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.
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