Bank of America Tanks; Gold Goes Parabolic No Telling Where It Stops
By Mike Shedlock
I am somewhat amused by the lack of commentary on the latest advance in gold. Did people sell, waiting for a correction that did not come? I do not know the answer to that, but I can see that financials have been clobbered, led by Bank of America, while gold has soared. These events are not unrelated.
Who would have believed in 2007 that a 44 cent drop in share price would amount to a 6.3% move?
How long before Bank of America tests that spike low of $2.51?
How much is CEO Brian Moynihan worth?
I suggest the answer to question number three is a negative number on the basis that Moynihan and former CEO Ken Lewis drove the company into the ground with excessive risk-taking and stupid-beyond-belief mergers.
The best I can report however, is that Moynihan has voluntarily reduced his bonus to $0, suffering the pain and agony of having to live on salary of a mere $950,000.
This of course brings up question number four. How can CEOs possibly scrape by on such meager sums of money