Bank of America rating downgraded to "junk." (judgment, credit, debt)

[70Ford]

Fitch cuts Bank of America's preferred rating to junk | Markets | US Markets | Reuters
Sounds...familiar.

https://www.city-data.com/forum/busin...bove-junk.html

[goodbyehollywood]

BofA can thank two entities for that: Merrill Lynch and the government. If BofA hadn't been forced to absorb ML, against BofA's better judgment, the company probably could've made it. ML's books were toxic and shareholders know it. There's little incentive to buy BofA stock now. If it's nationalized, it'll be worthless.

[evilnewbie]

Hahahahaha.... I liked BoA and it actually had promise... the problem came when CEOs start making decisions.... glad I didn't invest in BoA..

[cdelena]

These rating agencies are the same that had all the 'toxic debt' rated AAA until it was found it was closer to worthless.

I trust NO rating agency now.

[Woof]

Originally Posted by goodbyehollywood

BofA can thank two entities for that: Merrill Lynch and the government. If BofA hadn't been forced to absorb ML, against BofA's better judgment, the company probably could've made it......

They were forced, you mean at gunpoint? First I heard about it. Silly me, I thought it was their decision.

I wonder how long it will take me to transfer savings and checking to US Bank? Should only take an hour or so.

[goodbyehollywood]

Originally Posted by Woof

They were forced, you mean at gunpoint? First I heard about it. Silly me, I thought it was their decision.

Try the financial press. They report a little more than C-D.

[bcfarmlady]

They are junk with me since they just "reassigned" my credit line from 16,000 to 900.00.... my balance is 850.00 now and I've not missed a payment in quite some time and actually pay way more than the minimum. I was planning to pay if off next month anyway and close it out.

[Woof]

Oh, check out the first link - it's only their preferred stock that was downgraded.