BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Treasury Does Not Have the Authority to Allow Ken Lewis to Violate Securities Laws]]>http://www.bloggingstocks.com/2010/02/05/treasury-does-not-have-the-authority-to-allow-ken-lewis-to-viola/http://www.bloggingstocks.com/2010/02/05/treasury-does-not-have-the-authority-to-allow-ken-lewis-to-viola/http://www.bloggingstocks.com/2010/02/05/treasury-does-not-have-the-authority-to-allow-ken-lewis-to-viola/#commentsFiled under:

Defenders of former Bank of America (BAC) CEO Ken Lewis, who is now being charged with civil fraud by New York Attorney General Andrew Cuomo, are quick to point out that Lewis may have been pressured not to reveal massive losses to shareholders by regulators -- namely Ben Bernanke and Hank Paulson.

Continue reading Treasury Does Not Have the Authority to Allow Ken Lewis to Violate Securities Laws

Treasury Does Not Have the Authority to Allow Ken Lewis to Violate Securities Laws originally appeared on BloggingStocks on Fri, 05 Feb 2010 16:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericaBen BernakeBenBernakeHank PaulsoninthenewsKen LewisKenLewisFri, 05 Feb 2010 16:20:00 EST<![CDATA[Why isn't Bank of America updating its shareholders on CEO situation?]]>http://www.bloggingstocks.com/2009/11/27/why-isnt-bank-of-america-updating-its-shareholders-on-ceo-situa/http://www.bloggingstocks.com/2009/11/27/why-isnt-bank-of-america-updating-its-shareholders-on-ceo-situa/http://www.bloggingstocks.com/2009/11/27/why-isnt-bank-of-america-updating-its-shareholders-on-ceo-situa/#commentsFiled under:

Earlier this month, it was reported that Bank of America (BAC) might not announce a replacement for departing CEO Ken Lewis until Thanksgiving.

Now Thanksgiving has come and gone, and there is still no word of a new CEO for Bank of America.

"The selection process is continuing, internal and external candidates are being considered and a decision will be made in the near future," BofA spokesman Scott Silvestri told CNBC, which is speculating that the process could linger on into next year.

Continue reading Why isn't Bank of America updating its shareholders on CEO situation?

Why isn't Bank of America updating its shareholders on CEO situation? originally appeared on BloggingStocks on Fri, 27 Nov 2009 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericafeaturedKen LewisKenLewisFri, 27 Nov 2009 09:00:00 EST<![CDATA[Ken Lewis' successor could be... Ken Lewis?]]>http://www.bloggingstocks.com/2009/11/20/ken-lewis-successor-could-be-ken-lewis/http://www.bloggingstocks.com/2009/11/20/ken-lewis-successor-could-be-ken-lewis/http://www.bloggingstocks.com/2009/11/20/ken-lewis-successor-could-be-ken-lewis/#commentsFiled under:

In the past, I've covered Rochdale Securities analyst Dick Bove's inane ramblings about how fantastically awesome Bank of America (NYSE: BAC) CEO Ken Lewis is. Last month he called Mr. Lewis "phenomenally good" and his notes to investors are beginning to have more in common with 12-year old girls' Valentines to Zac Efron than conventional research.

But he has outdone himself this time. While Bank of America's chairman of the board goes on a cruise instead of devoting all his energy to finding a successor, Mr. Bove has found the solution to replacing Ken Lewis: "In sum, Mr. Lewis was a key architect in the creation and management of Bank of America. He knows this company better than anyone else and he knows how to operate it," Bove wrote in a research note issued this morning. "At this point in the company's history, this is the type of leader needed. Convincing him to return would be the biggest morale builder that management could get."

Continue reading Ken Lewis' successor could be... Ken Lewis?

