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News Link • Corruption

Bank of America: Does Someone Know Something?

If this turns out to be prescient - that is, if it turns out that this is insider trading on material non-public information and Bank of America collapses - it is time for every American to cease working and go sit in Washington DC on the Mall - and refuse to leave until the FOMC, Treasury and our President resign, stand trial for public corruption and are punished in accordance with law. The market says that this firm has a "book value" of one third of the claimed value on it's balance sheet. If this is true then the bank is bankrupt at least six times over. That is, it's alleged "Tier 1 Capital" has been exhausted not once, not twice, but six times. Either the market is correct or it is wrong. The stock is either trading at 0.34 times book because the assets on the books are worth one third of the claimed amount (when offset against liabilities) or because the collective "wisdom" of the market is flat-out wrong. If the former is true then every corporate officer has lied through their teeth serially and wantonly when signing their quarterly reports, and under Sarbanes-Oxley has committed a federal felony for which they must be imprisoned. There is really no other way to see this, in point of fact. Either the firm has honestly reported its financial condition or it has not. If it has, then this "valuation" is ridiculous beyond words, and you'd be nuts not to buy the stock with both fists, since you stand to profit for the tune of three hundred percent. But if the firm has lied, repeatedly and serially, then it is bankrupt six times over.

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