Why are people so bullish on BAC? AnJAILo Mozilo

Its been obvious for well over a year now that Bank of America is the dumbest too big to fail bank in the history of banks that are too big to fail. They bought out insolvent Countrywide, they bought out insolvent MER, they performed the worst of all the banks in the stress test sham. Come on people, they are gonna be nationalized, duh.

I only bring it up because I look at the max pain chart for BAC and I see that the open interest in BAC calls this month is massive. What idiots loaded up on BAC May $20 calls? There are 20,000 of them outstanding. By the way, for those of you unfamiliar with how stocks behave at op ex, watch BAC on Friday. This thing will pin to $10 like a $1 bill to a stripper's thong.

And remember Angelo Mozilo, founder and ceo of Countrywide? He's that white collar criminal that sold all his CFC stock just as the housing market collapsed (see mugshot below). Mozilo was good buddies with Ken Lewis (BAC ceo) and got Bank of America to buyout CFC, somehow... Well, he's about to be brought up on all sorts of charges by the SEC. Its about friggin time.

"The SEC staff sent a Wells notice to Mozilo a few weeks ago informing him of possible charges, The Wall Street Journal reported online, citing unnamed people familiar with the investigation. The report said the charges include illegal insider trading and failing to disclose significant information to Countrywide shareholders."

Report: SEC may charge Angelo Mozilo with fraud