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Tuesday, August 9, 2011

8/8/2011 - The Day Bank of America's Stock Fell 20 Percent



At market close, the Dow and S&P had fallen 5.5% and 6.6%, respectively. But that's nothing compared to Bank of America's 20% plummet after insurance giant AIG sued the bank for $10 billion for overvaluing mortgage-backed securities.


Apple could buy Bank of America in cash right now Apple-centric thinker Philip Elmer-DeWitt took note of the plummeting Bank of America stock today and did a simple calculation. "As of June 25, Apple's holdings in cash and marketable securities stood at $76.2 billion. That's enough to buy Bank of America outright and still have more than $6 billion left over... Why isn't Apple AAAA?"


This is Bank of America's 'No Good, Very Bad Day' writes Michael de la Merced at The New York Times.


Read Full Article Here...

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