Wednesday, May 6, 2009

Market Lemmings Reward B of A for...what?

The government says Bank of America fails the "stress test" and needs to add a paltry $34 billion (billion...with a "B") to cover itself against potential failure should the economy worsen. So what do the Market Lemmings do? They reward them with a nice bump in stock price. Wait...what? Let me get this straight. Here's a business entity that would have collapsed under the weight of its bad decisions were it not for a bail out from the government. The exec's at B of A can't even find the backbone to fire their CEO, instead just removing him from the Board of Directors. Way to send a message guys. Even worse these sorry SOBs will probably end up getting MORE bail out dollars. I said it before, I'll say it again, something is busted in the stock market.

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