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bank of america: Credit Card Defaults Surge In May, Bank of America Leads The Way - 06/15/09 03:07 PM
According to Reuters, credit card defaults surged to another record high in May after setting a previous record in April.
"Bank of America-the largest U.S. bank-said its default rate, those loans the company does not expect to be paid back, soared to 12.50 percent in May from 10.47 percent in April."
But apparently, according to Jim Cramer, Bank of America is on solid footing. Don't worry about sky-rocketing foreclosures and credit card defaults. Cramer's housing bottom call means that Bank of America is in great shape?
Here is a look at how default rates have jumped from April to May for major credit … (6 comments)
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bank of america: Jim Cramer on Bank of America - 06/14/09 10:57 PM
Never mind that credit card defaults and mortgage delinquencies are surging, these are apparently insignificant details. CNBC's Jim Cramer is bullish on Bank of America due to Morgan Stanley's recent announcement that the previous analyisits earnings estimates are too low for B of A.
Morgan Stanley analyst Betsy Graseck is predicting earnings of $2.54 a share for Bank of America next year.
Meredith Whitney on the other hand is forecasting earnings of approximately 20 cents a share.
If Jim Cramer's recent call of a housing bottom were indeed accurate, I would be more likely to buy into his enthusiasm for Bank of America, unfortunately, this is only the eye of the … (5 comments)
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bank of america: Stress Test Mess II - 05/09/09 03:52 PM
A couple of days ago I wrote a bit about the fiasco known as the Federal Reserve's stress test.
Two significant points jumped out at me from the report other than the fact that the whole thing appeared more like a public relations effort more than an actual banking evaluation:
"First, that Bank of America needs an additional $33.9 billion in capital. Wasn't CEO Ken Lewis quoted as saying as recently as a few weeks ago that Bank of America was going to repay the TARP in 2009?
And second, Citigroup is estimated to need only $5.5 billion in additional capital. Hmm, … (1 comments)
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bank of america: CNBC's David Faber on Bank of America "Earnings" - 04/20/09 09:30 AM
It's not often that you get some quality and un-biased financial reporting on CNBC, but David Faber is usually one of the few analysts that you can count on to sift through the muck and spin to reveal the truth. His report on Bank of America today was no exception.
The real story behind Bank of America reporting net income of $4.25 billion is that $1.9 billion came from the sale of China Construction Bank shares and another $2.2 billion was derived from widening credit spreads. When you remove this "revenue", it leaves Bank of America with approximately a $150 million dollar … (2 comments)
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bank of america: Bank of America to Extend Sponsorship With Yankees - 03/28/09 03:04 PM
The AP is reporting thatBank of America is going to extend their sponsorship with the New York Yankees for another year...which I am sure when turn into a multi-year deal after the media scrutiny of banks and Wall St. firms fades away but probably before Bank of America has actually repaid all of the TARP money that have received.
I have three problems with this.
1.) Bank of America has already been the recipient of $45 billion in tax payer money (TARP) over the past couple of months. Is it really appropriate to continue to spend money on image or brand marketing in light of this?
… (3 comments)
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bank of america: Round 3 for AIG and Citi? - 02/23/09 06:48 PM
If the size and scope of the current financial crisis was at all uncertain or ever in doubt, the past couple of days of news headlines should have made things very clear, we are going to need a bigger boat.
There are two major breath-taking headlines that should have caught your attention.
First, AIG, which according to CNBC's David Faber, has already received $150 billion in loans from the government which already owns 80% of the now defunct insurance company, is looking for a third loan from the government in order to "keep operating after next Monday, when it will report the … (5 comments)
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bank of america: Did you hear that sound today on Capitol Hill? - 01/16/09 06:52 PM
Did you hear that sound today on Capitol Hill?
It was the sound of Congress flushing another $350 billion of tax payer money down the toilet.
The Senate approved Bush's request of Obama's request for the second tranche of $350 billion of TARP money to be made available for the Treasury's disposal.
And it appears as though the vote and approval could not have come at a better time for both Citigroup and Bank of America whose stock has been decimated in recent days. They will likely be the first banks to receive additional capital injections, Bank of America for the second … (55 comments)
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Mark MacKenzie
Phoenix,
AZ
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Mark MacKenzie Real Estate Planning
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