Ken Lewis' successor could be... Ken Lewis? originally appeared on BloggingStocks on Fri, 20 Nov 2009 17:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericadick boveDickBoveken lewisKenLewisrochdale securitiesRochdaleSecuritiesFri, 20 Nov 2009 17:00:00 EST<![CDATA[Ken Lewis hits the pension jackpot]]>http://www.bloggingstocks.com/2009/10/02/ken-lewis-hits-the-pension-jackpot/http://www.bloggingstocks.com/2009/10/02/ken-lewis-hits-the-pension-jackpot/http://www.bloggingstocks.com/2009/10/02/ken-lewis-hits-the-pension-jackpot/#commentsFiled under:

In a capitalist society, Milton Friedman and most other economists would tell you, the best way to get rich is to create a lot of value for other people.

But failing that, you can also get really rich destroying value for other people as well. Fortune's Colin Barr reports that Mr. Lewis will exit to $53 million in pension benefits -- which equates to about $3.5 million per year for the rest of his life. People who bought shares in Bank of America (NYSE: BAC) when Lewis took over in 2001are still badly in the red on their stake in the company.

Continue reading Ken Lewis hits the pension jackpot

Ken Lewis hits the pension jackpot originally appeared on BloggingStocks on Fri, 02 Oct 2009 15:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericaKen LewisKenLewisFri, 02 Oct 2009 15:00:00 EST<![CDATA[Analyst calls Ken Lewis 'phenomenally good']]>http://www.bloggingstocks.com/2009/10/01/analyst-calls-ken-lewis-phenomenally-good/http://www.bloggingstocks.com/2009/10/01/analyst-calls-ken-lewis-phenomenally-good/http://www.bloggingstocks.com/2009/10/01/analyst-calls-ken-lewis-phenomenally-good/#commentsFiled under:

Most observers have been shocked by how long Ken Lewis was able to hold onto his job as CEO of Bank of America (NYSE: BAC) as long as he was.

But not Rochdale Securities analyst Dick Bove, who told CNBC that "The guy has been phenomenally good... to push him out now because of a witch hunt is totally inappropriate."

Are we talking about the same Ken Lewis? Let's go through a quick list of Lewis' phenomenal accomplishments:

Continue reading Analyst calls Ken Lewis 'phenomenally good'

Analyst calls Ken Lewis 'phenomenally good' originally appeared on BloggingStocks on Thu, 01 Oct 2009 17:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>colin barrColinBarrken lewisKenLewismr. magooMr.Magoowarren buffettWarrenBuffettThu, 01 Oct 2009 17:00:00 EST<![CDATA[Former Enron exec gets 16 months in the pokey]]>http://www.bloggingstocks.com/2009/09/29/former-enron-exec-gets-16-months-in-the-pokey-hold/http://www.bloggingstocks.com/2009/09/29/former-enron-exec-gets-16-months-in-the-pokey-hold/http://www.bloggingstocks.com/2009/09/29/former-enron-exec-gets-16-months-in-the-pokey-hold/#commentsFiled under: , ,

fJoseph Hirko, the former CEO of Enron's internet division, has been sentenced to 16 months in prison for his role in what was at the time the largest securities fraud case in United States history.

Mr. Hirko pleaded guilty to one count of wire fraud as part of a plea bargain. He apologized for his crimes before being sentenced. He will also pay $8.7 million in restitution. According to the New York Times, "Mr. Hirko, who now owns a business that rents tables, chairs and other equipment for parties and other events, will remain free on bond until he reports to prison in the next few months."

Will the owner of a party rental business be able to satisfy an $8.7 million judgment? Who knows.

