Initial stock price reax says “save,” but such hyper short-term thinking got us in this mess, didn’t it?

And the CEO’s superlawyer rep seems to have come in handy negotiating a settlement for what amounts to nickels on the dollar. Although you have to believe that as soon as the Fed said it was ready to settle with its TBTF creation, everyone else with billions in claims quickly fell into step. Don’t want to end up like Lehman Bros. now do you?

However.

BAC has accepted responsibility for the dreck it sold. And the bank is still not making any money. Put those things together and the future is not quite so rosy.