Bank of America Posts Losses, Gets $138 Billion Bailout
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Bank of America honcho Kenneth Lewis was given the honor of Banker of the Year by American Banking magazine just last year, but this is 2009: Today BofA posted its first loss since 1991, cut its dividend, and accepted a $20 billion investment from the government and a guarantee of $118 billion. The absorption of Merrill Lynch and mortgage lender Countrywide, both engineered by Lewis, may have been too much to handle. “This thing is unraveling so fast Lewis may know his job is lost,” an analyst told Bloomberg, adding that the management team has “lost credibility.” [Bloomberg]
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