Bank of America posts first loss in 17 years - Yahoo! News
...and thus eliminates the reason many retirees, investors and mutual funds owned the stock in the first place. Once a reliable dividend payer and long term growth stock, the former stalwart is off over 80% from its 52 week high despite taking $45B in TARP money.
The Merrill Lynch takeover cost $19.4M, so you could say the taxpayers covered that one. The exposure to mortgages is still dragging BAC down...
"It is difficult to focus on what is going right at this time," a clearly downbeat Chief Executive Kenneth Lewis said on a conference call.
Friday, January 16, 2009
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