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.

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

Tagged In