Continue reading Former Enron exec gets 16 months in the pokey

Former Enron exec gets 16 months in the pokey originally appeared on BloggingStocks on Tue, 29 Sep 2009 11:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bacEnronfeaturedJoseph HirkoJosephHirkoken lewisKenLewisTue, 29 Sep 2009 11:00:00 EST<![CDATA[Bailed-out CEOs still taking corporate jets, thank you very much]]>http://www.bloggingstocks.com/2009/06/19/bailed-out-ceos-still-taking-corporate-jets-thank-you-very-much/http://www.bloggingstocks.com/2009/06/19/bailed-out-ceos-still-taking-corporate-jets-thank-you-very-much/http://www.bloggingstocks.com/2009/06/19/bailed-out-ceos-still-taking-corporate-jets-thank-you-very-much/#commentsFiled under:

What's that? You think that just because you're on welfare, you shouldn't be allowed to charter a jet for a personal vacation? You're un-American!

The Wall Street Journal reports (subscription required) that "Flight records show numerous occasions when banks receiving federal money have flown their planes to destinations near resorts or executives' vacation homes, including spots in Europe, Mexico, the Caribbean, south Florida and Aspen, Colo. In some cases, it's clear that bank executives were traveling for personal reasons; for other flights, many of which were over weekends or holidays, the passengers and purpose couldn't be established."

Bank of America (NYSE: BAC) was one of the "Let's take taxpayer money and book flights to Aspen." "We are implementing a new policy in 2009, under which personal use of aircraft will not be permitted," a spokesperson told the Journal.

Bailed-out CEOs still taking corporate jets, thank you very much originally appeared on BloggingStocks on Fri, 19 Jun 2009 15:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericainthenewsKen LewisKenLewisFri, 19 Jun 2009 15:00:00 EST<![CDATA[Bank of America says it was pressured into Merrill Lynch deal]]>http://www.bloggingstocks.com/2009/06/11/bank-of-america-says-it-was-pressured-into-merrill-lynch-deal/http://www.bloggingstocks.com/2009/06/11/bank-of-america-says-it-was-pressured-into-merrill-lynch-deal/http://www.bloggingstocks.com/2009/06/11/bank-of-america-says-it-was-pressured-into-merrill-lynch-deal/#commentsFiled under: , ,

Bank of America (NYSE: BA) CEO Ken Lewis threatened to use a "material adverse change" (MAC) clause to kill the agreement to buy Merrill Lynch because he wanted to get a lower price, according to the Financial Times. New e-mails reveal how he was then pressured to proceed with the deal.

A House committee on oversight and government reform is investigating whether or not undue pressure was put on Lewis in order to complete the deal to purchase Merrill Lynch. Reportedly, the Federal Reserve would not comply with the committee's request for documentation and e-mails regarding the accusations, but the committee issued a subpoena to the central bank on Tuesday. Lewis is set to testify about the matter today at a congressional hearing.

Continue reading Bank of America says it was pressured into Merrill Lynch deal

Bank of America says it was pressured into Merrill Lynch deal originally appeared on BloggingStocks on Thu, 11 Jun 2009 09:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>accusationsBACbank of americaBankOfAmericaBen BernankeBenBernankefeaturedfederal reserveFederalReservegovernmentgovernment controlGovernmentControlHenry PaulsonHenryPaulsonKen LewisKenLewisTARPThu, 11 Jun 2009 09:45:00 EST<![CDATA[Can Ken Lewis keep his job? Yes, yes he can!]]>http://www.bloggingstocks.com/2009/05/25/can-ken-lewis-keep-his-job-yes-yes-he-can/http://www.bloggingstocks.com/2009/05/25/can-ken-lewis-keep-his-job-yes-yes-he-can/http://www.bloggingstocks.com/2009/05/25/can-ken-lewis-keep-his-job-yes-yes-he-can/#commentsFiled under:

Say what you will about Bank of America (NYSE: BAC) CEO Ken Lewis, but you have to give him this: He's a survivor.

Here's a guy who made acquisitions that should have bankrupted his company, but was able to get the United States government to take on the risk and leave the upside to him and his badly-beaten shareholders -- and then tried to blame the whole thing on the Treasury Department.

But through all that, he got to keep his job as CEO. True, he did lose his title as chairman of the board: But doesn't that seem kind of like kicking the Unibomber off the co-op board?

