Chris Whalen: God Am I Glad We Did Not Upgrade BAC

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Chris Whalen, who has been warning about the significance of foreclosure for Bank of America, just claimed a small victory on Twitter: “God am I glad we did not upgrade BAC.

News had been looking up for the bank after various foreclosure moratoriums were resolved. Then Bank of America posted a fourth-quarter loss of $1.2 billion. Not a huge market mover, but an omen in his eyes.

Here’s Whalen’s presentation on the imminent crisis for the banks >

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