Wednesday, October 5, 2011 – 09:55 a.m.

The situation hasn’t improved much for Bank of America these days.

The stock is likely to fall through the $5 level as pressure continues on the company’s finances.

Warren Buffett’s $5 billion investment in the banks preferred stock was just a drop in the bucket against BofA’s future mortgage losses.

I bet Buffett’s happy about the 6% preferred dividend though.