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Bank of America Corporation (BAC)

- NYSE
  • Apr. 26, 2009, 7:50 AM
    Don't fool yourself into thinking the government's strong-arming of Bank of America (BAC) CEO Ken Lewis into following through with the Merrill deal is a one-off, Mike Stathis warns. "This is just the tip of the iceberg. There are (and continue to be) many more hidden negotiations and power plays from behind the scenes regarding the bank bailouts, seizures and bankruptcies."
    | 14 Comments
  • Apr. 25, 2009, 4:48 PM
    Ok, so Ken Lewis (BAC) sold his CFO a used Porsche. Isn't this taking corporate scrutiny to an extreme?
    | 6 Comments
  • Apr. 24, 2009, 10:42 AM
    After telling NY AG Andrew Cuomo that Fed chief Ben Bernanke instructed him to threaten Bank of America (BAC) CEO with his job if he reneged on the Merrill merger, Henry Paulson recants, saying he acted on his own. Or not.
    | 6 Comments
  • Apr. 24, 2009, 7:32 AM
    BoA (BAC) CEO Ken Lewis may come under SEC scrutiny for failing to disclose mounting Merrill Lynch losses, despite his claims that it was the Fed and Treasury that pressured him to stay silent.
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  • Apr. 23, 2009, 2:18 PM
    Options traders are pricing in a significant increase in the cost to borrow shares of Bank of America (BAC) - speculating BofA may convert some of its preferred shares into common stock.
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  • Apr. 23, 2009, 1:15 PM
    Yves Smith turns a skeptical eye on Ken Lewis' (BAC) leaked testimony.
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  • Apr. 23, 2009, 11:53 AM
    Lewis admits that Bank of America's (BAC) decision not to invoke the MAC clause harmed any shareholder with less than a three year time-horizon.
    | 3 Comments
  • Apr. 23, 2009, 11:40 AM
    New York AG Cuomo releases documents relating to the Merrill/Bank of America (BAC) probe. "While the investigation initially focused on huge fourth quarter bonus payouts, we have uncovered facts that raise questions about the transparency of the TARP program, as well as about corporate governance and disclosure practices at Bank of America."
    | Comment!
  • Apr. 23, 2009, 10:03 AM
    Dow leaders: BAC +3.4%. AA +2.7%. AXP +2.3%. JPM +1.4%. CVX +1.2%.
    | Comment!
  • Apr. 23, 2009, 8:24 AM
    Ken Lewis (BAC) says Paulson and Bernanke pressured him to stay quiet on the troubled Merrill acquisition. From February's testimony before NY AG Cuomo:
    Q: Were you instructed not to tell your shareholders what the transaction was going to be?
    A: I was instructed that 'We do not want a public disclosure.'
    Q: Who said that to you?
    A: Paulson...
    Q: Had it been up to you would you [have] made the disclosure?
    A: It wasn't up to me.
    Q: Had it been up to you.
    A: It wasn't.
    More from Tom Lindmark.
    | Comment!
  • Apr. 23, 2009, 7:29 AM
    In a recently-obtained copy of February testimony to the NY AG, Ken Lewis (BAC) said Bernanke and then-Treasury chief Paulson pressured him to stay silent on the increasingly troubled deal to acquire Merrill Lynch.
    | Comment!
  • Apr. 22, 2009, 9:59 AM
    Dow laggards: C -3.7%. MRK -2.9%. BAC -2.7%. AA -2.4%. PG -2.2%.
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  • Apr. 21, 2009, 10:01 AM
    Dow laggards: MRK -8.6%. BAC -4.6%. C -3.1%. CAT -2.3%. AXP -2.3%.
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  • Apr. 21, 2009, 9:00 AM
    Premarket gainers: ELX +43%. THC +23%. COH +8%. HOGS +7%. GM +5%. UNH +4%.
    Losers: ZION -24%. HBAN -23%. FITB -16%. NTRS -14%. KEY -12%. BJS -12%. RF -12%. MGM -11%. ETFC -11%. IFX -11%. BAC -10%. BRCM -9%. BK -9%. C -8%. DT -8%. STT -8%. LVS -7%. DOW -6%. APOL -6%. STI -6%. COF -5%. PUK -5%. HIG -5%. CAT -5%. PNC -5%.
    | Comment!
  • Apr. 21, 2009, 8:39 AM
    Pre-excerpts from Geithner's testimony this morning:
    - Geithner says Treasury has disbursed $152.4B to AIG, C, BAC, Chrysler, GM
    - Geithner says expects to disburse $218B of $250B available under capital purchase program
    - Geithner says expects to spend all $220B available for housing, liquidity initiatives
    - Geithner says Treasury has resources to move forward to implement all aspects of financial stability plan
    | 1 Comment
  • Apr. 21, 2009, 8:39 AM
    More from today's TARP report (.pdf): 1) There's an ongoing audit into federal assistance to BoA (BAC) for its Merrill acquisition. 2) The Treasury estimated $900M in losses at the end of the year on the $301B of gov't-guaranteed Citigroup (C) assets.
    | Comment!
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Company Description
Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, it provides banking and non-banking financial services and products throughout the United States and in selected international markets.