BofA surprises with aggressive move
May 29, 2009
By MoneyAisle
According to the Financial Times, Bank of America is planning on repaying the $45 billion it received in government funds earlier than expected. Chief executive Ken Lewis hopes that the company will be able to return the money by November.
In the past two weeks, through the sale of common stock, the company has been able to raise $13.5 billion, an amount that has surpassed expectations.
However, the plan “is likely to raise eyebrows at the Treasury Department, which is trying to manage the repayment of government money by allowing one group of banks to get out at a time.”