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Thursday, April 9, 2009
Boomer with Attitude / News BofA in worse trouble than previously thought
Posted By John Grooms on Thu, Apr 9, 2009 at 10:23 AM
Things are going so badly at Bank of America, according to investment banking outfit Oppenheimer & Co., the Charlotte-based bank needs to raise $36.6 billion in equity just to bring its assets up to par with its peers. That's the scoop in a story by David Mildenberg of the Bloomberg news organization.
BofA says Oppenheimer is full of it, but the assessment is still bad news for the banking giant, and especially for embattled CEO Ken Lewis, who will face stockholders later this month. Nothing is definite, but Lewis is widely expected by people in the industry to lose his job at that time.
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