Bank of America – News Stories About Bank of America - Page 14

Feds' Bank
Aid Smacks of Nationalization

ANALYSIS

Jan 16, 2009 9:18 AM CST

Feds' Bank Aid Smacks of Nationalization

Washington may have no choice but to take majority stakes

(Newser) - The federal government may be forced to effectively nationalize some of America's biggest banks, a notion gaining traction as Bank of America and Citigroup teeter on the brink of insolvency. While Washington has shown extreme reluctance to take ownership stakes in corporate banks, it may now have no choice, the...

Stocks Rebound on BofA Help

MARKET Open

Jan 16, 2009 8:46 AM CST

Stocks Rebound on BofA Help

(Newser) - Markets rebounded this morning, as a new round of federal aid rained down on Bank of America and Citigroup, the Wall Street Journal reports. The Dow rose 112 points, while the S&P and Nasdaq added 1.5% and 1.3% respectively. Bank of America posted a $1.79 billion...

Will US
Nationalize
Banks?

ANALYSIS

Jan 16, 2009 8:00 AM CST

Will US Nationalize Banks?

As red ink continues to flow, more experts say some nationalization is likely

(Newser) - With US banks likely to need as much as $2 trillion in capital in coming months, more experts are seeing semi-nationalization as a distinct possibility, writes Reuters reporter Dan Wilchins. The government already is using its $700 billion bailout to put pressure on banks. The Obama administration is on record...

BofA Takes Another $20B
Bailout on $10B Merrill Loss

Jan 16, 2009 7:01 AM CST

BofA Takes Another $20B Bailout on $10B Merrill Loss

Crippled by unforeseen losses and falling stock price, B of A puts its hand out. Again.

(Newser) - Bank of America, sucker-punched by unforeseen losses from its takeover of Merrill Lynch, received another injection of $20 billion from the Treasury, the Wall Street Journal reports, bringing the total cost of BofA’s bailout to $45 billion. BofA’s shares shed 40% of their value in the past seven...

Dow Up 12 After Dip Below 8K

MARKETS

Jan 15, 2009 3:38 PM CST

Dow Up 12 After Dip Below 8K

Banks' continued troubles unnerve investors

(Newser) - Stocks finished just barely in positive territory today, MarketWatch reports. Nervousness about US banks’ continued need for government funds dropped the Dow below 8,000, but bargain-hunters pushed the index higher, and it closed at 8,212.49, up 12.35 points on the day. The Nasdaq rose 22.20,...

Banks Drive Stocks Down Early

MARKET OPEN

Jan 15, 2009 9:11 AM CST

Banks Drive Stocks Down Early

Investors see bad news everywhere in new data

(Newser) - Stocks dropped at the open today as a surprisingly good JPMorgan quarter struggled to offset other negative economic news, the Wall Street Journal reports. The Dow was off 108, despite Morgan's 4% surge, as Bank of America plummeted 15% after reports it would need more aid to close the Merrill...

Banks Lining Up
for More Rescue Funds

Jan 15, 2009 7:30 AM CST

Banks Lining Up for More Rescue Funds

Experts are saying 2009 is looking like a tougher year for banks than 2008 was

(Newser) - US banks are poised to release a new round of losses in the coming weeks that show just how deeply submerged in red ink the industry still is—as this year begins to look worse for banks than last, the Washington Post reports. Pressure is mounting for more injections of...

Feds to Give BoA Billions
More for Merrill Deal

Jan 14, 2009 8:30 PM CST

Feds to Give BoA Billions More for Merrill Deal

(Newser) - The feds will have to pony up billions of dollars more to help Bank of America close its deal to purchase Merrill Lynch, the Wall Street Journal reports. BoA already has received $25 billion, but Merrill's massive fourth-quarter losses have thrown a wrench in the acquisition. Henry Paulson is a...

Stocks Drop on
Alcoa Downer,
Bernanke Calls
for More Bailout

MARKET Open

Jan 13, 2009 8:48 AM CST

Stocks Drop on Alcoa Downer, Bernanke Calls for More Bailout

Bernanke sounds all pessimistic

(Newser) - Stocks took a modest drop at the open, in the wake of a grim report from Alcoa and even grimmer words from Ben Bernanke, who said the strength and timing of the global recovery are “highly uncertain,” and that Obama’s stimulus won’t produce sustainable results without...

