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  #1  
Old 11-14-2009, 09:51 PM
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Default Can B of A make a comeback ??

I believe they can . In fact I am betting money on it . Ken Lewis, the CEO, is due to be replaced any day now . The plain truth is he is/was the fall guy in this mess . There appears to be two people within the B of A network that have a good chance of being the new leader . One man or a woman . Right now B of A is trading around $16 . I expect it to go to $20 by Christmas . I expect to owe Ken Lewis a great amount of thanks very soon.
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Old 11-15-2009, 04:00 PM
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Default Re: Can B of A make a comeback ??

No. Good luck on 20. Good luck on 18!
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Old 11-15-2009, 04:13 PM
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Default Re: Can B of A make a comeback ??

Its been pretty good to me so far . It was our main discussion the last time I got together at a group investors meeting that I am part of where we discuss various stocks and new offerings . I am not a expert or claim to be on B of A , but we have a couple guys in the group that are pretty sharp and have called it dead on ,so far .
Thats their take on it anyway .I guess time will tell .
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Old 11-16-2009, 12:18 AM
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Default Re: Can B of A make a comeback ??

Commercial Real Estate loans are the next big headache. Lotsa empty buildings. Someone is going to take the fall, and it will be banks.

It would be great if I was wrong though.
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Old 11-16-2009, 12:39 AM
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Default Re: Can B of A make a comeback ??

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Originally Posted by waybomb View Post
Commercial Real Estate loans are the next big headache.
In your part of the country too? There are sure a lot of ghost, nearly all vacant, industrial parks around here. 'Sell or lease' signs everywhere on buildings only a few years old.
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Old 11-16-2009, 12:51 AM
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Default Re: Can B of A make a comeback ??

Seems like everywhere. I travel a bit in and around the states - seems like everywhere I go, it is bad.

Leaving for Poland on the 20th for a couple of weeks - I'll let y'all know how it is going over there. Last year, the place was booming.
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Old 11-16-2009, 03:30 AM
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Default Re: Can B of A make a comeback ??

Commercial real estate and unsecured (credit card) debt loads may be the straw that breaks the camels back. It does not take a financing expert to understand that every time a major retailer goes under and defaults on its leases, collectible rents will decline. Richmond has not been hurt as badly as some, but there are a lot of vacant retail, office and manufacturing buildings around. Cutting back on manufacturing means vacant and/or abandoned buildings. Defaults and restructing of credit card debt is going to cut or eliminate bank profits.

Predictably, our government leaders do not seem to be addressing these issues.
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Old 11-16-2009, 02:03 PM
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Default Re: Can B of A make a comeback ??

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Commercial real estate and unsecured (credit card) debt loads may be the straw that breaks the camels back. It does not take a financing expert to understand that every time a major retailer goes under and defaults on its leases, collectible rents will decline. Richmond has not been hurt as badly as some, but there are a lot of vacant retail, office and manufacturing buildings around. Cutting back on manufacturing means vacant and/or abandoned buildings. Defaults and restructing of credit card debt is going to cut or eliminate bank profits.

Predictably, our government leaders do not seem to be addressing these issues.
You hit the nail right on the head !!!Unfortunely I know all about vacant Commercial space . Been sitting on a couple for a while .
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Old 11-20-2009, 02:27 PM
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Default Re: Can B of A make a comeback ??

This is interesting . I believe Ken Lewis should stay on .
I guess I am not the only one who feels this way .


CHARLOTTE, N.C., Nov 20 (Reuters) - Bank of America Corp's (BAC.N) chief executive, scheduled to retire at year-end, could gain enough support from shareholders to keep his job, a veteran analyst said on Friday.
Richard Bove of Rochdale Securities said it appeared that the bank's management and owners -- not including the U.S. government -- want Lewis back as CEO.
"He knows this company better than anyone else and he knows how to operate it ... Convincing him to return would be the biggest morale builder that management could get," the Rochdale Securities' analyst said in his client note.
"The attack on Lewis comes from politicians and bureaucrats who have amply demonstrated their lack of knowledge of the company and the banking business," he wrote in his second recent note arguing for the CEO to stay.
Lewis announced his retirement in September, as criticism of the bank's purchase of Merrill Lynch & Co grew. He sat at the center of legal probes into disclosures about bonus payments and losses tied to the deal.
The search for Lewis' replacement, now in its second month, has become a favorite topic of speculation on Wall Street, particularly as several high profile executives have turned down what would typically be a coveted position.
Some shareholders, however, believe the company's best course is to continue its search for Lewis' successor.
"I'm a Ken Lewis fan, but its in the best interest of the company to find a new executive and move forward," said Walter Todd, co-chief investment officer at Greenwood Capital Associates LLC, which owns Bank of America shares. Todd said Lewis retaking the job would be messy for the bank.
"Its tough to go back down that road, and, I think, would be a step back for the company," he said.
Another investor, Mendon Capital Advisors Corp President Anton Schutz, said a return to Lewis would merely forestall the key issues surrounding the CEO search: How will the company repay its $45 billion in government bailout aid and what's the long-term strategy?
"Right, now, everyone's sitting around and waiting, but we need to know who's going to run the company before we'll get any clarity on those issues," he said.
Rochdale's Bove said while the government is looking to split the company up in a similar manner to Citigroup Inc (C.N), representatives of the management and shareholders on the board oppose such a plan.
"This difference of opinion weakened the possibility of an insider to being selected to be the next CEO," Bove said.
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  #10  
Old 11-23-2009, 02:23 PM
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Default Re: Can B of A make a comeback ??

