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Monday, October 26, 2009
Analyst: BofA Still 'Chained' to the Government
By Darryl R. Isherwood
FOXBusiness
Efforts by Bank of America (BAC) to repay government bailout money may have been stymied, according to a report in The Wall Street Journal.
The bank, which borrowed some $45 billion from the Troubled Asset Relief Program [TARP]could not come to an agreement with government officials over how much additional capital it would need to raise before repaying the money.
According to analyst Dick Bove, the government wants Bank of America to raise $45 billion in capital before repaying the money. Selling new common stock would “meaningfully harm Bank of America’s shareholders,” he wrote.
Shares of the bank closed down 5.1% Monday.
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