Bank of America (BAC) Disaster: New And Old Shareholders Hosed

Two days ago, Bank of America (BAC) announced a Q3 bomb and an emergency $10 billion equity offering. The stock, then $33, plunged.

BAC then tried to sell the $10 billion of stock at $28 but was laughed at. After a day of desperate flogging, it finally managed to unload it at a disastrous $22.

And this morning?

The poor suckers who bought at $22 are already looking at a 15%-20% loss. Bank of America’s stock is back below $20.

Thanks, Ken.

See Also: Bank of America Sucker-Punches Merrill Shareholders

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