This is what I thought would happen ...



The Bank of America saga may never end. This weekend, the headlines buzzed about BofA's struggle to meet its Thanksgiving deadline for naming a new CEO. And with Turkey Day just three days away, information is leaking and speculation is mounting that retiring CEO Ken Lewis could postpone his exit and lead the bank into next year.
The Wall Street Journal's Dan Fitzpatrick on Friday night reported Lewis would consider postponing retirement to act as a "bridge" until a successor could be found. Lewis currently is scheduled to work his last day as CEO on Dec. 31.
Bloomberg reports the bank's directors have been rebuffed by at least four external candidates and may name either an interim or bring back Lewis temporarily if the board can't agree on a leader in the next three days. The search could extend into 2010.
The delay is reportedly being caused by disagreements among board members, candidates turning down the job, government pay restrictions and a host of other political and economic reasons.
Charlotte-based Bank of America (NYSE: BAC) is the nation's largest bank but ranks only fifth in market share in the Raleigh-Durham area with $2.12 billion in Triangle deposits as of June 30, according to the Federal Deposit Insurance Corp.'s annual market-share report.
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Old 11-23-2009, 02:29 PM
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Default Re: Can B of A make a comeback ??

Why would a big time CEO take a huge pay cut to come work at a highly regulated, demonized by the White House, high pressure job?
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Old 11-23-2009, 02:41 PM
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Default Re: Can B of A make a comeback ??

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Why would a big time CEO take a huge pay cut to come work at a highly regulated, demonized by the White House, high pressure job?
Theres really only two people the board is looking at and they are both employeed with BAC already . The best bet the board could make is leave Ken Lewis in charge and let him run the show with total control .
Bac has been very good to me , but depending on who takes the helm, I could change my position . My next meeting is scheduled in a week to discuss this with my investing group . I should know more than .
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Old 12-03-2009, 11:14 AM
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Default Re: Can B of A make a comeback ??

B of A is paying back its 45 Billion Dollar TARP loan it was annouced yesterday . Stock is over $16 bucks and climbing today . A lot of you "nay sayers" may not know that B of A also has paid over 5 Billion in interest on that Tarp loan . Go BAC!!

This also seems to be pulling other banks stock price up today .
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Old 01-08-2010, 01:36 AM
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Default Re: Can B of A make a comeback ??

It hit $17.18 a share at one point today . BAC seems to be steady climbing . I still expect it to hit $20 soon enough . I like this stock !
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Old 01-09-2010, 10:51 PM
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Default Re: Can B of A make a comeback ??

Al, Motley Fool doesn't share your enthusiasm. They say its low price was justly earned. I don't know who is right, but you might want to review their reasoning.
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Old 01-09-2010, 10:58 PM
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Default Re: Can B of A make a comeback ??

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Al, Motley Fool doesn't share your enthusiasm. They say its low price was justly earned. I don't know who is right, but you might want to review their reasoning.
Well I am willing to lay it on the line that I am right . If fact I already have .

I don't always play fair . By that I mean, I feel the information that I have is better than theirs . Time will tell .
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Old 01-09-2010, 11:37 PM
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Default Re: Can B of A make a comeback ??

I tend to agree with you, Al. I have liked B of A for a while, Unfortunately bought on the way down, bought some more near the low at various times. I also like some of the smaller banks. By and large they tend to be more conservative, and easier to keep track of.
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Old 01-09-2010, 11:48 PM
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Default Re: Can B of A make a comeback ??

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I tend to agree with you, Al. I have liked B of A for a while, Unfortunately bought on the way down, bought some more near the low at various times. I also like some of the smaller banks. By and large they tend to be more conservative, and easier to keep track of.
If you like BAC try taking a look at WABC . Its steady climbing now . The National Bank that my father started in the late 70's was bought out by this company many years ago . Its very solid and in Northern California . They owe no TARP money . Dad held on to all his stock he ever received and made a pretty nice return over the years in his retirement . Its been as high as $78 a few years ago . This year the high was $69 and it had a low of about $33 .Its about $57 now . I purchased it when it was low again and will sell at about $60 . The dividends has been steady since it started . JMO
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