First up, the AP documenting that BAC and other banks are utterly dependent on robo-signed docs to generate any kind of new lending activity. It is to Mecklenburg County’s eternal shame that Guilford County has been leading the charge against fraudulent loans. J. David Granberry, where are you?
Then, part of the 10 Signs That The Americans Have Begun Freaking Out About The State Of The Economy, we have Gallup results that show that confidence in banks is at an all-time low. That’s right — lower than late 2008, mid-crisis.
Charlotte is so out-of-touch with the rest of the country it might as well have an embassy in DC. The Uptown crowd really thinks the worst is past and the DNC cocktail party will vault CLT….uh, somewhere. Ask Brian Moynihan how things are really going. BAC hits $7.50 and he is toast.
Bonus Thought: Start looking around for a Euro mega-bank that would “partner” with BAC. You can bet that the Fed probably is doing so.
Update: Ta-da — Here’s your Euro partner — a London hedge fund. BAC has to spread out and try to find revenue/confuse investors while making itself even more insidious to market ops. Otherwise it just becomes a giant bank utility, providing mortgages to ratepayers.
