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The elastic isn't used for support. There's a BOA style dial that tightens things down.

I can’t help but read that as Bank of America.

FWIW that's generally abbreviated (and pronounced) BofA (or BAML when you include Merrill Lynch for their investment banking division)

BAML is their investment banking division alone, not BofA + ML.

It's renamed to BofA Securities nowadays.