No problem. Just ask Obama and Congress for the money.
They're giving it out faster than the Treasury can print it, enslaving our children's children along the way.
Posted on 05/05/2009 8:40:22 PM PDT by jern
WASHINGTON (Reuters) - Bank of America 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.
The amount is far higher than published reports had speculated the largest bank might need. It is certain to increase the pressure on Chief Executive Kenneth Lewis, whom shareholders ousted as chairman last week.
(Excerpt) Read more at reuters.com ...
Oy.
The real “Black Hole”...
Oh boy. B of A is declared to need MORE money. Isn’t this the same bank that was going to issue credit to ILLEGAL IMMIGRANTS?
Lewis was going to back out of the Merrill Lynch deal when Paulson threatened him into going thru with it. That move is going to cost him his job - he should have gone with his instincts.
Not worth the electrons it is printed on...
B of A denied a similar report with a figure of only $10 billion in the Financial Times a few days ago.
Put buying rumor mongers would be my diagnosis.
Hey, it is not all that bad. The could just issue 62 billion more shares, and do a 100:1 reverse split. No chance of bankruptcy!
http://www.freerepublic.com/focus/f-news/2245057/posts
No problem. Just ask Obama and Congress for the money.
They're giving it out faster than the Treasury can print it, enslaving our children's children along the way.
remind me never to put a red cent in that hellhole for the rest of my life and hopefully my children will do the same. Boycott bank of america and let them fall.
Who issued 62 billion more shares?
“When all the deals are done GM expects to have about 62 billion shares, 100 times more than currently are outstanding.
“If the restructuring as currently contemplated occurs, there will be very substantial dilution to existing holders of GM common stock,” GM’s filing said. Hence, the reverse stock split proposal.
Critics, mainly bondholders, have accused the Obama administration of favoring the government and the UAW at the expense of investors.”
http://market-ticker.denninger.net/archives/1008-Stress-Tests-Whats-That-Light.html
This figure is still not the real number....
GM is openly talking about issuing that many more shares. Also, GM is discussing a potential 1:100 reverse stock split. This mess is simply not going to go away, is it?
When all the deals are done GM expects to have about 62 billion shares, 100 times more than currently are outstanding.
What does "have" mean? Where are the proposals to issue all those shares?
I just paid off my credit card so they should have enough money ....
What number is????
This is the latest in Obama’s attempt to nationalize BofA. They were forced to complete a transaction for Lehman that was grossly overvalued, now they will be forced to “raise” $30 billion+ in capital. No way they can raise that from the private sector, they will be forced to turn to GOVERNMENT. Big surprise there.
BofA shareholders are about to get the “Obama 1% special”. Ask Chrysler shareholders how that one went.
All your shares belong to OBAMA.
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