Bac

http://finance.yahoo.com/tech-ticker/article/242096/Stress-Test-Shocker-BofA-Needs-34B-But-That's-%22Good-News%22-for-Ken-Lewis-&-Co.?tickers=BAC,C,XLF,SKF,FAS,FAZ,%5EDJI?sec=topStories&pos=2&asset=&ccode=

i do own a few BAC from the countrywide mess. since i did not do dollar average in the last few month, they are in bad shape. i am not too excited if it goes up 10% in a day since i am not planning to sell them all with a big loss anyway.

since it needs to raise $34B capital, i am not sure why it is up a lot this morning. the article above has put it nicely.

i personally never liked it as a bank although i banked there as soon as i came to this country 10 years ago. a friend was a loyal customer so she took me to a branch and had me opened an account. there were few choices in the neighbourhood at the time and BAC was the only major American bank. A banker sold me two mutual funds before i moved to Houston. He wanted 95% of my money to invest in 4 mutual funds that he recommended and lied to me about minimum $ requirement to invest. i did not know anything about mutual funds. I did not know that there are actually funds that do not charge a 5% fee as soon as you invest in them (front load). the funds did poorly and i sold them at a loss 5 years later. I actually did pick some no-load funds my self and they beat BAC recommendations badly. and my own stock picks did even better.

Ever since i opened checking/saving at Etrade bank, i seldom used my bac accounts and i closed them two years ago. they cancelled my bac credit cards too.