BornAgain123
November 18th, 2008, 04:35 PM
China??
http://www.bloomberg.com/apps/news?pid=20601087&sid=ax0plIpzNUy0&refer=infowars
Nov. 18 (Bloomberg) -- Bank of America Corp. will pay $7 billion to almost double its stake in China Construction Bank Corp., adding to the purchase of Merrill Lynch & Co. even as it cuts jobs and gets government bailout funds.
The biggest U.S. bank by market value will boost the three- year-old holding in China's No. 2 lender to 19.13 percent from 10.8 percent by buying shares from the government. China Construction fell 5.4 percent in Hong Kong at 12:15 p.m. on concern Bank of America may sell stock it bought in 2005 after a lockup period on that stake ended last month.
Chief Executive Officer Kenneth Lewis, three weeks after getting $15 billion from the U.S. government, raised his bet on China Construction after the stock lost 45 percent in the past six months. He is paying 32 percent less than yesterday's closing price. The move came as Citigroup Inc. announced plans to eliminate 52,000 jobs following four quarters of losses...........
http://www.bloomberg.com/apps/news?pid=20601087&sid=ax0plIpzNUy0&refer=infowars
Nov. 18 (Bloomberg) -- Bank of America Corp. will pay $7 billion to almost double its stake in China Construction Bank Corp., adding to the purchase of Merrill Lynch & Co. even as it cuts jobs and gets government bailout funds.
The biggest U.S. bank by market value will boost the three- year-old holding in China's No. 2 lender to 19.13 percent from 10.8 percent by buying shares from the government. China Construction fell 5.4 percent in Hong Kong at 12:15 p.m. on concern Bank of America may sell stock it bought in 2005 after a lockup period on that stake ended last month.
Chief Executive Officer Kenneth Lewis, three weeks after getting $15 billion from the U.S. government, raised his bet on China Construction after the stock lost 45 percent in the past six months. He is paying 32 percent less than yesterday's closing price. The move came as Citigroup Inc. announced plans to eliminate 52,000 jobs following four quarters of losses...........