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Stress Test Leak: BAC Needs $34 Billion In Capital
- Thread starter MrDODGE
- Start date
It's official: No story yet; just a breaking news headline.
Breaking News 11:11 PM ET:
Bank of America Needs $33.9 Billion, U.S. Determines
Breaking News 11:11 PM ET:
Bank of America Needs $33.9 Billion, U.S. Determines
Quote from MrDODGE:
Bank of America to need $34 bln in capital-source
Tue May 5, 2009 9:42pm EDT
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WASHINGTON, May 5 (Reuters) - Bank of America (BAC.N) has been deemed to need an additional $34 billion in capital, according to the results of a government stress test, a source familiar with the results said on Tuesday.
A Bank of America spokesman declined comment. (Reporting by Karey Wutkowski; Editing Bernard Orr)
Oh, GOOD! That was about 20 billion less than I had calculated. We might rally on that news, ironically. I'm sure I wasn't the only analyst with a larger figure.
Just for shits and giggles, what is BankOfCrap's market cap?
The bigger story is the veracity of the TARP establishment.
If they lie once, as here, about the needs of a bank, they can do it every time.
If they lie once, as here, about the needs of a bank, they can do it every time.
Quote from ByLoSellHi:
HAHAHAHAHAHA!!!!!!!!!!
THAT is some funny ass shit right there!!!!!!!
Well, their losses are from paying $29 per share more for Merril Lynch than it was worth, and they still haven't gotten rid of the assets contaminating those financials.
Point of fact, BofA was worth $150 billion when they announced their takeover of Merrill Lynch, the next day they were worth 100 billion after forking over 30 billion to ML.
I called this perfectly when the deal was announced at
www.themarketchatter.blogspot.com
Have a look at the post entitled "Financial Mutually Assured Destruction"
The PPT better get a good nights sleep. They have a long day of propping up the futures tomorrow.
Chief Executive Officer Kenneth Lewis declined to discuss the stress tests at Bank of Americaâs annual meeting last week, citing the Fedâs instructions to banks. On April 20 he said, âWe absolutely donât think we need additional capital,â responding to an analystâs question.