's been traded in the $30 range from what I can remember.