Bank of America = Enron Redux

Pimpco and the NY Fed, among others, the NY Fed being the key piece to this, are now demanding that BAC buy back $47 billion in bad mortgages.  Here's the news link:  BAC: Look out belowwwww

It is likely that to the extent the Government and the Federal Reserve Bank decide to monetize this mortgage catastrophe, they will have to use Bank of America - seemingly the worst offender - as the "fall-guy."  We know that Tim Geithner has a track record of not only not paying personal taxes, but rubber stamping the use of taxpayer money to bailout the fraudulent banking system.  It is likely that is why he has not been sacked yet from the Treasury Office.  They need a dope like him to sign the paperwork.

My advice:  if you personally own any Bank of America stock, just get rid of it.  If you are invested in a mutual fund that owns a large stake in BAC, get rid of that mutual fund.  The fund manager is an idiot.  Here are the largest fund complexes that own BAC stock:  State Street, Vanguard, Barclays, Fidelity, JP Morgan, T Rowe Price, Axa, Bank of NY, Northern Trust, Janus.

Janus really raises my red flag because over the last 10 years Janus has a near perfect track record of having outsized positions in the biggest landmines of the decade.  Hey - in the stock market - where there's smoke, there's a nuclear financial meltdown in process.  Here' a link to the complete list of holders:  LINK