Guardian – Bank of America continued its tailspin on Tuesday as shares in the largest US bank tumbled by another 6.4% to their lowest level since March 2009, fuelling fears of a second banking crisis.
As concerns mounted that BoA will need to take huge additional write-offs on bad mortgages, the cost of insuring the group’s debt jumped to record levels and investors became increasingly concerned that the financial system could be facing a fresh credit crunch.
