Bank of America Sells Stake in Chinese Bank for $8 Billion

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The Bank of America  building is seen in Washington,DC on September 18, 2008. Markets were turbulent as they digested the AIG rescue amid anxiety about the state of the world financial system following the dramatic collapse on September 15 of US investment bank Lehman Brothers and the sale of Merrill Lynch to Bank of America. AFP PHOTO/KAREN BLEIER (Photo credit should read KAREN BLEIER/AFP/Getty Images)
The Bank of America building is seen in Washington,DC on September 18, 2008. Markets were turbulent as they digested the AIG rescue amid anxiety about the state of the world financial system following the dramatic collapse on September 15 of US investment bank Lehman Brothers and the sale of Merrill Lynch to Bank of America. AFP PHOTO/KAREN BLEIER (Photo credit should read KAREN BLEIER/AFP/Getty Images) Photo: Karen Bleier/2008 AFP

In a continued effort to shore up its blogger-challenged, Warren Buffett–backed capital reserves, Bank of America sold around half of its stake in China Construction Bank for a pre-tax total of $8.3 billion today. B of A purchased a 10 percent stake in the Chinese bank in 2005 for about $3 billion. This morning, the American bank saw its struggling stock surge about 3.5 percent upon news of the sale. [CNBC]