"BofA Falls Below $6 as Banks SlideBank of America Corp. (BAC)...

"BofA Falls Below $6 as Banks Slide

Bank of America Corp. (BAC) fell below $6 in New York trading for the first time in 2 1/2 years as concern about Europe’s debt crisis spurred financial-stock declines on both sides of the Atlantic.

Bank of America dropped 9.6 percent to $5.53 as Citigroup Inc. (C) slumped 9.8 percent, leading a 4.5 percent slide in the 81- company Standard & Poor’s 500 Financials Index as of 4:15 p.m. in New York. The Bloomberg Europe Banks and Financial Services Index of 46 firms fell 2.7 percent.

Financial shares are under pressure as European regulators struggle to quell concern that their lenders may be hurt by the sovereign debt crisis. Moody’s Investors Service cut long-term ratings on Bank of America debt last month, saying U.S. support has become less likely for troubled lenders...."

The full read is at http://www.bloomberg.com/news/2011-10-03/bofa-falls-below-6-as-weakness-in-europe-economy-adds-pressure.html


My comments:

By the way, how great is Buffet's multi billion dollars investment in Bank of America now looking? I can't forget all the misleading cheer leaders on mainstream financial TV I saw following Buffet's investment. To me at the time it was a bad comedy listening to them. Where are they now telling us about this investment? Gone the way of gold downrampers on forums around the world - silent when their position is moving against them in a big way.