Given the market's reactions last week to similarly upbeat news from the banks and dealers that reported earnings, I would've expected the stock to be soaring. However, it appears as if investors are finally beginning to actually notice the minus signs in front of some of the bleak earnings numbers as Bank of America's stock is actually trading down before the opening bell.

In other banking news, National City has located some chumps willing to lend it $7 billion in order to stay in the banking business. According to Bloomberg, Corsair Capital is leading a group of investors that will pay $5 a share for the stock.

Needless to say, current investors who certainly paid more for their shares, are none too pleased, as the stock is now getting pummeled before the open. Despite the 40% discount to the market price of NCC, I still have to wonder if this is a good investment for Corsair.

NCC is based in Cleveland, where I'm fairly certain banks will pay you money to take foreclosed properties off of their hands. Furthermore, NCC made a few very expensive acquisitions in Florida, of all real estate hotbeds, near the height of the boom.

Source: By Mock The Market