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Bank of America May Need About $34 Billion of Capital

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posted on May, 6 2009 @ 07:40 AM
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Bank of America May Need About $34 Billion of Capital


www.bloomberg.com

May 6 (Bloomberg) -- Regulators have determined that Bank of America Corp. requires about $34 billion in new capital, the largest need among the 19 biggest U.S. banks subjected to stress tests, said a person with knowledge of the matter. Bank of America fell 9 percent in trading before U.S. exchanges opened.

(visit the link for the full news article)




posted on May, 6 2009 @ 07:40 AM
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Once again here we go another 34 billion dollars....Does anyone else find it funny that Benedict "arnold" Bernake just announced yesterday that it seems things are stabalizing and we should begin a recovery later this year. Yet we get up to read that B of A needs another 34 billion dollars?? How long do they think they can keep up this game of contradiction without the people wising up! Start calling your local representitives and tell them to stop with the runaway spending! Or they will be on the outstide looking in.

Time to take it back people!

www.bloomberg.com
(visit the link for the full news article)



posted on May, 6 2009 @ 07:46 AM
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Considering BofA just took over Countrywide and are now the holders of my mortgage, I'd assume they knew what they were doing. Why assume the debt of Countrywide then ask for a bailout? Doh! Silly me.



posted on May, 6 2009 @ 07:48 AM
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They are also up this morning right now at 11.24 (3.69%).



posted on May, 6 2009 @ 08:54 AM
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Perhaps we, as people, not nationals, just like it when big organisations give us the big thick shaft?

I would have burned their buildings to the ground if I were in government, and then probably salted the earth so nothing would ever grow there again.



posted on May, 6 2009 @ 10:04 AM
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I just want to say that all of this is fine with me...as long as BoA is repaying at a 19.99% interest rate and will suffer from $100m late fees for being late by even a few days.

They and other big banks have treated their customer base with such disrespect over the past few years, I think it's time they get a taste of it. And as God is my witness if I find out they are repaying at anything less than 'holy #' interest rates I'm calling every congressman and every house of rep on gods green earth.



posted on May, 6 2009 @ 10:26 AM
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Actually, it's tragically funny that one bank bailout alone, had it been applied to the individual states, could have wiped out all the state deficits that are plaguing our country. Every state could have started their fiscal year with a clean slate.

Instead, we are being sold on the idea that the Banks 'know what they are doing.'

Another interesting twist I would love to see implemented is the raising of the 'payback' interest rates for these banks.... and it should apply retroactively to all their unpaid balances..., just like they do to consumers..., and WE should refuse to remove that burden from them - think they'll complain?



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