Continue reading Can Ken Lewis keep his job? Yes, yes he can!

Can Ken Lewis keep his job? Yes, yes he can! originally appeared on BloggingStocks on Mon, 25 May 2009 11:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericABankOfAmericafeaturedKen LewisKenLewisMon, 25 May 2009 11:00:00 EST<![CDATA[Bank of America CEO cuts price on vacation pad]]>http://www.bloggingstocks.com/2009/05/15/bank-of-america-ceo-cuts-price-on-vacation-pad/http://www.bloggingstocks.com/2009/05/15/bank-of-america-ceo-cuts-price-on-vacation-pad/http://www.bloggingstocks.com/2009/05/15/bank-of-america-ceo-cuts-price-on-vacation-pad/#commentsFiled under:

Bank of America (NYSE: BAC) CEO Ken Lewis has been trying to sell the South Carolina vacation home he owns in partnership with a North Carolina restaurateur for three year. He just slashed the price by 13% -- to $3.3 million.

The Wall Street Journal reports (subscription required) that "the 5,700-square-foot Low Country home is on Spring Island, a causeway-accessible private community near Hilton Head Island, and has three bedrooms, a screening room and an office. The property has a deepwater pier and is near the island's 1,300-acre nature preserve. The home was off the market for a number of months."

Continue reading Bank of America CEO cuts price on vacation pad

Bank of America CEO cuts price on vacation pad originally appeared on BloggingStocks on Fri, 15 May 2009 16:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericafeaturedKen LewisKenLewisFri, 15 May 2009 16:20:00 EST<![CDATA[Bank of America begins search for new directors]]>http://www.bloggingstocks.com/2009/05/08/bank-of-america-begins-search-for-new-directors/http://www.bloggingstocks.com/2009/05/08/bank-of-america-begins-search-for-new-directors/http://www.bloggingstocks.com/2009/05/08/bank-of-america-begins-search-for-new-directors/#commentsFiled under:

Everyone's favorite corporate outhouse/welfare diva Bank of America (NYSE: BAC) has begun its search for directors to replace deposed former chairman Ken Lewis, along with any other directors who might step down.

The company is also considering changes to its board structure that could result in a search for more new blood, but the Wall Street Journal reports (subscription required) that the ward of the state hasn't yet hired a firm to find new directors.

Continue reading Bank of America begins search for new directors

Bank of America begins search for new directors originally appeared on BloggingStocks on Fri, 08 May 2009 13:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericaDirectorsinthenewsKen LewisKenLewisFri, 08 May 2009 13:30:00 EST<![CDATA[Closing bell: big news brings no market movement]]>http://www.bloggingstocks.com/2009/04/30/closing-bell-big-news-brings-no-market-movement/http://www.bloggingstocks.com/2009/04/30/closing-bell-big-news-brings-no-market-movement/http://www.bloggingstocks.com/2009/04/30/closing-bell-big-news-brings-no-market-movement/#commentsFiled under: , , , , , , ,

Two pieces of positive news hit the wire early in the day. First time filings for state unemployment benefits fell slightly, If that number continues to drop over the next few weeks, the rate at which people are losing jobs may actually have stabilized. Adding to the sense of optimism, the Chicago purchasing managers index rose from 31.4 in March to 40.1 in April: an extraordinary jump.

