BAC, MS Double Dipping to Financial Crisis Levels (Charts)

Morgan Stanley's stock (MS) closed down 7.7% at $12.47 and Bank of America (BAC) closed down 9.8% at $5.52. They are now back around the 2008/9 financial crisis levels. According to Zero Hedge, Morgan Stanley's CDS (credit default swap) spiked to 548 basis points today, a level not seen since October, 2008. You can see the delayed quote of Morgan Stanley's 5Y CDS (CMWD1U5:IND) at These banks just won't go away will they. Bank of America is now charging $5 every month to use their debit cards. Why wouldn't someone just use the online bank ING Direct for free, which I believe is owned by Capital One now. Are online banks and Google wallets about to take over the financial system? Watch the PBS Newshour video on the new fee below.

MS and BAC Intraday - Source:

MS and BAC Since 2008 - Source:

Interesting articles from today:

Market Snapshot: Financials Flop, Credit Collapses, Market Closes At 2011 Lows (Zero Hedge)

Barclays, BofA Said to Consider Selling Stakes in Archstone (BusinessWeek)

Morgan Stanley Swaps Risk May Be Misread, Wells Fargo Says (SFGate)

MS CDS Soars As Cramer Says "Morgan Stanley Is Fine" (Zero Hedge)

Morgan Stanley, Goldman Credit Risk Soars (Bloomberg)

Banks Crushed Again in Stock, Credit Markets (WSJ)

Bank Of America Debit Card Fee Leads To Legislative Response (HuffingtonPost)

Source: PBS Newshour