I just finished reading the press release from Bank of America on its earnings, and found this paragraph to be the most interesting:
"The company incurred about $400 million in losses to support certain cash funds and also had subsequent writedowns of about $400 million related to securities originally purchased from the funds at fair value."
It cost them $800 million to bail out one of its money market funds, to keep it from "breaking the buck."
Tuesday, January 22, 2008
Bank of America Earnings
Posted by TJF at 6:24 AM
Labels: BAC, Bank of America, Money Market
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