Bank Of America Buys Countrywide Financial

I guess this is good news. It's an all-stock deal worth $4 billion.

However, BAC was also "smart enough" to buy up at $18 back in August.



From a trading perspective, it looks like a hail-mary type, betting the house, type of trade.

Adding to a loser... a cardinal sin.

UPDATE: Full story from the NYTimes here.