Laugh of the Week: Hearing Rumor JPMorgan (JPM) Will Buy BofA (BAC)

As if Henry Blodget's claims fear mongering on BofA (NYSE: BAC) earlier this morning wasn't bad enough, an absolutely ridiculous rumor that JPMorgan (NYSE: JPM) will take over BofA is now being heard on the Street.

Put out by Doug McIntyre of 24/7 Wall St, the wild rumor suggests the move could be announced within the week and will be supported by a $100 billion investment in preferred shares by the US government.

After the uproar of laughter subsides, what else can be said other than... "WTF?!"

We've heard of loading the headlines, but isn't there a certain point where this kind of speculation turns into pure insanity?

While the future for BofA's stock remains clouded, spokespeople at the bank are out in force defending its operations Tuesday. Deep breath everyone.

If anything, these headlines may be an accurate indication of a sign of the times, bringing to mind one of Warren Buffett's greatest quotes: "Be fearful when others are greedy, and greedy when others are fearful."

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