On Tuesday, after investors realized that Assange probably has a mark on Bank of America as his next target, shares of the Charlotte, N.C.-based banking behemoth plunged as much as 3.5%, hitting a new 52-week low of $10.91.
In the best-case scenario, Ken Lewis' simply had a large, provocative iTunes playlist. The outcome is likely to land somewhere in the middle, much like other scandals that have plagued big banks of late - from the SEC's investigation of Goldman Sachs ( GS) to more recent probes into foreclosure practices and worries about exposure to mortgage buybacks: ¿ A big announcement is made, with embarrassing and fearful disclosures. ¿ Big bank stocks - or just one in particular - will sell off. ¿ Speculative investors will make a killing shorting the stock while long investors sit on the sidelines, digesting information. ¿ There are investigations, hearings, statements and settlements. ¿ A few months later, when the stock's on the mend, investors will rib each other about a deal that belonged in the litter box. It's Wall Street's cycle since the financial crisis began: Wash, rinse, repeat. -- Written by Lauren Tara LaCapra in New York. >To contact the writer of this article, click here: Lauren Tara LaCapra. >To follow the writer on Twitter, go to http://twitter.com/laurenlacapra. >To submit a news tip, send an email to: firstname.lastname@example.org.