Tuesday, January 22, 2008

Bank of America Earnings

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."

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