Source: National Cyber Security – Produced By Gregory Evans
Dear Mr. Berko: About five years ago, you recommended Bank of America when it was trading between $6 and $8 a share. I came very close to buying 200 shares for my individual retirement account but chickened out because I was concerned it would declare bankruptcy. I am thinking of buying 150 shares today and would like your opinion. — M.C., Oklahoma City Dear M.C.: Don’t buy it! I have never, ever recommended Bank of America (BAC-$16.12) stock. That’s because I don’t trust its legal representation, its business model, its accounting or its management. And I certainly don’t trust the 15 people with sinecures on BAC’s vaporous board of directors, each of whom receives a $25,000 monthly check from BAC, lavish per diem pay and a generous bounty from numerous other corporate boards. I did recommend Bank of America’s 7.25 percent noncumulative perpetual convertible preferred stock (BAC.PRL-$1,173) on several occasions in 2009 and 2010, when it traded between the high $600s and the low $700s. I recommended this convertible preferred because I believed that BAC was too big to fail, I thought management was too connected to go to prison and the current yield was in excess of 10 percent. […]
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