Bankster of America and $hitibank were hit hard today......

from 24/7WallStreet:



......(snip)......

2.36 PM DJIA plunges 600 points and threatens 10,500, now close to a 20% correction since the July peak, which would officially make this a bear market. S&P even worse now, off 5%. Normally strong tech sector pulled under with Microsoft down 4% and Cisco off 5%.

2.28 PM A panic over possible mortgage-backed securities sales fraud against Bank of America (NYSE: BAC) by AIG (NYSE: AIG) drives the bank’s shares lower by 20%. Citigroup (NYSE: C) which also may be party to a legal was down 17%.

2.15 PM The slaughter in Europe ends as the Dax drops 5.2% at the close and the FTSE ends off 2.6%. As in the US, banks take the brunt of the drop as concerns about mortgage and sovereign debt pull down the industry. Royal Bank of Scotland fell 6.2%, and Deutsche Bank sold down nearly as much. The ECB decision to buy bonds from Italy and Spain helped the lower yields but equities were unaffected. ..............(more)

The complete piece is at: http://247wallst.com/2011/08/08/instant-updates-on-the-market-collapse-2-32-pm/#ixzz1UTM330em

Too much collateral damage to the barely breathing job market.

Too much real pain for real people

nt

They'd get another trillion of taxpayer money

have the FDIC give most depositors their money back.

Looking at the amount of debt it's carrying and the return on average equity, it certainly looks dead already.