Our quote of the day comes from Bloomberg’s Jonathan Weil, who keenly notes that:
At $9.85 a share, down 26 percent this year, Bank of America finished yesterday with a market capitalization of $99.8 billion. That’s an astonishingly low 49 percent of the company’s $205.6 billion book value, or common shareholder equity, as of June 30. As far as the market is concerned, more than half of the company’s book value is bogus, due to overstated assets, understated liabilities, or some combination of the two. (emphasis added)
Discuss . . .
Curse the Geniuses Who Gave Us Bank of America
Bloomberg Jul 20, 2011 8:00 PM ET