Bank of America has raised $26 billionBank of America has raised $26 billion
May 29, 2009
By MoneyAisle
According to CNN, Bank of America claims to have raised almost $26 billion, making it close to raising the $34 billion in capital required after the government performed “stress tests” on the nation’s largest banks.
The company has raised the money in several ways, including selling the company’s stake in China Construction Bank, selling $13.5 billion in stock, and the conversion of $5.9 billion of non-government preferred stock into common stock.
Like other banks in similar situations, the company wants to avoid converting the government’s $45 billion preferred share stake into common stock.