No. of Recommendations: 0
Scott...

Thank you so much. You are awesome. You are what makes the Fool such a great site. You confirmed almost all my concerns, and hopefully confirmed that I wasn't missing some GIANT "thing" that an amateur investor wouldn't know.

My original intent for that purchase was to take advantage of the temporary ridiculously high dividend, but only because on the morning I bought, Geitner and Obama had indicated that they were not going to let the bigger banks fail. I gambled that Bank of America was included, and especially because they (and Wells) had been encouraged and supported by the governement to pick up losers like Wachovia and Countrywide. It felt like an informal partnership. Luckily I guessed right, and the shares went up as a bonus to the dividend.

I don't feel the risk of default. I feel much more risk with the common, especially with consumer sentiment not yet satisfied with "reform" legislation. Still some upside left on the preferred, plus the nice dividend. I think I will hold for the moment. Just a small portion of my portfolio.. though up to 6% with the increased value now.

I do however really like your idea to buy some for a sample play.

Self-Education.

Thanks again.

John Markarian
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