You will probably never meet a person on the street that will offer you dollars in exchange for quarters. If you do, you might have met a hustler with a trick up her sleeve. Shares of Bank of America offer us a very similar deal. The market thus assumes Bank of America is a hustler, since only a con artist or a fool would offer such a deal. They forget that Bank of America does not set the price of its shares, the market does. The hustlers and the fools are the ones borrowing the shares, not the ones buying them.
Disclosure: I am long BAC.