Bank of America didn't need to raise capital
They told us that a few days ago. Today they raised capital. They sold preferred stock to Warren Buffett that pays 6% and includes warrants to buy common stock at approximately the price just before the deal was announced.
Let me reiterate:
1. Everything is fine.
2. Bank of American does not need to raise capital.
3. Any allegations that Bank of America's balance sheet is full of garbage that will need to be written down are completely false.
4. If you are a common shareholder, you should be very pleased to know that before you receive a dime, Warren Buffett will be receiving $300M per year.
5. Please take this sale of preferred shares to Berkshire as a vote of confidence in the credibility of management.
All joking aside, I think it is time to get out of BoA common stock. This is an emergency. Do not freak out. Just walk calmly and quickly to your computer and place a sell order immediately.