Bank of America Agrees to Buy Fleet for $47 Billion

Bloomberg ^ | 10/27/03 | BG

[Pikamax]

Bank of America Agrees to Buy Fleet for $47 Billion (Update4) Oct. 27 (Bloomberg) -- Bank of America Corp. agreed to buy FleetBoston Financial Corp. for $47 billion in stock, creating the second-biggest U.S. bank and signaling a revival in corporate acquisitions.

[Uncle Hal]

I notice the stock of B of A is off nearly 10% today. I wonder why. I have owned the stock for years and it has performed very well lately.

[busybody]

Just in case any wants to know, Bank of America made the news several months ago after laying off most of its American technology workers and transferring its in-house technology work to (you guessed it!) the Indian sub-continent. That wonderful act of corporate generousity and patriotism put several hundred American workers on the street.

So, now all of you who have bank accounts with B of A can stay up late at night wondering if your account information is being compromised by foreign interests. Or, if you don't like the thought that your bank account information is being managed by foreigners, I suggest you move your account elsewhere.

For the latest on this see http://www.freerepublic.com/focus/f-news/1000480/posts