Lockstep Investing

Crocodile Investors Smile at Bank of America

Transparency: On Dec 24th I closed the BAC-PJ position at 17.40/share.

The reason for closing the BAC-PJ position is the poor leadership decisions of Ken Lewis, CEO of B of A. The recent acquisitions of Countrywide, a defunct mortgage originator, and Merrill Lynch, an asset manager with an unknown quantity of toxic assets on their balance sheet, are questionable at best. Due to the unquantifiable risk and need for capital to sustain this new financial conglomerate, I see preferred shares as at risk for being seriously being diluted. Thus I am closing my position with a small gain and moving on.

Crocodile Investors Smile at Bank of America

Each of the sites uses different tickers for preferreds. At Yahoo! the ticker is BAC-PJ. At QuantumOnline.com, it is BAC.PR.J. I recommend QuantumOnline.com for getting all the details regarding preferred issue.