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Bank Of America - Page 2

They can raise the money. That isnt the problem. It is how they get the capital. If it comes from taking the government money using it to generate the capaital, then in effect the government become the majority stock holder and will have even more say-so about what happens (not that the bank isnt thrilled with the amount of authority that the federal government has on them now...). That Merrill Lynch buy is really coming back to haunt these guys!

The part I really like about this is that the government (and they definitely know this) is going to basically force BoA to use the money that the government gave them to satisfy this government requirement, thus negating what the money was supposed to be doing in the first place and that was freeing up the banks to start lending again. With this requirement, they most certianly are going to ensure that the banks do not loan money out!

Edited: Vincenzo on 7th May, 2009 - 2:53am

America Bank

CEO Steps Down

Ken Lewis to Step Down as CEO of Bank of America [5:20 EST PM] Ref. ABC News

Bank Of America History & Civil Business Politics

I wonder what is going to happen with the direction that BoA is going to go now. I know this effects me as my home loan is with BoA right now.

Page 2 America Bank

Bank of America reports $1bn loss

Bank of America, the fourth big US bank to report, says it made a $1bn (£612m) net loss from July to September. Ref. Source 3

America Bank

Bank of America to repay bail-out

Bank of America says it plans to repay its $45bn (£27bn) US government bail-out and raise capital in the next few days. Ref. Source 8

Bank Of America

Bank of America losses USD 5.2 billion

Brian Moynihan, the bank's newly-appointed CEO, described the company's latest results as "disappointing," saying that the state of the US economy is a cause for concern. Ref. Source 2

Bank America - Page 2

Bank of America warns of new fees after financial reforms:

Bank of America will charge clients new monthly fees if their accounts do not meet a minimum balance, the bank's CEO Brian Moynihan said on Tuesday. Ref. Source 4

Bank America Politics Business Civil & History - Page 2

Bank of America Suspends Foreclosures in 23 States
By Carrie Bay

The nation's largest bank has halted foreclosures in certain states after evidence was disclosed that it too had ill-famed "robo-signers" rubber-stamping approvals of foreclosure cases without verifying their validity. Ref. Source 1