Saturday, November 27, 2010 – 08:45 a.m.

Looks like those bank recapitalization deals from last year may be about to burn investors again.

After the carnage of the 2008 financial debacle decimated U.S. Bank capital ratios, along came a flurry of secondary stock offerings in 2009.

Offerings made attractive after the U.S. Treasury and Federal Reserve moved to help inflate bank share prices through cheap zero interest loans.

Now the same investors may be wondering if they were taken again.

Here is the latest measurement of performance.

                                                             % Change   % Change
                                Secondary  52-Week  Current    From       From
Bank                    Symbol  Price      High     Price    Secondary  52-Wk High
Bank of America          BAC    $10.00     $19.86   $11.12   +11.20%    -44.01%
Wells Fargo Bank N.A.    WFC    $27.00     $34.25   $26.65   - 1.30%    -22.19%
Citigroup                C      $ 3.15     $ 5.07   $ 4.11   +30.48%    -18.93%

Banks may have a rough road ahead primarily due to continued credit quality concerns and sustained high unemployment.

The aforementioned banks, along with others not mentioned, are frantically fighting their obligation to repurchase at face value, billions in collateralized debt obligations (CDO’s), collateralized mortgage obligations (CMO’s) and other types of mortgage-backed securities they sold to individual investors, institutions, and more importantly public pension funds.

Investments plaugued with billions of dollars in mortgage defaults.

Repurchases likely to affect the bottom line of the banks for years to come.