Bank of America Gets Subpoenas
Bank of America, the largest US retail bank, seems to be in a pinch these days. It received a subpoenas and requests for information related to auction-rate securities from both the federal and state government agencies.
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The mortgage lending giant Countrywide Financial Corp which Bank of America bought last month has also been sent subpoenas from the US Securities and Exchange Commission and has responded and is now facing formal investigation by the SEC.
At the end of the day, Bank of America shares closed down 5.8%, at US$31.52 on the New York Stock Exchange. As of this year, they have fallen 24%.
on 2008-11-07 at 22:44:07
This comment is awaiting moderation.on 2008-11-06 at 20:40:17
This comment is awaiting moderation.on 2008-10-01 at 23:42:38
I don't think there's anything to be worried about. Bank of America is one of the country's largest and most well-known banks so I doubt they will let their integrity be tarnished.on 2008-09-15 at 21:41:01
This is depressing news! My family and I have long been Bank of America account holders! I sure hope this won't have any effect on our savings. I'm going to check for news updates on this now.