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Bank of America dividend cut, to raise capital (former BOA CEO endorsed Obama)
wsj ^

Posted on 10/06/2008 2:50:48 PM PDT by maccaca

Bank of America Corp. announced a surprise dividend cut and a plan to sell $10 billion in stock to raise capital, as its third-quarter profit plunged amid a sharp deterioration in the outlook for consumer credit. The Charlotte, N.C., bank halved its dividend to 32 cents to add more than $1.4 billion to capital each quarter. Bank of America said it hopes to resume dividend increases as soon as its "earnings performance warrants." Net income fell 68%. The news sent shares down 7.5% to $29.82 in after-hours trading. "These are the most difficult times for financial institutions that I have experienced in my 39 years in banking," said Chairman and Chief Executive Kenneth D. Lewis. He added that the company believes it's "prudent" to raise capital as market conditions have changed "significantly" in the past two months. Mr. Lewis said the bank was willing to operating at capital levels below its targets, but said the company now believes it is important to be at its 8% Tier 1 capital ratio target "given the recessionary conditions and outlook for still weaker economic performance which we expect to drive higher credit losses and depress earnings."

(Excerpt) Read more at online.wsj.com ...


TOPICS: News/Current Events; Politics/Elections; US: North Carolina
KEYWORDS: 110th; banking; boa; obama

1 posted on 10/06/2008 2:50:48 PM PDT by maccaca
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To: maccaca
TIME TO FIND A NEW BANK....


2 posted on 10/06/2008 2:53:42 PM PDT by Colonial Warrior (Never approach a bull from the front, a horse from the rear, or a fool from any direction.)
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To: maccaca

So how did he endorse Obama?


3 posted on 10/06/2008 2:54:40 PM PDT by marlon
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To: maccaca

Link to Ken Lewis’s endorsement of Obama?


4 posted on 10/06/2008 2:55:16 PM PDT by Arguendo
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To: maccaca

I’d also like to know when he endorsed Obama.


5 posted on 10/06/2008 2:55:23 PM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: Colonial Warrior

No kidding. The last person I want “watching” my money is someone in the tank for The One.


6 posted on 10/06/2008 2:55:48 PM PDT by ReeseBN38416
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To: maccaca

That was the former CEO of BOA who endorsed 0bama.


7 posted on 10/06/2008 2:56:37 PM PDT by eileenrules05 (the world belongs to the doers and the seekers, not the reporters)
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To: Moonman62; Arguendo

http://www.freerepublic.com/focus/f-chat/2098970/posts


8 posted on 10/06/2008 2:57:48 PM PDT by KansasGirl (READ MY LIPSTICK, OBAMA IS JUST CREEPY!)
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To: marlon

see post #8


9 posted on 10/06/2008 2:58:41 PM PDT by KansasGirl (READ MY LIPSTICK, OBAMA IS JUST CREEPY!)
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To: maccaca

It’s a good thing I owe them an assload of money. I’d feel worse if it were the other way around. Maybe....if Obamarama gets elected, I just default and become a friggin ‘victim’......


10 posted on 10/06/2008 2:59:07 PM PDT by Gaffer ("Arguing with a Liberal is like not wiping yourself after taking a dump" Scatological, but true.)
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To: maccaca

The Bank of Amigos, not the Bank of America. They give credit cards to illegal immigrants, so what do you expect?


11 posted on 10/06/2008 3:00:25 PM PDT by gop4lyf (Obama wants to raise taxes and kill babies. Palin wants to raise babies and kill taxes.)
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To: Colonial Warrior

I have quit using any credit cards with Bank of America. Did it quite a while ago. Find them out of touch with America.


12 posted on 10/06/2008 3:01:59 PM PDT by trixi
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To: marlon
So how did he endorse Obama?

I haven't seen this but it would not surprise me in the slightest to find that most bankers and other corporate CEO's endorse Obama. Especially in times of turbulence, organized capital gets very risk averse. Government can operate independently of the market forces, therefore is able to reduce or mitigate risk. Big money guys love big government just as much as, maybe more than, big labor(or what is left of it). Get used to it.

13 posted on 10/06/2008 3:02:26 PM PDT by hinckley buzzard
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To: gop4lyf

They weren’t the only one giving loans to illegals. It started long before it was announced on this site.
They all are paying for it now. Or we are paying for it.
A lot of the loans were outright fraud also. They never intended to pay the higher rates.


14 posted on 10/06/2008 3:03:12 PM PDT by Oldexpat (Drill Here, Drill There..we must drill everywhere.)
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To: maccaca

**(CEO just endorsed Obama, welcome to Obama’s America)**

What?

This isn’t the Bank of America that rose from the fires and earthquake of Sanfrancisco. The originators must be turning over in their graves.


15 posted on 10/06/2008 3:05:04 PM PDT by Salvation ( †With God all things are possible.†)
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To: KansasGirl

Again, that was the former CEO of BofA Hugh McColl, not the current CEO Ken Lewis.


