Bank of America Shareholder Blues

Think you bought Bank of America (NYSE:BAC) shares at the bottom?  Think again, the 5 day loss for BofA shares is at 20% and today they fell 12% thanks to Citigroup Inc analyst Keith Horowitz.

Citigroup Inc analyst Keith Horowitz came amid reports that Citigroup itself might suffer a $10 billion operating loss for the quarter. Bank of America has many of the same kinds of market exposure as Citigroup -- such as through its credit card and investment banking operations as well as through holdings of complex debt.

Horowitz believes the largest U.S. bank might suffer a $3.6 billion fourth-quarter loss and again slash its dividend.

But the fun didn't end there -- BofA shares came under further pressure after CNBC reported increased friction between Chief Executive Kenneth Lewis and former Merrill Lynch Chief Executive John Thain, who is now Bank of America's head of global banking, securities and wealth management.

The TV network said this could jeopardize Thain's prospects of eventually succeeding Lewis, who is 61. Bank of America bought Merrill on January 1.

Our U.S. Financials continue to get killed.  Today the ProShares UltraShort Financials (NYSE:SKF) was up 10% as U.S. Bank stocks fell on their faces.

The big winners today were the inverse ETFs, namely the SKF and FAZ:

And the fun just keeps coming, check out this article just released by Dividend.com:

Bank of America to Cut Dividend Again? (BAC)
Dividend.com, NJ - 5 hours ago
By Dividend.com Staff According to a Citigroup (C) analyst report from earlier today, the firm believes Bank of America (BAC) may need to cut its dividend