17 January 2009

Bank of America Tanks After Hot Stimulus Injection

Above is the share price for Bank of America (NYSE:BAC) with the golden sacks of coins representing the feds giving Bank of America free taxpayer money. It was $10B on January 1 when they bought out Merrill Lynch and another $20B last night. Obviously, their stock is in the crapper, but let's see how it's thousands of employees are doing. From McClatchy:

Bank of America expects to shed as many as 35,000 jobs nationwide as the banking sector crisis deepens. One top-level executive, who'd been handed a pink slip Thursday, told McClatchy that morale is at rock bottom.

"It's terrible," said the executive, who asked that his name not be used because details of his departure were still being worked out. "Everyone is worried, from the lowest employee to the highest."
Sounds like the shit has hit the fan so bad that people are either "finding Jesus" or about to swallow the cyanide pill. Seeing how I'm a Bank of America customer, time to go waste all my money at the casino before the bankruptcy courts can seize it (I ain't counting on the FDIC!). Gambling is a lot more fun than investing in the stock market because there's free drinks involved, a shitty band, and blinking lights abound. And, unlike the stock market these days, you might even win some money.

2 comments:

Anonymous said...

It was BUSH who deregulated everything on the fucking planet. He fucked you, AND me.

LT Nixon said...

Actually, Anonymous, contrary to the conventional wisdom, Bush increased regulations under his watch.