Bank of America
Steve Sakwa, whose work product Zero Hedge has not spared its praise for in the past, has left the building. The "top rated" REIT analyst, who gained prominence in the past 2 months for such great work as an upgrade of virtually all companies he covers, has departed for greener, although unknown, pastures. It is quite odd that Sakwa would leave the bank at a time when his group was generating more revenue than virtually any analyst/trading group on Wall Street.
Paul Miller has released a report that none of the programs trading the market currently have obviously read. Regardless, in keeping with hopes that at some point cheerleading and rationality prevail, it is prudent to at least know what will happen as you are purchasing BAC stock today.
A research piece from Oppenheimer states that BofA needs to raise over $36 billion in equity to be in line with peers. Analyst Chris Kotowski says that due to inability to access the equity capital markets, BofA will be forced to follow in Citi's footsteps and convert preferred shares to common stock.
From S&P downgrade just issued:
While Bono would be pacing in his San Remo penthouse with 2 inch earplugs and howling at the moon upon hearing this next clip, which is a curious reincarnation of U2's legendary "One", it does explain Bank of Countrywide Lynch's approach to boosting employee morale, and, as a result, why employee morale is where it is now.
Bank of Countrywide Lynch came out with a surprising release earlier in which it defended itself from media allegations that it had spent $10 million of TARP money on a 5 day Super Bowl carnival and that senior management was in fact not at the 20 yard line (cheering the
$4.78/share last. No specific reason yet aside from that it should maybe be at 0.
...Before it hits $0
17% down today. What is over/under days until Ken Lewis' resignation. We say 10
$5.65 to zero now