BofA gets Hail Mary Pass from Obama: Nationalization Dissed

Bank of America (NYSE:BAC) got a Hail Mary Pass from the Obama Administration today -- "This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring that they are regulated sufficiently by this government," White House spokesman Robert Gibbs said Friday. "That's been our belief for quite some time, and we continue to have that." The general consensus among even liberal observers is that the Obama administration prefers banks to remain out of the government's hands.

"Our company continues to be profitable," CEO Lewis told Dow Jones Newswires through a spokesman. "We see no reason why a company that is profitable with strong levels of capital and liquidity and that continues to lend actively should be considered for nationalization.

"Speculation about nationalization," he said, "is based on a lack of understanding of our bank's financial position as well as a lack of appreciation for the adverse ramifications [of such a move] for our customers and the economy."

Bank of America shares hit $2.53 today before recovering to $3.79 then $4.02 in after-hours trading.  Talk about your last minute play, today's move by the White House is reminiscent of the November 23, 1984 - Doug Flutie's "Hail Mary" finds Gerard Phelan to give BC a huge 47-45 win over Miami.  Let us all hope that BofA can win in the end, maybe getting Flutie on board could help.  Enjoy the classic clip: