Gents you smell that? It's the stench of sticky icky green! No, not that green. I mean MONEY! The government is "pot committed" to Bank Of America and would not let them fall. Besides, Barry has made the economic disaster his #2 priority (besides demolishing the White House bowling alley and putting in a basketball court- true story).
Bank Of America touched their 52-week low this morning, despite receiving upwards of $40b in federal bailout money. I motion that we take money in our cash reserve account and buy up at least ten more shares. Not only will this dollar cost average our position, but it will beef up our stake in this financial giant when the dust settles on this mess.
If ya like it then ya gotta put a ring on it! I'm out like John Thain....
5 comments:
i second the motion!
Why only 10 shares? If we're going to do it, we might as well pump the whole shabang into the beast.
I vote no. I think we should leave our money in the market.
I've been reading every article about BAC for the past week. It's very troubling to me that enough large institutions are dumping shares at $7, $6, $5, $4/share. Why would those guys take hits?
Then on the other side of things - ALL insiders at BAC are grabbing up tens of thousands of shares as it hits new lows - so they must be confident in the bank.
Also another thing to keep in mind is that this stock is being hit hard by shorters - who are basically betting its gonna fall, and causing the shares to tumble out of control. With no uptick rule in place there is no reason - we need someone to put the ban on short selling back into place and I would have to guess this is going to happen soon.
I vote yes. The pros outweigh the cons. The US won't allow BAC to be nationalized as it will strike fear into the hearts of millions and will make Barry look like an "o"bomanation in his first couple weeks at the helm of this ship. I just can't see it happening. BAC can't go the way of Fannie and Freddie. It's going to profitable again this year - it posted one loss, it's not like it's been losing money for a year. If BAC is going down it'd have to be losing money for a substantial amount of time before it'd go the way of FNM and FRE.
I vote yes. Yes we can.
i third that motion. i think it would be a solid idea. I dont see BAC falling below the $4 mark. im feel confident that BAC will not stay this low...
Back from the brink of death and a $3.77/s two-decade low, BAC bounces to a three percent daily gain! Check out their balance sheets. BAC's assets increased by $7b from last quarter, despite dumping jets, corporate apartments and even a Merrill Lynch helicopter.
They continue to iron out the Countrywide deal and filter out subprime deals that worried all of you when we made our initial Theta Mutual purchases last May.
On top of it, CEO Ken Lewis dropped a bombski on 200,000 shares this week- valued at nearly $1m!
We have a butt load of shares at this point. It's important that we're all on the same page with what's next. Should we set a sell limit or what? I'm looking forward to your feedback.
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