NEW YORK (Reuters) - Bank of America Corp sold more than $19 billion of equity on Thursday amid strong investor interest as it races to shed government regulatory curbs that have bedeviled its CEO search.
The money raised will help repay $45 billion in government bailout funds the bank took at the height of the financial crisis as it struggled with heavy writedowns stemming from its acquisitions of mortgage lender Countrywide and investment bank Merrill Lynch....
...The 14-month-old bailout fund, which has propped up banks, automakers and insurer American International Group,has failed to resolve key problems in the financial system, including toxic assets still weighing down bank balance sheets, a sharp contraction of credit and the moral hazard associated with bailouts, the panel said....
Goldman Sachs
Based in U.S.
U.S. bailout fund left many problems unsolved: watchdog (click here)
David Lawder
WASHINGTON
Wed Dec 9, 2009 1:21am EST
WASHINGTON (Reuters) - The U.S. government's $700 billion bailout program helped stabilize the financial system, but has done little to boost lending or stave off millions of home foreclosures, a government watchdog group said on Wednesday.
