Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

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1:37 PM EST

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From: Road Walker	5/27/2009 8:56:15 AM
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BofA boosts capital by $5.9B via share exchange 4 mins ago NEW YORK – Bank of America says it has agreed to exchange $5.9 billion in preferred shares for common stock as part of its plan to bolster its capital base. The federal government has told the Charlotte, N.C.-based bank that it should raise $33.9 billion in new capital to boost its reserves in case the economy worsens further. Combined with the sale of a portion of its stake in China Construction Bank and recent common stock sales, Bank of America has now raised $26 billion with the share swap disclosed Wednesday. As part of its "stress tests" of 19 banks, the government said Bank of America needed the most additional rerserves to withstand a worsening economy.

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