FRC is also a spin off of BofA. If anything, if FRC was as conservative as bofa is then the longs have a great deal of excitement. As OP noted 30b is sitting with these guys from other banks. The 30b is free money sitting there wo any guarantees of getting it all back. The big banks will make sure it doesn't go under. Mind you, the risk is not the same as equity holders and shouldn't be equated in any manner. If FRC goes under the banks will get most of the 30b back...equity holders will get back zero.