Here’s an interesting scenario that Credit Agricole’s analyst, Mike Mayo, paints. He suggests that Bank of America might find a Countrywide bankruptcy the best alternative if things in the mortgage world continue to deteriorate. From the WSJ’s Deal Journal, here is his reasoning: 1) The legal reason: Countrywide is a separate legal entity from BofA, […]
Posts Tagged ‘bank of america’
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Bank Of America Raises A Slug Of Money
Posted by Tom Lindmark on May 19th, 2009
Like it or not, the news that Bank of America raised $13.5 billion in equity has to make you pause. It says a lot about investor interest in the bank and the banking sector and probably even more about the stock market. This isn’t a case of people trying to jump on the train as […]
BofA Needs $35 Billion
Posted by Tom Lindmark on May 5th, 2009
Well, I guess there was more to the stress tests than we all credited it with. News out tonight from the WSJ is that Bank of America needs a cool $35 billion. Regulators have told Bank of America Corp. that the company needs to take steps to address a roughly $35 billion capital shortfall based on results […]
BofA’s Lewis Rats Out Bernanke And Paulson
Posted by Tom Lindmark on April 22nd, 2009
It’s amazing how quickly secrets leak out these days. The WSJ has testimony from Bank of America’s CEO Ken Lewis’s testimony before New York Attorney General in February. It’s wild and somewhat troubling stuff. What emerges from the WSJ story is a picture of Treasury Secretary Paulson and Fed Chairman Bernanke exceeding any semblance of […]
Would You Buy Bank Of America Common?
Posted by Tom Lindmark on January 21st, 2009
These guys either prove that their is no sentient life at the upper management levels of Bank of America or have received the tip of the year from the federal government. BofA CEO Kenneth Lewis and several directors of the company bought 513,000 shares of common stock of the bank yesterday. Lewis bought 200,000 shares and […]
Now We Know Why Thain Was Smiling
Posted by Tom Lindmark on January 16th, 2009
Ken Lewis, the CEO of Bank of America, was named Banker of the Year by the American Banker in December. Today it was announced that the federal government was going to inject billions more into Bank of America to keep it alive. The ostensible reason for this bailout is that Bank of America was blindsided […]
Two Big Banks-Two Giant Losses
Posted by Tom Lindmark on January 16th, 2009
It’s so late in the day that this is like posting yesterday’s news and given the subjects I suspect most of you have already read more than you care too about these two losers. Anyway here’s the basics of the BofA, Citi earnings debacles. BofA lost $1.79 billion for the quarter but did turn a […]