Here are the unofficial closing numbers:

Dow 8,169.00 -16.73 (-0.20%)
S&P 500 872.42 -1.22 (-0.14%)
Nasdaq 1,715.10 +3.16 (0.18%)

Continue reading Closing bell: big news brings no market movement

Closing bell: big news brings no market movement originally appeared on BloggingStocks on Thu, 30 Apr 2009 16:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACChryslerGMKen LewisKenLewisXOMThu, 30 Apr 2009 16:00:00 EST<![CDATA[Calpers calls for ousting of Bank of America board of directors]]>http://www.bloggingstocks.com/2009/04/29/calpers-calls-for-ousting-of-bank-of-america-board-of-directors/http://www.bloggingstocks.com/2009/04/29/calpers-calls-for-ousting-of-bank-of-america-board-of-directors/http://www.bloggingstocks.com/2009/04/29/calpers-calls-for-ousting-of-bank-of-america-board-of-directors/#commentsFiled under:

The largest pension fund in the country, the California Public Employees' Retirement System (Calpers), wants Ken Lewis and every single one of Bank of America's (NYSE: BAC) 17 other directors sent packing for not disclosing mounting losses at Merrill Lynch or the company's secret meeting with the Treasury Department looking for money to complete the acquisition.

Calpers joins the Service Employees International Union, CtW Investment Group, and a number of other influential shareholders and proxy advisors in voting for Ken Lewis to be kicked off the company's board of directors.

Continue reading Calpers calls for ousting of Bank of America board of directors

Calpers calls for ousting of Bank of America board of directors originally appeared on BloggingStocks on Wed, 29 Apr 2009 07:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericaCorporate GovernanceCorporateGovernancefeaturedKen LewisKenLewisWed, 29 Apr 2009 07:00:00 EST<![CDATA[Closing Bell: Mixed day, traders in the blender (ALU, AXP, BAC, C, MAT)]]>http://www.bloggingstocks.com/2009/04/28/closing-bell-mixed-day-traders-in-teh-blender-alu-axp-bac/http://www.bloggingstocks.com/2009/04/28/closing-bell-mixed-day-traders-in-teh-blender-alu-axp-bac/http://www.bloggingstocks.com/2009/04/28/closing-bell-mixed-day-traders-in-teh-blender-alu-axp-bac/#commentsFiled under: , , , ,

Less-bad housing data from Case-Shiller was trumped after a much more positive consumer confidence report came out this morning. Swine flu was all over the media today, but not with as much financial impact.

Here are today's unofficial closing bell levels:

Dow 8,016.95 -8.05 (-0.10%)
S&P 500 855.16 -2.35 (-0.27%)
Nasdaq 1,673.81 -5.60 (-0.33%)

Top Analyst Upgrades
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Continue reading Closing Bell: Mixed day, traders in the blender (ALU, AXP, BAC, C, MAT)

Closing Bell: Mixed day, traders in the blender (ALU, AXP, BAC, C, MAT) originally appeared on BloggingStocks on Tue, 28 Apr 2009 16:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ken lewisKenLewisswine fluSwineFluTue, 28 Apr 2009 16:00:00 EST<![CDATA[Closing Bell: Earnings keep swine scares in check (BAC, GSK, HUM, EWW, QCOM, WFMI)]]>http://www.bloggingstocks.com/2009/04/27/closing-bell-earnings-keep-swine-scares-in-check-bac-gsk-hum/http://www.bloggingstocks.com/2009/04/27/closing-bell-earnings-keep-swine-scares-in-check-bac-gsk-hum/http://www.bloggingstocks.com/2009/04/27/closing-bell-earnings-keep-swine-scares-in-check-bac-gsk-hum/#commentsFiled under: , , ,

Today was just a weird day as we sold off, but marginally compared to elsewhere. Parts of Asia and Europe, as well as Latin America, saw their equity markets hit hard over fears of a pandemic swine flu outbreak. Many traders feel this is a notion that will pass as a footnote rather than as a catastrophe, and this was a very light day for data. Sheila Bair at FDIC did manage to call the bank liquidity crisis over.

