Bank of America's surprise move to pay back $45 billion in federal bailout money ratchets up pressure on rivals Wells Fargo and Citigroup to get out from under the government's thumb.
Bank of America Corp sold more than $19 billion of equity on Thursday amid strong investor interest as it races to shed government regulatory curbs that have bedeviled its CEO search.
Citigroup is set to intensify efforts to break free from the US government shackles on pay and management following Bank of America's decision to return $45bn in bail-out funds.
Tension in the Senate regarding Ben Bernanke's second term combined with a weaker than expected November in retail cast a pessimistic shadow on stocks. 18 cents/share is the estimated earnings for Big Lots' fiscal third quarter 2010 prior to the bell.
Bank of America's surprise decision to pay off a $45 billion TARP investment it got from the government during the financial crisis may set the framework for the rest of the nation's banks which still need to pay back the taxpayers, analysts said Thursday.
The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs.
The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs.
Bank of America Corp said it would repay $45 billion of taxpayer bailout funds, a move that could free the top U.S. lender from pay curbs as it looks to hire a new CEO but also makes it more vulnerable to further economic shocks.
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