BofA slash and burn; OBT portfolio update

Bank of America to Slash Asia Staff in First Quarter

Bank of America Merrill Lynch aims to cut about 20% of its Asia-Pacific managing directors by the end of the first quarter, a person familiar with the situation said Tuesday.

It's been awhile since I updated the OBT (Obama Bernanke Turbo) portfolio. I created the portfolio with five equal shares in the government bailout financial firms—AIG, Citigroup, Bank of America, Fannie Mae and Freddie Mac—and it is now down 61.3%, led by 87% losses in Fannie and Freddie. BAC is down 63% since inception; AIG down 33% and Citigroup down 35%. Inception date is August 26, 2009.