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Changing course
& New fund, old fundamentals
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Changing courses
Article 1
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Changing Course
ÁÂ-¸Þ¸±¸°Ä¡ CEO(John Thain)
¿ì- Àü BofA ȸÀå(Ken Lewis )
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Changing Course
KEN LEWIS, the boss of Bank of America (BofA), famously said he had had as much fun as he could stand in investment banking in the autumn of 2007. How on earth must he feel now Mr Lewis¡¯s decision to buy Merrill Lynch in September has cost him his reputation, his independence and, on April 29th, one of his many titles. At the bank¡¯s annual general meeting shareholders re-elected Mr Lewis to the board, but voted to split the role of chairman and chief executive. Walter Massey, a board veteran, replaced him as chairman. Mr Lewis can count himself lucky. True, there was strong logic in buying Merrill Lynch, with its coveted retail brokerage, and Countrywide, a sickly mortgage lender, before¡¦(»ý·«)
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Changing Course
The bank¡¯s share price has lost more than three-quarters of its value since September. Things could yet get worse. Leaks about the results of the stress tests that have been conducted on America¡¯s largest banks suggest that BofA, which has already received $45 billion from the government, needs yet more capital (it would probably not be the only supplicant). This could well mean that the government¡¯s preferred shares are converted into common equity. If other investors do not want to get rid of Mr Lewis, the government may do it for them.
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Changing Course
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Changing Course
For bank shareholders in America, the ground is slowly shifting. Managers and boards will find it much har