The financial sector is supposed to be a vital part of the economy. It is currently in shambles having been destroyed in the wake of the Bear Stearns and Lehman Brothers crisis. A bank's only charge is to make monie; to hold some form or instrument of monie for safe keeping and turn a profit in the process. They have not been able to do this for years now, with thousands of banks being captured by Sheila Bair and her FDIC cronies.
Since the announcement of a Bank Doc Release by Assange, Bank of America and for that matter all Majors have experienced gains for their stock price. Has Bac made a turn around? The reason that Bac is in the spotlight is because they are smack dab in the middle of Fraudclosuregate, sure to be the biggest scandal since Bear Stearns and Lehman dealt the first and decisive blow to the financial system; until JP Morgan's silver market manipulation comes to light. What could empty from Bac's coffin is a slew of corruption. They have created a monster of fraud, and the monster has turned into a destructive fiend.
Citi, which has been passed around like mistletoe at the holiday party, now has the US government almost done propping them up on the open market (who knows what type of share holder the President's Working Group on Financial Markets is), at little benefit to the US government. So this gigantic failure, the most traded stock in the world, has been on the rebound of late. Will this price action last?
If there is any sustained rally in the financial sector it will not be on strong fundamentals. Fraudclosuregate has only just begun, and nominal gains on dollar devaluation is an unsustainable way to create growth. Reliability has left the banks, and their zombie corpses will continue to feast on the remaining healthy assets. This will eat away at growth in the long run, for the only return will come in the short term, albeit nominally.