Fortune 500

Photo by John R. Coughlin/CNNMoney.com

11. Bank of America Corp.
Rank: 11 (Previous rank: 9)
Revenues ($ millions): 113,106.0
CEO: Kenneth D. Lewis
Address: 100 N. Tryon St.
Charlotte, NC 28255

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Now that U.S. taxpayers own a nice chunk of it, Bank of America really is America's bank. Federal bailout notwithstanding, BofA is also the nation's biggest, with $1.8 billion in assets.

The company's September decision to pick up ailing Merrill Lynch for $50 billion was celebrated as a masterstroke - until it became clear that Merrill's losses were a lot worse than anticipated. Now CEO Kenneth Lewis is trying to right the ship, keep top talent from defecting, and avoid even more government handouts.

AP Photo/Richard Drew

12. Citigroup
Rank: 12 (Previous rank: 8)
Revenues ($ millions): 112,372.0
CEO: Vikram S. Pandit
Address: 399 Park Ave.
New York, NY 10022

If the Citi never sleeps, CEO Vikram Pandit didn't get a single wink of shut-eye in 2008. Bad bets on mortgages and complex debt put the bank's survival at risk more than once last year before U.S. taxpayers footed the bill for a $45 billion bailout.

The stock fell an incredible 77% as the bank posted a 2008 loss of $27 billion after earning $3 billion in 2007. Shares fell even further in 2009 - flirting with $1 - before jumping on the news that the first two months of the year just might maybe show a profit.

Courtesy: Berkshire Hathaway

13. Berkshire Hathaway
Rank: 13 (Previous rank: 11)
Revenues ($ millions): 107,786.0
CEO: Warren E. Buffett
Address: 3555 Farnam St.
Omaha, NE 68131

"I did some dumb things." Boy, there's a rare bit of self-reproach from Warren Buffett.

In his annual Chairman's letter to Berkshire Hathaway investors, the Oracle of Omaha said that 2008 had some good parts...and some bad. The good? Buffett used his billions to buy pieces of General Electric and Goldman Sachs for a song.

The bad? Berkshire Hathaway's worst performance since 1965. Buffett's dumbest move, he admitted, was buying up shares of ConocoPhillips when oil prices were near their peak.

Courtesy: International Business Machines

14. International Business Machines
Rank: 14 (Previous rank: 15)
Revenues ($ millions): 103,630.0
CEO: Samuel J. Palmisano
Address: 1 New Orchard Rd.
Armonk, NY 10504

In a year of bellwether blowouts, IBM held its own -- and more. The company's ongoing shift from hardware to software and services continued to pay off: IBM's profit climbed 18% in 2008, fueled by overseas growth in countries from Argentina to Vietnam. Big Blue's buying binge continued with 15 acquisitions, up from 12 in 2007. But in March, the spending spree hit a snag when the board of Sun Microsystems got cold feet and nixed IBM's $7 billon bid.

AP Photo/Paul Sakuma

15. McKesson
Rank: 15 (Previous rank: 18)
Revenues ($ millions): 101,703.0
CEO: John H. Hammergren
Address: 1 Post St.
San Francisco, CA 94104

With its tiny margins, drug distribution is a hard business to get into, but it's a good one to be in when times get tough: People still need their meds, after all. That's why McKesson ended 2008 on a high note: Earnings for the final fiscal quarter of the year jumped 54%, excluding charges.

Last November, the company cleared up a few clouds that had been hanging overhead for years by settling allegations of price-fixing going back to 2001. It paid $350 million and is setting aside another $143 million in reserves to handle any future claims. Now McKesson has to deal with President Obama's plan for health care reform.

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