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Bank of America down to 5.53 per share

I hope they go bankrupt.

But you're probably right, someones going to make a killing. Won't be me...
 
I hope they aren't too big to fail and do so. If the stupid government jumps in with another bailout

/pitchforks_and_guns

I hate BOA.
 
Is BoA's trouble the legacy of Countrywide and Merrill Lynch, or did BoA itself engage in bad mortgage and investment practices itself?
 
I don't have a position, but JPM is fairly cheap and offers a 3% dividend yield.

Why take a flyer on BAC when it'll be a number of quarters until they actually generate the operating profits they're thought capable of? That's assuming they don't have to raise capital and dilute shareholders; and who knows how much liability they have from various lawsuits.

Plenty of cheap financials, I wouldn't recommend picking the bad apple in the barrel.

I've hated BofA way before it became so fashionable but they're everywhere and like most big banks, checking is free w/ an minimum balance of $1500. With ATMs everywhere in the West, I'm still not actively looking to bolt.

If it hits the fan, I doubt they'd be bailed out TARP-style. If anything they'd be nationalized like the UK banks or federally owned like Government Motors was.
 
Citibank was under $5 a share. All they did was do a 10-1 reverse split and they were back up to $45 a share. Now, they are trading down at $23. Too bad to fail again?
 
I'm dumping BOA. Should have switched to USAA a long time ago since they have my home and car insurance.

The 5 dollar fee drove me over the edge. I'm done with them.
 
Personally I bank with Charles Schwab. Free checks, they reimburse any and all ATM fees, and their customer service is excellent. Plus they have mobile deposit.
 
There is always a fee for the debit transactions. This has always been the case. It's always been a question of how much and who is paying. The new rules limit the per transaction fee that banks used to charge to pay for the system. Banks will have to get the money from somewhere. All banks.

All banks will be rearranging most of their fee structures due to this bill.

Citibank is charging $15 a month on checking accounts below $6K.

The bill kicks in Saturday, I believe.

Here's another take on who is responsible for this bank fee fiasco.

http://campaign2012.washingtonexaminer.com/article/thank-wal-mart-your-new-bank-card-fee
 
I don't think it's a good idea to buy anything in the stock market at the moment... Unless you are day-trading I'd think you're crazy to go long on anything right now. The trend is clearly down right now, and if Greece defaults, it's going to be 2008 all over again.
 
LTC8K6 said:
There is always a fee for the debit transactions. This has always been the case. It's always been a question of how much and who is paying. The new rules limit the per transaction fee that banks used to charge to pay for the system. Banks will have to get the money from somewhere. All banks.

All banks will be rearranging most of their fee structures due to this bill.

Citibank is charging $15 a month on checking accounts below $6K.

The bill kicks in Saturday, I believe.

Here's another take on who is responsible for this bank fee fiasco.

http://campaign2012.washingtonexaminer.com/article/thank-wal-mart-your-new-bank-card-fee
Click to expand...
good article, hurray crony capitalism!

TBTF banks have been hiking very lucrative fees for years, it's too convenient to blame this problem solely on the Durbin Rule. It's not like the interchange fees were completely eliminated, destroying banks' entire business models. I do agree it's much easier for big banks to rape their customers than to take from Wal-Mart.
 
manly said:
good article, hurray crony capitalism!

TBTF banks have been hiking very lucrative fees for years, it's too convenient to blame this problem solely on the Durbin Rule. It's not like the interchange fees were completely eliminated, destroying banks' entire business models. I do agree it's much easier for big banks to rape their customers than to take from Wal-Mart.
Click to expand...

Wal-mart just took advantage of what Durbin/Dodd/Frank was going to do, imo.

They were warned in no uncertain terms that this would happen, and a blind man could see it anyway...

The system has to be paid for, and if you limit the fees in one place, they have to shift elsewhere...

Next they will want to nationalize the debit/credit interchanges...to make them "free"...
 
It is all going to go down and not end in site. Sit it out and wait for Europe to default and get in on the lows. Even gold took a dump. Loving oil tanking too!
 
No on BAC thanks to Countrywide, which is still effing them hard.

I'm in with Citigroup, which may just melt down, but my position isn't extraordinarilly big. More worldwide exposure (yay Europe...), but they sold off so much crap in the last 2 years that they should be in better shape. WFC looks to be the best bet. Obviously less gain from less risk.
 
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