Here are today's unofficial closing bell levels:

Dow 8,025.00 -51.29 (-0.64%)
S&P 500 857.51 -8.72 (-1.01%)
Nasdaq 1,679.41 -14.88 (-0.88%)

Top Analyst Upgrades
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Continue reading Closing Bell: Earnings keep swine scares in check (BAC, GSK, HUM, EWW, QCOM, WFMI)

Closing Bell: Earnings keep swine scares in check (BAC, GSK, HUM, EWW, QCOM, WFMI) originally appeared on BloggingStocks on Mon, 27 Apr 2009 16:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>EWWGSKHUMjohn thainJohnThainken lewisKenLewismexicorelenzaswine fluSwineFluMon, 27 Apr 2009 16:10:00 EST<![CDATA[Bank of America urged to split CEO and chairman roles]]>http://www.bloggingstocks.com/2009/04/17/bank-of-america-urged-to-split-ceo-and-chairman-roles/http://www.bloggingstocks.com/2009/04/17/bank-of-america-urged-to-split-ceo-and-chairman-roles/http://www.bloggingstocks.com/2009/04/17/bank-of-america-urged-to-split-ceo-and-chairman-roles/#commentsFiled under: ,

The Wall Street Journal reports (subscription required) that momentum is building behind a shareholder proposal that would separate the role of chairman and CEO at Bank of America (NYSE: BAC). The company's annual meeting will be held on April 29 and has the support of Proxy Governance, a leading proxy advisory firm. The proposal is sponsored by the Service Employees International Union.

There are two angles to this. The first is that chairman and CEO Ken Lewis is a discredited clown who has presided over a level of value destruction with few historical precedents. That he has a job at all anywhere is amazing and disappointing, so of course it would be great to find someone else to be the chairman if he must remain as CEO.

Continue reading Bank of America urged to split CEO and chairman roles

Bank of America urged to split CEO and chairman roles originally appeared on BloggingStocks on Fri, 17 Apr 2009 08:44:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericaCorporate GovernanceCorporateGovernanceinthenewsKen LewisKenLewisFri, 17 Apr 2009 08:44:00 EST<![CDATA[BofA under investigation by the SEC concerning Merrill Lynch bonuses totaling $3.6 billion]]>http://www.bloggingstocks.com/2009/04/14/bofa-under-investigation-by-the-sec-concerning-merrill-lynch-bon/http://www.bloggingstocks.com/2009/04/14/bofa-under-investigation-by-the-sec-concerning-merrill-lynch-bon/http://www.bloggingstocks.com/2009/04/14/bofa-under-investigation-by-the-sec-concerning-merrill-lynch-bon/#commentsFiled under: , , ,

When the history of this financial crisis is written, this story story will be a contender as a standout example of its kind. It is one of the slickest, under the table, sleight of hand deals ever.

Picture this. The financial markets are falling apart right and left. Lehman, Bear Stearns and Merrill are going down for the count. In the midst of this confusion Bank of America Corp (NYSE: BAC) is in the process of taking over Merrill Lynch. Merrill executives and employees are in a state of panic but at the last moment they regain their composure and have the audacity (word is too mild) to pay themselves $3.6 billion in bonuses just days before the BofA takeover.

Continue reading BofA under investigation by the SEC concerning Merrill Lynch bonuses totaling $3.6 billion

BofA under investigation by the SEC concerning Merrill Lynch bonuses totaling $3.6 billion originally appeared on BloggingStocks on Tue, 14 Apr 2009 17:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bonusesinthenewsinvestigation of Merrill Lynch bonusesInvestigationOfMerrillLynchBonusesken lewisKenLewisschapirosecTue, 14 Apr 2009 17:20:00 EST<![CDATA[Bank of America may need more capital]]>http://www.bloggingstocks.com/2009/04/09/bank-of-america-may-need-more-capital/http://www.bloggingstocks.com/2009/04/09/bank-of-america-may-need-more-capital/http://www.bloggingstocks.com/2009/04/09/bank-of-america-may-need-more-capital/#commentsFiled under: ,

Bank of America (NYSE: BAC) CEO Ken Lewis has based what is left of his reputation on the fact that the firm does not need another dime in government money. As a matter of fact, he regrets taking as much TARP cash as he did.

