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Bank of America Corporation Message Board

  • starguy103 starguy103 Apr 20, 2009 1:46 PM Flag

    Treasury ‘No Basis’ to Rumors

    The rumors may turn out to be right or wrong. They are currently rumors and spreading rumors as fact to affect stock price is illegal.

    April 20 (Bloomberg) -- A U.S. Treasury spokesman said there’s no basis to a blog posting that buffeted financial stocks by saying that most of the nation’s largest banks are insolvent.

    Treasury Says ‘No Basis’ to Report on Bank Testing

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    • there you go folks

      someone using him to cause a sell off

    • NEW YORK (Dow Jones)--Investors looking for a recovery in traditional banking will have to continue waiting, results from Bank of America Corp. (BAC) show.

      The banking giant reported a $4.2 billion profit for the first quarter, due largely to results from Merrill Lynch & Co., which Bank of America acquired Jan. 1. Mark-to-market accounting provided a $2.2 billion gain that helped boost profits. As in the cases of Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM), a recovery in some capital markets businesses also boosted profits at Merrill and therefore BofA.

      The bank's profit more than tripled from a year earlier, bouncing back from a $2.4 billion loss in the fourth quarter. Merrill Lynch contributed more than $3 billion to the bottom line. But the retail and commercial banking, credit card, and mortgage businesses show no signs of a recovery; BofA had to set aside more money for delinquent loans, and profit margins in some businesses contracted.

      Earnings in retail banking declined by half from a year earlier, to about $500 million. Cards swung to a $1.8 billion loss from a $867 million profit, and the global banking segment with commercial banking and some advisory businesses fell to $175 million from $1 billion. The mortgage segment recovered somewhat, but still posted a $500 million loss. Analysts have had all eyes on Merrill, looking for everything from possible write-downs on its securities to how the integration is going.

15.43+0.230(+1.51%)Jan 29 4:00 PMEST

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