Tag: Ken Lewis - 24/7 Investor

Swine Flu Impacts the Rally

Somebody’s lying. Bank of America CEO Ken Lewis is on the verge of getting sacked because he failed to tell BAC shareholders that he was buying Merrill Lynch for $29 billion while it was losing $15 billion in the fourth quarter of 2008. The revelation that Merrill paid out $3.6 billion in bonuses during that miserable quarter really got shareholders upset.

Bank Stress Test to Discredit BAC and C Earnings Report?

Banks are getting pounded this morning after Bank of America (NYSE:BAC) handily beat earnings estimates. Analysts were expecting $0.04 in earnings per share; BAC came in with $0.44.

As I write, BAC shares are down 15%. Now, after Citigroup’s earnings, BAC was expected to beat its number. Are you wondering why investors seem so disappointed at what looks like a solid quarter from a troubled bank?

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