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No. 1 - Bank Of America To The Rescue

Bank of America (BAC), the nation's second-biggest bank, will invest $2 billion dollars in beaten up mortgage giant Countrywide. Financial (CFC). BAC will be buying $2 billion worth of preferred stock that can be converted into $18 a share, according to WSJ. What’s going on?

Jeff Macke thinks the deal is ambivalent for the financial markets.

Dylan Ratigan tells the panel he thinks the big winners in the credit crunch could be the money center banks.

Stacey Briere Gilbert says investors still don’t know where the bodies are buried. She’s a skeptic. On a related note she likes Cognizant Technology (CTSH) as a JP Morgan play.

Pete Najarian likes Citigroup (C) as thebest bet in the financial space because it hasn’t participated much on the upside.

Guy Adami recommends buying US Bancorp. (USB) and BAC which he thinks is bottoming at $50. (It’s worth noting on Wed. Aug 22nd BAC closed at $51.65)

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Trader disclosure: On Aug 22 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money; Najarian Owns (BMY), Najarian Owns S&P Puts: Stacey Briere Gilbert Is Chief Options Strategist For Susquehanna Financial Group, LLLP: Gilbert Is Head Of Market Intelligence Research For Susquehanna Financial Group, LLLP: Gilbert Does Not Cover Individual Securities But Does Recommend Trading Strategies; Gilbert Has A Long Position In (HOT); Susquehanna Financial Group Is A Market Maker In (AMTD), (AAPL), (BCSI), (ETFC), (FWLT), (GYMB), (IRBT), (JBLU), (NTES), (NTAP), (UAUA), (WYNN) (ZUMZ), (CTSH) Susquehanna Financial Group And/Or Affiliates Together Own More Than 1% Of (BCSI), (BSC), (CAL), (LCC), (NMX), (NYX), (NTES), (UAUA), (IMB), (GT); Susquehanna Financial Group And/Or Affiliates Together Owned More Than 1% Of (FCX) On 8/20/07

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