No petrodollars for Bank of America
Bank of America (BAC) is joining the fundraising circuit. The banking giant set plans Wednesday for a $6 billion preferred stock offering. The moves come just a day after Bank of America posted a 95 percent drop in fourth-quarter profit, led by a sharp rise in its provision for loan losses and a $5 billion writedown of mortgage-related debt. The quarter showed Bank of America, while clearly better-managed than some struggling peers such as Citi (C), won’t be immune to the recession threatening U.S. consumers.
But unlike rivals such as Merrill Lynch (MER) and Citi, which tapped investment funds in Asia and the Middle East to replenish billions of dollars of capital following hefty writedowns, Bank of America is raising its money right here. The bank even says it will apply to list its convertible preferred stock on the New York Stock Exchange. So far, the “Buy American” theme is working: Bank of America shares, though still below their level at the end of 2007, were up nearly 6 percent in afternoon trading Wednesday.
Hey Colin…!!! Remember me…?
I am the investor (BAC) that posted a coment regarding your past article of BAC dividens. Remember…?
Ok..If you remember -or search my comment- you can see…
- I made my advise and comment regarding a new deal with CFC was running….one day before than WSJ..!!
- In my post…I did recomend “strongly” to cover your short position in CFC y BAC if any.
- In other post in this web but with other journalis (around five days ago)… I posted…
-BAC will keep paying its normal dividend
- I gave to the readers a TIP… sale PUT $45 january 2010 (Two day ago $+14, today $11.!!) $3 bucks in 4 days …!!! is not good ?
Now my last tIP…
- BUY BAC Strongly…BAC will go all the way up to $50-55 as MINIMUN. With dividens of 2,56 a share by year the annual yield still will be fantastic…!!!
Just wait and see friend.
Best regards.
- Biovail unit pleads guilty in kickback probe
- Ex-NBA star a deadbeat?
- Abercrombie profit rises
- Update: Subprime ace backs Icahn in Yahoo fight
- Yahoo’s Cuban sandwich
- Icahn starts Yahoo proxy fight
- Countrywide lawsuit moves forward
- CBS buying CNet in online push
- Icahn going after Yahoo board
- JPMorgan making room for Bear workers
- If Microsoft is allowed to buy Yahoo,... More
- Steve, thanks for the comments. Mos... More
- I was one of those people who lost th... More
- CNET is a great source of online cont... More
- This guy a bully, nothing more nothin... More
- Matt, You are absolutelty right. Br... More
- Yahoo is a dieing entity it needs a f... More
- Daryl The reason the Fed will appr... More
- When is the info going to be disclos... More
- WHY would the government approve a me... More
- Accrued Interest
- Aleph Blog
- Bespoke Investment Group
- Big Picture
- Calculated Risk
- Dealbook
- Econbrowser
- Felix Salmon
- Financial Armageddon
- Footnoted
- FT Alphaville
- Infectious Greed
- Naked Capitalism
- RGE Monitor
- Seeking Alpha
- Information Arbitrage
- Mish's Global Economic Trend Analysis
- Fortune on CNNMoney.com





augusto-
how could i forget. you have been quite a fount of wisdom on the bac front. many thanks for your continued overseas typing and my regards to you and yours in buenos aires.