Bank of America's shares hit an intraday low of $3.19 a share today, a level not seen since August 2, 1984, when the bank traded at $3.17 a share. Chief Executive Kenneth Lewis is having his own difficulties over his bank's acquisition of Merrill Lynch. It must be time for some morale building, and to that effect, here is a memo Lewis sent out to his staff today:

Rough week for stock, good week for business

To my teammates:

Public debate on the subject of potentially nationalizing some banks continues to put great pressure on our stock. And yet, our company continues to be profitable. I see no reason why a company that is profitable, with capital and liquidity levels that are very strong, and that continues to lend actively, should be considered for nationalization. Speculation about nationalization is based on a lack of understanding of our bank’s financial position as well as a lack of appreciation for the adverse ramifications for our customers and the economy.

Bank of America does not need any further assistance today, and I am confident we will not need any further assistance in the future. I believe our company has more than enough capital, liquidity and earnings power to make it through this downturn on our own from here on out.