Bank of America Corp (BAC)

[TradeNJ]

Hey i am just pretty ignorant, but it seems like BAC had 2.3 trillion in assets and 1.9 trillion in liabilities at the end of Q3 2011. So those assets would have to be written down by 400 billion for chapter 11. So how is that gonna work out? they are just suddenly going to write it all down and go bk? come on now.
So lets say they have been cooking their books....
So they have been doing their M2M accounting based on phantom numbers and now they have to write down their loan portfolio (955 billion) down by 50% to do that? Ya think they will just do that overnight? come on now.
As it stands now there is 200+ billion of common share holder equity for a company with a market cap of barely 50 billion. some discount? So, if it does get to chapter 11 territory (50% write down on all loans) that means we are in huge depression, people are rioting in the streets, and at that point all I care about is the 16 in the clip not the 16 in the bank. Happy trading.