Insolvent

Bank of America owes the US Government 45 Billion Dollars.
It has a market cap of $69 Billion.
The feds say it needs another $34b in new capital.

Can we just admit that this company has FAILED yet?

GM plans to issue so much new stock that it will virtually wipe out all existing shareholders... and the only one left with any real ownership will be the government (not because they WANT to own this company, but when the banks are all full of idiots and crooks they really dont have the financial resources to cover the idiocies of other companies)

Yeah - this is all going to get a lot worse before it gets better.

When the government ends up owning all of this stuff they'd best just fire all these people and start over... maybe hire some Indian IT department people to run these companies since THEY CANT REALLY DO ANY WORSE.

In the mean time - if you get those 'this is your second notice' robocalls here's the number for talking to them (though they might be a little upset since they're currently being barraged by people asking them if they'd like a warranty on their car).