[Nervous Tick]

>> Bond holders or preferred holders to borrow capital.

Very good. Now...

How much must BAC borrow?
From whom?
Why?

[JasonC]

2 trillion all told and change, some of it from depositors, some from bondholders. To finance its entire asset position, in mortgages and business loans etc.

[JasonC]

More specifically - $1.55 trillion in its own assets before the Merrill merger closes, and $931 billion more that Merrill has to borrow. All told, $2.48 trillion in debts that must be financed. Those debts are held against $2.68 trillion in combined assets, with the difference being the stock capital of both combined.