Just this morning, I suggested that Bank of America’s purchase of Countrywide was throwing good money after bad.

It appears that Moody’s Investors Service things the same way, they are considering downgrading B of A.

Barry Ritholtz makes the same point, using Dennis Gartman’s #1 rule of trading:

1. Never, Ever, Ever, Under Any Circumstance, Add to a Losing Position… not ever, not never! Adding to losing positions is trading’s carcinogen; it is trading’s driving while intoxicated. It will lead to ruin

After that initial disastrous buy in at $18-20, BoA is doubling up — at $6 . . .

Maybe I need to change banks.