NEW YORK - As I read through some news articles today involving the drop of Bank of America shares I expected that most of the news world to be jumping on Julian Assange's back the founder of WikiLeaks and crying murder on Bank of America. Which is the bank people suspect will be mentioned in his claims. Assange has made some ridiculous claims that his information is about a major bank and that his information could take down a bank or two.
Considering how much capital is on Bank of America's balance sheet, unless BAC is blamed for the current and next BP disaster then his claims are inconceivable. Then again I said it was inconceivable BP could go bankrupt but that did not stop Standard and Poor's from dropping the credit rating 6 notches, nor did it stop Jim Cramer a media personality from saying BP was like the asbestos industry(When is the last time an Asbestos company $20 billion in a year). So these reports can easily be damaging in the short run as sensationalists run with their claims.
Since Assange's claims are so inconceivable we are going to ignore it. Perhaps there will be some interesting information in the future but its very unlikely to materially effect BAC.
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