Dow Drops 125
With Banks, Materials

MARKETS

Jan 12, 2009 3:27 PM CST

Dow Drops 125 With Banks, Materials

Market awaits Alcoa earnings after close

(Newser) - Stocks posted losses today as financial and basic-materials firms led losses, MarketWatch reports. Alcoa, which reports earnings after the bell, fell 7.32% on expectations the steel giant will report losses of 10 cents a share. The Dow closed down 125.13 at 8,474. The Nasdaq fell 32.80...

BofA Boss Reluctantly Bags Bonuses

Jan 7, 2009 8:37 AM CST

BofA Boss Reluctantly Bags Bonuses

Bridling at political pressure, Lewis nixes cash for top execs

(Newser) - Despite being rankled by political pressure to forgo bonuses for himself and other top Bank of America execs, CEO Kenneth Lewis has asked the board to withhold bonuses for 2008, reports the Wall Street Journal. The company saw its stock fall 66% in 2008 and 3rd-quarter profits plunge 68%, and...

BoA, Wells Fargo
Wrap Up Takeovers

Jan 1, 2009 3:27 PM CST

BoA, Wells Fargo Wrap Up Takeovers

Tough road ahead for merged financial institutions

(Newser) - Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7...

Stocks End Mixed; Dow Up 25

MARKETS

Dec 19, 2008 3:45 PM CST

Stocks End Mixed; Dow Up 25

Good news from RIM, Oracle help lift tech sector

(Newser) - Stocks ended mixed today as a rally on the news of a White House bailout for the auto industry fizzled over concerns for the larger economy, MarketWatch reports. General Motors led advancing stocks with a 22.7% gain, and the Dow closed up 25.88 at 8,579.11. The...

Financials Push Dow Off 65

MARKETS

Dec 15, 2008 3:24 PM CST

Financials Push Dow Off 65

US industrial output falls for November

(Newser) - Stocks lost value today as investors await tomorrow’s meeting of the Federal Reserve’s interest-rate committee, and digested various bits of bad news on financial firms and manufacturing, MarketWatch reports. The Dow fell 65.15 to 8,564.53. The Nasdaq lost 32.38, closing at 1,508.34,...

Fannie Mae: Tenants Can Stay

Dec 15, 2008 4:22 AM CST

Fannie Mae: Tenants Can Stay

Fannie Mae won't evict tenants after foreclosures

(Newser) - Fannie Mae is offering to sign new leases with renters living in properties that have been foreclosed and are now owned by the the government-controlled mortgage company. The move brings relief to thousands of people caught in the mortgage crisis, but it turns the insitution into a huge national landlord...

Blago's Real Crime:
His Blackmail of BoA

opinion

Dec 13, 2008 11:19 AM CST

Blago's Real Crime: His Blackmail of BoA

Government shouldn't just step into commercial affairs

(Newser) - Emperor Nero killed a lot of people, but most people just remember the fiddling incident, notes Joe Queenan in the Washington Post. Something similar is happening with Rod Blagojevich, whose most flamboyant offense, trying to sell Obama’s Senate seat, is obscuring his real crime: Forcing Bank of America to...

BofA Will Lay Off 35K

Dec 11, 2008 4:59 PM CST

BofA Will Lay Off 35K

Recession, takeover of Merrill to blame for latest employee dump

(Newser) - Bank of America said today it will cut between 30,000 and 35,000 jobs in the next 3 years, the AP reports; the move is spurred by the continuing economic downturn and the bank’s recent purchase of Merrill Lynch. Cuts will be broad and will affect both the...

Bank Woes Push Dow Down 196

MARKETS

Dec 11, 2008 3:23 PM CST

Bank Woes Push Dow Down 196

JPMorgan Chase, Bank of America, Citigroup all see big drops

(Newser) - The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196....

Factory Sit-In Ends in Victory

Dec 11, 2008 2:44 AM CST

Factory Sit-In Ends in Victory

Workers win severance and benefits

(Newser) - Laid-off workers who occupied a Chicago factory have agreed to end their sit-in after winning severence pay and benefits, Reuters reports. Each of the 200 workers at shuttered Republic Windows and Doors will receive two months pay, accrued vacation and two months health care coverage. The $1.75 million cost...

JPMorgan to Pay
Chicago Protesters

Dec 10, 2008 2:43 PM CST

JPMorgan to Pay Chicago Protesters

Creditors respond to sit-in with loans, severance offer

(Newser) - JPMorgan will pay $400,000 toward the severance for 240 laid-off workers occupying a Chicago factory, and Bank of America will extend the bankrupt manufacturer a new loan, Reuters reports. Both banks are creditors of Republic Windows & Doors, which shut down after, BOA says, it "maxed out" on...