Bank Of America's Terrifying Selloff Accelerates

Brian Moynihan Bank Of America

This alone has to be one of the big fears for the market: What’s happening and what’s going to happen with Bank of America?

The stock is now down about 15% on the day, falling below $7/share.

For a little more perspective, it was above $10/share as recently as late July.

All of the downgrade/economy stuff obviously hurts, but the latest catalyst is the news that AIG is jumping into the lawsuit fray against it.

This kind of one-day decline for an obviously too-big-to-fail bank is obviously reminiscent of the bad old days in 2008.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.