Bank of America (BAC)

[kennynah]

so, an american bank hires an asian to lead her asian outfit...whilst here in singapore? local banks' top positions go to other our skin type.... hahaha...the irony... but in reality....chinese/asians have always in-fought all our lives.... understandable..and hence, i relate very well to "2 legs good, 4 legs bad" syndrome among our mentality...though to be scorned at...

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Bank of America names Nelson Chai president of Asia Pacific region - Quick facts
12/18/2008 11:05 AM ET

(RTTNews) - Bank of America Corp.(BAC: News ) announced the regional leadership positions that will be in place once the purchase of Merrill Lynch & Co., Inc. is complete.

Nelson Chai, currently executive vice president and chief financial officer of Merrill Lynch, will be president of the Asia Pacific region. He will be based in Hong Kong.

Jonathan Moulds, currently president of Europe, the Middle East, Africa (EMEA) and Asia for Bank of America, will be president of EMEA and have regional responsibility for Latin America and Canada.

[kennynah]

Bank of America closes Merrill Lynch purchase - Quick Facts
1/1/2009 9:17 AM ET

(RTTNews) - Bank of America Corp. (BAC: News ) said it completed its purchase of Merrill Lynch & Co., Inc. (MER: News ).

Under terms of the agreement, shareholders of Merrill Lynch received .8595 shares of Bank of America common stock for each common share of Merrill Lynch.

[jim18xe]

B. of A. CEO sees 2008 results below forecasts
Lewis wants to waive exec bonuses; Sontag named Merrill brokerage chief

http://www.marketwatch.com/news/story/bank-america-ceo-sees-2008/story.aspx?guid=%7B6779FB6F%2DFF90%2D4C4F%2D801E%2D12033BB3BC93%7D&siteid=yhoof

[kennynah]

a chance to play this counter....
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Bank Of America Drops Sharply
1/13/2009 2:12 PM ET

(RTTNews) - Following news of a lawsuit that centers on alleged violation of the federal Fair Labor Standards Act, shares of Bank of America (BAC: News ) have dropped $0.76 to $10.67.

The accusation comes as the company supposedly failed to pay overtime to back office employees who facilitate transactions of the company's derivatives products.

With the decline, the stock has fallen to a level that, if closed at, would mark its lowest closing level in over twelve years.

[iam802]

Bank of America Said to Be Near Accord on U.S. Aid (Update1)

http://www.bloomberg.com/apps/news?pid= ... E&refer=us

Jan. 15 (Bloomberg) -- Bank of America Corp., the biggest U.S. bank by assets, is nearing an accord on a financial aid package from the U.S. that may include $15 billion to $20 billion in capital, said a person familiar with the matter.

The bank may also get a $120 billion “backstop” to help it cope with troubled assets, said the person, who declined to be identified because the accord hasn't been publicly announced. Bank of America needs the package to cushion losses tied to its purchase of Merrill Lynch & Co. earlier this year, said three people familiar with the matter.

.......

[millionairemind]

Jan 16, 2009
BoA bailout deal reached
# Bank of America nears government aid for Merrill-source
# Citigroup may unveil big loss, restructuring
# Shares tumble despite JPMorgan results

WASHINGTON - BANK of America Corp will receive $20 billion (S$29.8 billion) in fresh government cash and a federal backstop against $118 billion of bad assets to help the bank absorb Merrill Lynch & Co, US officials said on Friday.

As part of the emergency plan announced by the Treasury Department, the US Federal Reserve and Federal Deposit Insurance Corp, Treasury will provide the largest US bank by assets with $20 billion in fresh capital from a government bailout fund in exchange for preferred stock.

The government also agreed to share in losses on the troubled assets, which Bank of America took on when it paid an estimated $19.4 billion for Merrill on Jan 1.

Bank of America had closed the transaction without government help, but market conditions have substantially worsened since Sept 15, when the deal was struck after less than 48 hours of hurried talks, and on the same morning that Lehman Brothers Holdings Inc went bankrupt.

Bank of America shares closed down $1.88, or 18.4 per cent, at $8.32 on Thursday, after falling to their lowest in more than 17 years on investors' concerns the company does not have the ballast to weather the financial crisis.

The bank, based in Charlotte, North Carolina, will offer more details on Friday as it is due to report fourth-quarter results at 7 am EST (8pm Singapore time).

Late on Thursday, Bank of America said it was moving up its release from Jan 20. -- THOMSON REUTERS

[kennynah]

i just love this counter...

[blid2def]

Maybe next quarter, you'll see BAC sell Merrill Lynch and Countrywide to raise cash. Hahahaha....

[millionairemind]

January 16, 2009, 8.11 pm (Singapore time)

BOA profit plunges 73% on Merrill Lynch merger

WASHINGTON - Bank of America said on Friday that 2008 net profit fell 73 per cent from the prior year, to US$4.0 billion, due to rising credit costs and heavy write-downs.

The largest US bank by assets, which just received a new capital injection of US$20 billion from the government, had reported a US$14.9 billion net profit for 2007.

For the fourth quarter, Bank of America posted a loss of US$1.7 billion, after managing a modest profit of US$268 million a year earlier.

The loss per share in the final three months of 2008 was 48 cents, much wider than analysts' consensus forecasts of eight cents. -- AFP

[kennynah]

i couldd really be wrong here...

but if i had only $10K, where i would place my money with...in the long run..and .how long is this run? 2 years, is my answer... how much will i get in return, possibly? i;d say...average 40% pa

but that's just me...