"There is a rumor circulated on Wall St. that JP Morgan (NYSE: JPM) will take over Bank of America (NYSE: BAC) within the week. The government will support the deal with a $100 billion investment in preferred shares issued by the combined entity."
BAC + JPM would be over 2 trillion in deposits.
The banks are owned by the same group of people - it's not like the banks are changing owners. It's like musical chairs with all the same players.
BAC may survive while weakened and carrying leeches (Buffett).
The fluids sucked out may come from tax-payers because Buffett has the President of the United States "on speed dial".
Tax payer money goes in one end, and gets sucked out the other end by your best-buddy, friendly ol' Uncle Warren.
http://www.forbes.com/sites/greatsp...-as-bofa-knows/
http://247wallst.com/2011/08/23/jp-.../#ixzz1Vryt84KZ
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