CHART OF THE DAY: The Bank Of America Death Spiral

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There’s no question of a double dip for shares of Bank of America.

After financial crisis lows near $3, BAC traded above $15 for over two years. In the past year, however an accumulation of foreclosure-related costs and concerns about capital requirements erased these gains. Today headlines on both front pushed the stock down to $6.42.

Remember, Bank of America traded above $50 just a few years ago.

Although the bank says it has enough capital, analysts say it may need to raise an eye-popping $40-50 billion.

chart of the day, bank of america stock performance, aug 2011

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