Bank Of America Follows Citi (C) Into The Panic Zone

Heads up: Bank of America (BAC) is dropping like a rock this morning, down 13% 18%, and its CDS spreads are widening rapidly after news of a bailout double dip.

Perhaps people are wondering: Wait, what’s this company that grossly overpaid for both Merrill Lynch AND Countrywide. They’re like Citi (C), but they’re actually in the process of building out the financial supermarket.

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