"Compelling valuations and improving fundamentals mean that 2011 could be a strong year for shares of the biggest U.S. banks," suggests Elliott Gue.

The editor of Personal Finance explains, "To benefit from this outlook, Bank of America (BAC) is a new addition to the model Growth Portfolio.

"Bank of America suffered mightily during the financial crisis of 2007-09. Not only were the bank's legacy loan portfolios hit hard by delinquencies and charge-offs, but the company also assumed additional liabilities and credit risk when it acquired Countrywide Financial and Merrill Lynch.

Continue reading Bank of America Corp. (BAC): Bank on It

Bank of America Corp. (BAC): Bank on It originally appeared on BloggingStocks on Mon, 21 Feb 2011 13:00:00 EST. Please see our terms for use of feeds.

Forgive me if I stray slightly, but I could not help thinking about how ironic it would be if someone leaked information as to the whereabouts of Wikileaks founder and "fearless leader" Julian Assange -- who is in hiding!

It would be even more ironic if a CIA operative who had his cover blown by Wikileaks decides what goes around comes around. Let's face it, in its own way Wikileaks has become a rogue nation, so why wouldn't the CIA get involved?

In the mean time, this has probably helped world markets as it has overtaken everything else as the big story of the past 48 hours. In a bizarre way, Assange may have achieved one of his goals by bringing the world closer together, sort of.

Continue reading Serious Money: Does BAC Have Anything to Fear from Wikileaks?

Serious Money: Does BAC Have Anything to Fear from Wikileaks? originally appeared on BloggingStocks on Wed, 01 Dec 2010 11:00:00 EST. Please see our terms for use of feeds.

Continue reading Number of World's Millionaires on the Rise

Number of World's Millionaires on the Rise originally appeared on BloggingStocks on Wed, 23 Jun 2010 11:20:00 EST. Please see our terms for use of feeds.

It all started during the financial crisis. Banks and brokerage houses were tumbling down one after another. One of the biggest was the collapse of Merrill Lynch. Bank of America (BAC) negotiated the purchase of Merrill, but there was one hitch. BofA failed to appraise its stockholders that Merrill had approved $5.8 billion in bonuses to Merrill employees.

The agreement was struck. Everything was kept under the table until the SEC started an investigation into the matter. The SEC is famous for just giving a slap on the wrist to the biggest offenders. In this case the SEC agreed that BofA should pay a measly $33 million fine.

Continue reading Judge Approves 'Half-Baked Justice' SEC Settlement with BofA

Judge Approves 'Half-Baked Justice' SEC Settlement with BofA originally appeared on BloggingStocks on Tue, 23 Feb 2010 10:40:00 EST. Please see our terms for use of feeds.

The financial crisis, employment market and social media explosion have converged, providing a new level of clarity into what is happening in the world around us. Where was ground zero for this financial catastrophe? Well, according to the LinkedIn blog, five companies have shown the most action: Barclays (BCS), Credit Suisse (CS), Citigroup (C), Bank of America (BAC) and JPMorgan Chase (JPM). Interestingly, Goldman Sachs (GS), among the biggest winners now that we're pulling out from the recession, didn't see as much play.

Continue reading Financial Crisis Didn't Push Bankers from Industry, LinkedIn Reports

Financial Crisis Didn't Push Bankers from Industry, LinkedIn Reports originally appeared on BloggingStocks on Sun, 21 Feb 2010 15:10:00 EST. Please see our terms for use of feeds.

Continue reading CIT Group to Repay 'High-Cost' Debt

CIT Group to Repay 'High-Cost' Debt originally appeared on BloggingStocks on Tue, 09 Feb 2010 09:20:00 EST. Please see our terms for use of feeds.

John Thain -- whom you may recall as the man who presided over the spectacular implosion of Merrill Lynch -- is looking to have some new business cards printed up. Over the weekend, CIT Group (CIT) officially announced that its board of directors has elected Thain as chairman and CEO.

