bloomberg.com - 4/27/2009
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April 20 (Bloomberg) -- Bank of America Corp. , the largest U.S. lender by assets, dropped the most in almost two months of New York trading after the company put aside $6.4 billion to cover a growing pool of uncollectible loans. The bank dropped $2.58, or 24 percent, to $8.02 at 4:15 p.m. in ...
bloomberg.com - 4/26/2009
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bloomberg.com —
April 26 (Bloomberg) -- The U.S. economy will
continue to contract “for some time to come,” said...
Lawrence Summers , director of the White House National Economic Council. “I expect the economy will continue to decline,” with “sharp declines in ...
(more)
Summers Says U.S. Economy to Decline ‘For Some Time’ ...
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Magic!
Obsidian Wings —
... Citi would have booked over a billion in losses without this -- and that's without getting into the other fascinating ways in which they made their earnings look more impressive than they otherwise have seemed. Bank of America did the same thing. Wells Fargo also deserves credit for using other accounting rules to make profits appear where none had been before. ...
Magic!
Political Animal —
... on the bankâs credit-default swaps. As those spreads widened, they sent the message that investors believed Citigroup would be less profitable. In a nice twist, the widening spreads also triggered an accounting rule that allowed Citigroup to record a profit." Citi would have booked over a billion in losses without this -- and that's without getting into the other fascinating ways in which they made their earnings look more impressive than they otherwise have seemed. Bank of America did the same thing. Wells Fargo also deserves credit for using other ...
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