Easy logic but not practical at all. This is just the same idea as shorting FAS and FAZ if my understanding of what you said is correct.
(1) Long-term scenario:
Take a very simple example: five years later, let's suppose BAC goes to $40 and you guys all know that FAZ goes to zero. What happens if you employ this idea?
(2) Short-term scenario:
Faz could go wildly if we have several consecutive down days; then margin calls are coming if you do not have a deep pocket... Even if you do, you need to tolerate a very high-level loss.