16 posted on 10/06/2008 3:06:18 PM PDT by eileenrules05 (the world belongs to the doers and the seekers, not the reporters)
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To: maccaca

Yahoo search

http://search.yahoo.com/search;_ylt=A0geu493i.pIpmgBQWWl87UF?p=Bank+of+America&ei=UTF-8&iscqry=&fr=sfp


17 posted on 10/06/2008 3:06:18 PM PDT by Salvation ( †With God all things are possible.†)
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To: maccaca
Are you sure Kenneth Lewis endorsed Obama?

Lewis has given 80% to Repubs, 20% to Dems.

His largest recent contribution was $25,000 to Elizabeth Dole and he gave $15,000 to the RNC.

18 posted on 10/06/2008 3:07:32 PM PDT by what's up
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To: Colonial Warrior

Done that already. We’d been with them since they were known as NationsBank, but when they started offering accounts to illegal aliens, we bailed. This only further confirms our decision.


19 posted on 10/06/2008 3:08:20 PM PDT by Marauder (2 Timothy 3:1-5)
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To: maccaca

Guess who’s really in bed with the fat cats.........

and who’d do what’s right for the people of this country.


20 posted on 10/06/2008 3:12:09 PM PDT by combat_boots (God, gun and babies. Justices, taxes and sovereignty. Otherwise known as White Trash. Count me in.)
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To: what's up
No, as usual any lying smear is good enough if the one being smeared is rich.

God I hate whining ingrates with a passion worthy of the warm place!

21 posted on 10/06/2008 3:25:18 PM PDT by JasonC
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To: JasonC
It's amazing how so many Freepers believe any rumor at the drop of a hat, isn't it?
22 posted on 10/06/2008 3:28:10 PM PDT by what's up
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To: maccaca
C'mon Maccaca...where's your proof that Lewis endorsed Obama?

Don't be a hit-and-run.

23 posted on 10/06/2008 3:29:48 PM PDT by what's up
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To: maccaca

It’s been said many times here...DO NOT BANK WITH B of A


24 posted on 10/06/2008 3:31:08 PM PDT by rrrod
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To: Colonial Warrior
TIME TO FIND A NEW BANK....

Me too. And my sister, and my brother, and my mother.

How stupid can a chief executive of a major company be? How is endorsing a socialist good for the economy and his company?
25 posted on 10/06/2008 3:35:14 PM PDT by adorno
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To: maccaca

I will be closing my accounts at BofA today and moving them to HSBC.


26 posted on 10/06/2008 3:35:24 PM PDT by PeterFinn (NObama in NOvember.)
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To: maccaca

This supposed WSJ headline is very misleading!!! The so-called CEO of Bank of America, McColl, is in fact an EX-CEO and has not been at the bank since 2001!!! He heads up some private firm or other and has more recently been labeled a “socialite and philanthropist” in his home area. He is known to be very “emotional.”

I did a little research and found that McColl, while responsible for lots and lots of acquisitions during his tenure at B of A, actually didn’t do most of the real work. That work was credited to Ken Lewis.

I’d say there is no need to get excited and try to pull funds from B of A over this “endorsement.” McColl is LONG GONE. The DUmmies are thrilled about this but clearly don’t see that McColl has not been at B of A for years.


27 posted on 10/06/2008 3:38:37 PM PDT by CaliforniaCon
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To: eileenrules05
Again, that was the former CEO of BofA Hugh McColl, not the current CEO Ken Lewis.

The one endorsement which I hate is the implicit endorsement they give to democrats by having their TV set tuned to CNN, no matter which branch of theirs I visit.

I once asked an assistant manager to please tune the TV to FOX and she said that management insisted that it be on CNN.
28 posted on 10/06/2008 3:43:33 PM PDT by adorno
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To: maccaca

The FORMER BOA Charirman Hugh McColl endorsed Obama. The NEW chairman is Kenneth D. Lewis. Have no idea who he supports


29 posted on 10/06/2008 4:09:43 PM PDT by Bommer (Who was Obama's diction coach? Bevis or Butthead? Uhhhhhh.....)
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To: maccaca

I heard today that BOA has reached ‘a deal’ to ‘reorganize’ home loans in default by giving people in Texas and a few other states lower principals on the loans and allowing them to pay ONLY INTEREST on the loans for up to a decade!!

Closing my account tomorrow! Don’t care to bank with a socialist institution.

The credit cards for illegals was bad enough, but we stayed because we have had a long history with our banker. No more! That’s it!


30 posted on 10/06/2008 4:11:58 PM PDT by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: maccaca

Didn’t Bank of America give credit cards to illegal aliens?


31 posted on 10/06/2008 4:26:29 PM PDT by ethics
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To: trixi
I've got one, and only one. It was promoted by AAA here in NY, which I'm a member of. It was only after I got the card that I realized it was B of A, which I consider to be one of the most crooked banks in the country. But--can't beat the deal, I refinanced a high interest card for zero percent until May 2009. I should surely have the balance paid off by that time.

They've offered me $75 if I set up an online checking account with them, and I can do it for as little as 425, just have to keep the money there for six months. Maybe I ought to make that bet, I've wagered on longer shots at the horse track!

32 posted on 10/06/2008 4:34:43 PM PDT by hunter112 (Gov. Palin is ten times the woman Hillary could've hoped to be, if she had stayed a "Goldwater Girl")
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