BoA Bailout Funds Update

Filed in Delaware, National by on January 15, 2009

The WSJ reports that BoA is close to getting its new bailout funding:

Reeling from previously undisclosed losses from its Merrill Lynch & Co. acquisition, Bank of America Corp. is expected to receive an emergency capital injection of $15 billion from the Treasury, which will also backstop as much as $120 billion of assets at the bank, said people familiar with the plan.

BoA shares lost 18% today as everyone waits to hear about both the bailout and the 4Q results. BoA pushed up their announcement from Tuesday January 20 to Friday AM — January 16.

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"You don't make progress by standing on the sidelines, whimpering and complaining. You make progress by implementing ideas." -Shirley Chisholm

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  1. Arthur Downs says:
    January 16, 2009 at 6:44 pm

    Will BOA find new ways to gouge the good customers to make up for bad business decisions by top managers who could not live without their bonus checks?

    How many senators and representatives even read the legislation that is put before them?

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