Due to his controversial past, the decision to elect Thain wasn't an easy one. After shelling out a small fortune to tart up his office digs at Merrill Lynch -- and doling out lofty bonuses amid the bank's hasty takeover by Bank of America (BAC) -- Thain became something of a poster boy for Wall Street excesses.

Continue reading John Thain Takes the Top Spot at CIT Group

John Thain Takes the Top Spot at CIT Group originally appeared on BloggingStocks on Mon, 08 Feb 2010 11:00:00 EST. Please see our terms for use of feeds.

At the height of the financial crisis, Bank of America (BAC) acquired Merrill Lynch for $50 billion. Over the past year, Merrill's ranks have thinned from 18,000 down to 15,000.

Merrill's "thundering herd," as it was once known, was a powerhouse dealing largely with retail customers. Interestingly enough, even with the advent of electronic trading, many wealthy clients prefer to deal directly with a broker. B of A has a big book of 17 million "mass affluent" customers who need advice and services. "Mass affluent" customers are those whose income is between $100,000 and $1 million in investable assets.

Continue reading Job Openings: Bank of America Needs 2,000 More Retail Brokers

Job Openings: Bank of America Needs 2,000 More Retail Brokers originally appeared on BloggingStocks on Wed, 03 Feb 2010 12:20:00 EST. Please see our terms for use of feeds.

• Current Bank of America CEO Brian Moynihan was the general counsel of Bank of America at the time of the alleged disclosure improprieties. Just saying.

Continue reading SEC Brings New Charges Against Bank of America

SEC Brings New Charges Against Bank of America originally appeared on BloggingStocks on Tue, 12 Jan 2010 17:30:00 EST. Please see our terms for use of feeds.

Continue reading Closing Bell: Earnings Season's Tough Start (AET, AA, BAC, CVX, ERTS, KBH, HIG)

Closing Bell: Earnings Season's Tough Start (AET, AA, BAC, CVX, ERTS, KBH, HIG) originally appeared on BloggingStocks on Tue, 12 Jan 2010 16:00:00 EST. Please see our terms for use of feeds.

Were we all too fast to blame AIG (AIG)?

The insurance giant's role in precipitating the worldwide financial crisis has been covered at length since it teetered on the edge of disaster in September 2008, thanks to a series of high-risk transactions executed through its financial products group. Well, Goldman Sachs (GS), which has recovered quickly from last year's woes and is already figuring out how to pay some hefty bonuses, may have played a larger role in these transactions than everyone realized.

Continue reading Goldman Sachs had bigger role in AIG than realized

Goldman Sachs had bigger role in AIG than realized originally appeared on BloggingStocks on Mon, 14 Dec 2009 08:40:00 EST. Please see our terms for use of feeds.

Dick's Sporting Goods (DKS) was shot out of a proverbial cannon Thursday morning, gaining more than 5% in the first minute of trading.

Ahead of the opening bell, Merill Lynch/Bank of America upgraded the stock to buy from neutral and lifted its price target by five bucks to $28.

The bank noted that fourth-quarter sales could be better than expected, as recent cold weather trends might send people into the stores looking to supplement their cold-weather wear. (Side note: negative 16 wind chill in Chicago today, and yes, I still love living here).

Continue reading Dick's Sporting Goods scores an upgrade

Dick's Sporting Goods scores an upgrade originally appeared on BloggingStocks on Thu, 10 Dec 2009 11:20:00 EST. Please see our terms for use of feeds.

In a case of buy low, sell high, Kuwait's sovereign wealth fund just unloaded its $4.1 billion stake in Citigroup (C). In doing so, the fund scored a $1 billion profit -- and a 37% rate of return on its investment -- according to the Kuwait Investment Authority (KIA).

The fund invested in Citigroup in January 2008, before the financial industry came to the brink of collapse last year, but well after the impact of the mortgage crisis had been identified. The fund also invested $2 billion in Merrill Lynch, which was acquired by Bank of America (BAC) in September 2008.

Continue reading Kuwaiti fund rakes in $1 billion profit on Citigroup sale

Kuwaiti fund rakes in $1 billion profit on Citigroup sale originally appeared on BloggingStocks on Sun, 06 Dec 2009 14:10:00 EST. Please see our terms for use of feeds.

