NEW YORK (TheStreet) — Bank of America(BAC) shares have been rallying this year after a dismal 2011, suggesting there is little chance for a positive surprise from the bumbling banking giant when it reports fourth-quarter earnings ahead of Thursday’s open.
How else to describe Bank of America, which has stumbled so often since the 2008 crisis it is difficult to imagine the bank doing anything right? Even if it did, investors would probably just chalk it up to dumb luck, and sell the stock anyway.
The current banking environment is not for amateurs. Political and regulatory minefields lurk around every corner. Europe is on the verge of the collapse. The U.S. is paralyzed by recession and the short-term thinking of its political and business leaders, who only want to dress up ugly numbers to win the next election or cash in their stock options at the earliest opportunity.