As you might have noticed, there was a bit of a kerfluffle this afternoon when Bank of America took issue with a blog post I wrote about why its stock was collapsing.
In the post, I explained that the market clearly didn’t believe that Bank of America’s assets were worth what Bank of America says they are worth (this seems self-evident).
I also relayed some asset-exposure numbers from Zero Hedge and Yves Smith, two of which Bank of America says were wrong. (I added Bank of America’s comments to the post. Yves was indeed wrong about one of the numbers, and we both apologise for the error. It has now been corrected. The overall point of the post–that the market doesn’t believe BOFA’s asset values–still stands.)
Truth be told, the last thing I wanted to spend one of the last weeks of summer doing was digging into Bank of America’s balance sheet, especially with so many more important things going on.
But Bank of America’s stock keeps tanking–it’s down again, in the aftermarket, despite having been upgraded today by JP Morgan. Basically, the stock is acting like the company is insolvent. And now that my blog post has been blown up into this huge “call” on Bank of America, I actually do want to get to the bottom of this.
So I would be grateful for your help.
Please send me any detailed analyses of Bank of America’s balance sheet that you’ve found helpful (links or PDFs). I’ll review them, summarize what I learn, and then see if and where there might be more useful work to be done.
My email is [email protected].
Thank in advance!