From what I’ve seen, BAC has about two and a half years’ worth of put-back liabilities which flatline every cent of its income for shareholders. That is, if all the chickens don’t come home at once.
For an investor, two and a half years without a dime’s worth of income is simply taboo, plainly intolerable; and if there’s any “bonuses” paid for this kind of shape, we can be assured there’s serious accounting FRAUD.
Holy cow that’s worse then even I thought.