I mentioned this yesterday, and lo and behold I get more confirmation today. BofA announces a loss of over $2B:
It doesn't get any better than this for an observer like me who's been crowing about an insanely overvalued market. It can and probably will get worse for investors who've bought into the hype about a nascent recovery.
Nota bene: Anthony J. Alfidi has no position in BAC at the time this commentary was published.
The results, released Friday, worsened to a $2.24 billion loss after the bank paid dividends to preferred shareholders, including the federal government, which gave Bank of America $45 billion in taxpayer lifelines during the financial crisis.
It doesn't get any better than this for an observer like me who's been crowing about an insanely overvalued market. It can and probably will get worse for investors who've bought into the hype about a nascent recovery.
Nota bene: Anthony J. Alfidi has no position in BAC at the time this commentary was published.