According to Bloomberg, Oppenheimer & Co. believes that "Bank of America Corp., the largest U.S. bank, needs to raise $36.6 billion in equity to bring capital ratios in line with its peers." In this environment, that money is not going to come from the private sector. The only entity with the stones to put it up is the U.S. government.

While the money may not come in exchange for common stock, any instrument is likely to have some conversion provisions, which means that dilution is possible. With a market cap of $44 billion, current Bank of America shareholders will be facing a large haircut if Oppenheimer is right. The stock trades at $7.

Douglas A. McIntyre is an editor at 24/7 Wall St.

Bank of America may need more capital originally appeared on BloggingStocks on Thu, 09 Apr 2009 07:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACfeaturedKen LewisKenLewisOppenheimertarp moneyTarpMoneyThu, 09 Apr 2009 07:00:00 EST<![CDATA[Closing Bell: FASB says 'you bet your assets' (AMZN, BAC, C, DOW, MGM, DOW)]]>http://www.bloggingstocks.com/2009/04/02/closing-bell-fasb-says-you-bet-your-assets-amzn-bac-c-do/http://www.bloggingstocks.com/2009/04/02/closing-bell-fasb-says-you-bet-your-assets-amzn-bac-c-do/http://www.bloggingstocks.com/2009/04/02/closing-bell-fasb-says-you-bet-your-assets-amzn-bac-c-do/#commentsFiled under: , , , ,

Stocks continued their fight higher today. The G-20 meeting yielded more talks of regulation, more aid for developing nations, and additional labor efforts globally. But the real boost was the end of "mark-to-market" accounting for the banks on illiquid debt assets. This sent the banks flying. Stocks which might have otherwise sold off even rallied on the surge today.

Here were today's unofficial closing bell levels:

Dow 7,978.08 +216.48 (2.79%)
S&P 500 834.38 +23.30 (2.87%)
Nasdaq 1,602.63 +51.03 (3.29%)

Top Analyst Upgrades
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Continue reading Closing Bell: FASB says 'you bet your assets' (AMZN, BAC, C, DOW, MGM, DOW)

Closing Bell: FASB says 'you bet your assets' (AMZN, BAC, C, DOW, MGM, DOW) originally appeared on BloggingStocks on Thu, 02 Apr 2009 16:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>FASBken lewisKenLewismark to marketMarkToMarketMGMThu, 02 Apr 2009 16:10:00 EST<![CDATA[Closing Bell: Down quarter, but finally an up-month (AMZN, BAC, F, GOOG, DIS)]]>http://www.bloggingstocks.com/2009/03/31/closing-bell-down-quarter-but-finally-an-up-month-amzn-bac/http://www.bloggingstocks.com/2009/03/31/closing-bell-down-quarter-but-finally-an-up-month-amzn-bac/http://www.bloggingstocks.com/2009/03/31/closing-bell-down-quarter-but-finally-an-up-month-amzn-bac/#commentsFiled under: , , , ,

Despite poor data from Chicago Purchasing Managers and on the consumer confidence side, stocks jumped back. It turns out that the world decided yesterday's sell-off was just a buying opportunity for bargain hunters. A change may be coming Thursday to "mark to market" from FASB. The bad news was that we had a another negative quarter, but this marked an up-month for the broad index readings. Finally.

Here are today's unofficial closing bell levels:

Dow 7,603.98 +81.96 (1.09%)
S&P 500 797.51 +9.98 (1.27%)
Nasdaq 1,528.59 +26.79 (1.78%)

Top Analyst Upgrades
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Continue reading Closing Bell: Down quarter, but finally an up-month (AMZN, BAC, F, GOOG, DIS)

Closing Bell: Down quarter, but finally an up-month (AMZN, BAC, F, GOOG, DIS) originally appeared on BloggingStocks on Tue, 31 Mar 2009 16:00:00 EST. Please see our terms for use of feeds.

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