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User 283977's
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Isn't this charming…
Jan 16 11:43 am
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All Comments by User 283977 »Bank of America May Have to Cut Dividend [View article]
__________
January 16, 2009 - Bank of America (BAC) secured an extra $20B from the government. Most of the assets guaranteed by the government are from Merrill Lynch. In exchange, taxpayers will get $4B in preferred stock with a 8% yield and warrants, BAC will cut its dividend to $0.01, and the bank agreed to a mortgage modification program.
__________
There goes the dividend for the common share holders. BAC's CEO Lewis claims he didn't know how bad things were at Merrill prior to HIS merger deal. I believe complete knowledge of how things were at Merrill was part of his and the board's fiduciary responsibility. If you don't know, you don't sign. I suggest the stockholders vote this incompetent board out and let loose the hounds.