Is Bank of America about to fail?

I think it will be fine.

Here is a good quote, when I think of the market.

http://www.memorable-quotes.com/it+will+fluctuate+,a1192.html

@john65pennington You need to look at their balance sheet and income statement to see if they’re in danger. Also their liquidity picture. Stock price is no indication of what will happen.

It’s “too-big-to-fail”.

You have a right to be concerned. It’s very iffy because perception wise, it’s really bad, with issues of litigation plus the added stress of global business turbulence. I don’t own their stocks but if I see that they figured out a way to raise capital to somewhat offset any possible future payout resulting in the litigation ( if they lose ) I might take another look.

I don’t think it’s about to fold anytime soon for a lot of other things could happen in the next few weeks. It’s good to research on the nature of the litigation against them since it’s the cement block hanging in their neck, imo.

I believe in taking chances, to a degree. Sags do those kind of things.

In this case, I am withdrawing and either buying gold or heading for my credit union.

They deserve to. They have to be the stupidest bank I know. Anyone who has a loan with them and faced foreclosure or attempted a short sale knows that their approach is not based on any sound business practice and they spend a dollar to save a dime. They are run by a bunch of idiots and anyone would be a fool to invest in them.
@john65pennington, even if they are not failing, it is better for the overall economy to invest in smaller local banks (like your credit union) than to invest in these mega banks when their failure has the capacity to take down an entire economy.

@john65pennington From what the markets are indicating, gold is the only thing going up. Other than that I heard there’s a lithium stock boom in the energy markets. But don’t know where that may be as of now.

As has been pointed out, stock price has very little correlation to how a company is doing. I suspect Bank of America will be fine.

( not that I will be the slightest bit sad if I’m wrong )

Dow is up about $200 now. Treat it as white noise, stop watching or listening to the news and help a little old lady across the street (or come weed my garden, speaking of old ladies.)

Ok stock price has nothing to do with if a bank is about to fail, stock prices are just a perception and have have many factors. When the banks were in crisis I bought Bank of America stock at under $5.00 per share and tripled my money when I pulled out most to buy a new car with my winfall. When Ken Lewis was running the show he put over 2 million of his own money in and I am sure he made a killing as well. This was as well durning the banking crisis. All this tells me is that people are scared right now and its a time to buy instead of sell. Bank of America is a very solid company, they paid back the full amount of the TARP funds with in a few months of receiving them. The first chunck of TARP was only taken because the US Government needed them to not because the bank needed it. The second chunck was because the US didn’t want Bank of America to pull out of the Merrill Lynch merger when they actually seen how bad the situation was so in order to not do so the government threw money at them to keep it a go. The first chance they got they paid it back, I was actually working in Bank of America’s Accounts Payable at the time in which it was paid back and it was a big panick that it was processed correctly and quickly which it was.

You want to look at the stability of the company not the stock price when purchasing stock and that was what I did when I invested and will do again when I have more to invest again. Just an FYI the US Market is in turmoil because the US was recently down graded from our AAA rating because of the issue with the debt and how they are handling it. I blame all this on Obama’s running of our country.

Is it wrong for me to hope for them to?

All of it on Obama? The only part I blame on him is that he did not sway much from the policies of the last administration. That is where the blame really lies.

At the end of the Clinton administration, US had virtually no deficit.

@atlantis Yes and do you think we would be in this same situation if Hillary Clinton had won over Obama, I think not. He ran on a platform of change but couldn’t define what he would change. Never liked him, never will. I think someone else should take over the Democratic ticket than him on the next election. I went Republican when I actually voted for president because the Republican choice was the lesser of the two evils.

@creative1 Obama outshone everyone on the campaign trail, could have outshone himself in office , it’s true. But if you think about it, a country where the president is under pressure to release his longform birth certificate to prove citizenship is in some serious party conflict. The disunity in government is more a culprit than specific individuals.

All he did was be sucessful at pulling the wool over peoples eyes and nothing else. The whole time he was running I looked for what he stood for, where the meat and potatoes were of his campaign and it was all fluff. There was nothing but a lot of talk of change and that was it, the problem was that there was so much people didn’t like about Bush the word change was exactly what they wanted to hear but if anyone looked under the hood of the campaign there was nothing. A big lemon is what he was, I wish we had a lemon law for a President.

@creative1 So what are you going to do now? Are you gonna vote democrat or republican for president?

Depends on who wins the Democratic side and who wins the Repulican side, I look at the who person and the issues. I research my canidate and if Obama is given the vote I will definately be going Repulican. I liked Mitt Romney with the last election and hoping he ends up running again, if anyone actually looked at what Mitt did for Massachusetts they would have liked him.

@SpatzieLover It’s not necessarily wrong of you to hope they fail but what people seem to forget about is that when these institutions fail a lot of ordinary people like you and I get hurt. Pension funds invest in these companies, large funds like TIAA/CREF invest in them… and people’s individual investment portfolios, people’s 401ks, people’s retirement investments, those will lose value, anyone who has money invested in Bank of America stands to lose.

@lillycoyote I didn’t realize this was in General when I posted. I understand the implications for the rest of us. I just happen to think their failing may be better for the economy at some point. We have switched our investments and our one loan to our credit union. I am now thinking all things local for finances is better…at least for me, personally

Don’t worry. Should anything too traumatic occur, I am sure the US government will be more than willing to bail the BoA out.

If Bill Clinton ran again(legally) for the presidency, what percentage of the votes do you believe he would receive? He may have had a questionable personal life, but his knowledge of economics was outstanding…....................

Did you see this Story about Bank of America on the Daily Show? Best story of the last 2000 years :-)
It kind of supports the fact that the right hand doesn’t know what the left hand is doing over there.

I sure hope so!
Almost every decent bank I’ve ever had an account with (5 i belive), got swallowed up by them and reduced to an overpriced shadow of itself!

Definitely not as the powers that be do not let banks fail, just you and I. Their assets would just be absorbed in any case and they would live on. But they, along with other banks, did fail us with their shenanigans and they do deserve to fail.