Continue reading Former Bank of America director says give CEO job to insider

Former Bank of America director says give CEO job to insider originally appeared on BloggingStocks on Wed, 11 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

If you've become comfortable with the current state of the housing market ... don't. Economists at Goldman Sachs (NYSE: GS) and Bank of America's Merrill Lynch (NYSE: BAC) say there's still plenty of risk in the housing market.

Alec Phillips, the head of Goldman's Washington office, said, "The risk of renewed home price declines remains significant." His "working assumption" is a drop of between 5% and 10% by the middle of next year.

Continue reading Housing market to dip again next year; Goldman says by 10%

Housing market to dip again next year; Goldman says by 10% originally appeared on BloggingStocks on Tue, 27 Oct 2009 10:20:00 EST. Please see our terms for use of feeds.

Continue reading BofA unloads First Republic for $1 billion

BofA unloads First Republic for $1 billion originally appeared on BloggingStocks on Wed, 21 Oct 2009 17:00:00 EST. Please see our terms for use of feeds.

According to a Wall Street Journal report (subscription required) on Monday, Bank of America (NYSE: BAC) is set to choose an emergency chief executive officer (CEO) -- just in case Ken Lewis (the current CEO) is forced to step down thanks to legal issues. The decision was in the works before Lewis announced he would retire effective New Year's Eve, but the situation ramped up after New York Attorney General Andrew Cuomo hinted that he may file civil charges against Lewis.

Five people comprise the committee that was formed earlier this year, with Bank of America Chairman Walter Massey leading the way. The committee was originally created to respond to concerns raised by U.S. banking regulators, but it has now shifted its focus a bit. The committee will give the choice to the full board for approval, but then the U.S. banking regulators will have to approve the choice, basically allowing the government to hand pick their choice. Once this process runs its course, the plan will then be shuttered until it is needed.

Continue reading Bank of America choosing an 'emergency' chief executive, just in case

Bank of America choosing an 'emergency' chief executive, just in case originally appeared on BloggingStocks on Mon, 05 Oct 2009 10:00:00 EST. Please see our terms for use of feeds.

Bank of America (NYSE: BAC) CEO Ken Lewis has managed to survive a massive decline in shareholder value, two government bailouts, a raft of shareholder lawsuits, SEC investigations, civil fraud charges, and a wave of populist angst about the company's business practices.

But now CNBC reports that experts are questioning whether Lewis will be able to hang on as investigations of the company's acquisition of Merrill Lynch intensify. The FBI is reportedly taking a look, which suggests that criminal charges could follow.

Continue reading Will legal woes finally lead to the end of Ken Lewis' reign of terror?

Will legal woes finally lead to the end of Ken Lewis' reign of terror? originally appeared on BloggingStocks on Tue, 22 Sep 2009 13:10:00 EST. Please see our terms for use of feeds.

The Bank of America (NYSE: BAC) CEO's "What's a Guy Got to Do to Get Fired Around Here" campaign took a new twist this weekend when The New York Post reported that the FBI and the Justice Department were taking a look at his company's controversial acquisition of Merrill Lynch.

That's just the icing on a great week for Mr. Lewis that included a District Court Judge's rejection of the company's settlement with the SEC and a set of subpoenas issued to by the New York attorney general to five of the company's directors. Of course that was nothing compared to Warren Buffett's characterization of Mr. Lewis as an "ironic hero" whose sheer incompetence saved the global financial system while destroying his own company.

Continue reading FBI interested in Bank of America's Merrill Lynch deal

FBI interested in Bank of America's Merrill Lynch deal originally appeared on BloggingStocks on Mon, 21 Sep 2009 13:30:00 EST. Please see our terms for use of feeds.

Continue reading Bank of America execs facing charges

Bank of America execs facing charges originally appeared on BloggingStocks on Mon, 14 Sep 2009 17:00:00 EST. Please see our terms for use of feeds.