On September 17, 2009
After Calm Year, Bank of America Faces Storms
For Bank of America, 2009 has been a relatively stable year. Management turmoil, Troubled Asset Relief Program (TARP) loans, and potential earnings volatility have all been handled very much business as usual, rewarded with a gain of 21.5 percent in the firm’s stock price. For America’s second largest financial institution by market cap however, things may be about to get a lot rockier in the coming months. For a start, there’s that problem of Andrew Cuomo. For the New York Attorney General, the bank’s usual placative mantra of “we’re co-operating fully” only seems to be an incentive to delve deeper in his investigation into which board members knew what at the time of the Merrill Lynch deal last year. Wednesday, Cuomo issued…
0 Comments