My opinion on BAC earnings??????…..see the previous post. Nice pattern by the analysts of financials….pump up estimates at the onset of a quarter…then drop them significantly before the earnings season and a few nice things happen 1) companies do not preannounce / warn and 2) everyone that wants to can claim that the companies beat estimates. Great Stuff!

Earnings estimates were whacked from about 90 cents per share 90 days ago… only 30 days ago, estimates were hovering at about 71-73 cents per share. Go ahead and call it a beat when they come in at 72 cents per share today.

I was impressed by a few tactics I saw/heard…

Make sure you don’t close the Countrywide acquisition until the quarter closes so you don’t have to lump their crap into yours….Great Stuff!

Then say how you expect the Countrywide losses you didn’t want to include this quarter will be less than you had expected in future quarters….Great Stuff!

Then say how you expect Countrywide will be accretive in 2008….Great stuff!

Then say how you are not going to cut your dividend….Great stuff!

Then throw in a few nice comments about an economic recovery in 2009….Great stuff!

Best of all….this from CEO Ken Lewis “We are not in denial.”