Word: bac
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...demands for the head of Citigroup (C) CEO Vikram Pandit have not ended and may rise to a crescendo again if the bank receives poor "stress test" ratings from the federal government. The drumbeat of dissatisfaction about Ken Lewis, head of Bank of America (BAC), has gone on for months. Recently, proxy advisory RiskMetrics/ISS Governance Services recommended that the financial firm's shareholders vote Lewis...
...through piles of bad assets and tight credit. The process is not over. Major US banks may need tens of billions of dollars more in government assistance when the results of the "stress tests" of bank viability are finalized later this month. The Treasury may tell Bank of America (BAC) that it needs $15 billion in additional capital and the bank may be able to raise that money on the government's deadline. If it can't, it could be merged into another bank the way that Wachovia and Washington Mutual were. The government has avoided getting its hands dirty...
...Congress and Henry Paulson threw enough money into the path of the oncoming failure of the credit system to slow it down so that the government could properly go through the process of guaranteeing parts of the balance sheets of firms including Citigroup (C) and Bank of America (BAC). The initial TARP may also have provided time for the new Administration to put together its widely hailed bank "stress test" program meant to determine which of the big financial institutions have dysentery and which do not. Finally, the hundreds of billions of dollars that went into the largest banks late...
...Banks stocks reacted to the news, which took the markets completely by surprise, by driving up Wells Fargo's stock by 32%. Bank of America (BAC) shares jumped...
...tens of billions of extra dollars on the one side and Congressmen who say that they will not provide more TARP money on the other. With insurance companies now begging for dollars as well, there is not going to be enough bailout money to go around. Bank of America (BAC), which one analyst said would have to raise $36.6 billion, has dropped from $7.77 to $6.91 in five trading days. No one could figure out where that money would come from...