Bank(ruptcy) of America

From ZeroHedge:

Bank of America Defaults Risk Soars To Highest Since June 2009,

Jumps By 10% Overnight

posted here.

Also in the news this morning, AIG is suing Bank of America for $10 billion. Bank of America's stock is off another 7+% in pre-market trading. Reminder: Maine state employees and taxpayers are invested to the tune of 2.6 million shares.

Scroll down for more on the BofA disaster.

[update, noon:]

Here Comes TARP 2:

Bank Of America Implodes, At $6.87,

BAC CDS Up 20% To 260 bps As Bankruptcy Contemplated

More at ZeroHedge.

[update, 4 p.m.:]

BAC gaps down,
MainePERS loses another $4.3 M.