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To: xcr600 who wrote (11277)	7/15/2002 10:17:13 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 13094

I read the Robby Stephens thing in the WSJ this morn, amazing that it was cheaper for the FleetBoston to close them than sell it. Don't cry for me crappy investment advice........ How about the ceo of Conseco getting a $8 million bonus as the stock heads for the junk-pile? These corporate boards are really something, or nothing, depending....

To: xcr600 who wrote (11277)	7/15/2002 12:56:40 PM
From: Bucky Katt	Respond to of 13094

The traders at the MERC are talking 'bout a FED rate cut...HMM, the dollar is becoming worthless faster than you can say "crank up the press" This is leadership gone A-muck....

To: xcr600 who wrote (11277)	7/15/2002 1:15:28 PM
From: Bucky Katt	Respond to of 13094

KISS is back in corporate America!??> New York, July 15 (Bloomberg) -- FleetBoston Financial Corp. had a second-quarter loss after writing off $1.3 billion to shutter its investment bank and cover defaulted debt in Argentina. Bank of America Corp., the biggest U.S. consumer bank, said profit climbed 10 percent on an increase in deposits and home mortgages. FleetBoston shares fell 6.8 percent, the biggest drop since March 2001, after the seventh-largest U.S. bank reported a $386 million loss. Bank of America net income rose to $2.22 billion, or $1.40 a share, from $2.02 billion, or $1.24, in the same quarter last year. The bank's shares fell 2.8 percent, tracking declines in the Standard & Poor's 500 Index. Commercial banks' traditional business of taking deposits and lending to consumers is proving the most profitable as they start reporting second-quarter earnings. Losses are growing among banks that have built branch networks in Latin America or concentrated on underwriting and mergers advice. ``The theme is: Keep it simple,'' said Anton Schutz, who manages a financial services portfolio in the $1 billion Burnham Asset Management Corp. family of funds and owns Bank of America and FleetBoston shares. FleetBoston's loss of 37 cents a share compares with net income of $531 million, or 48 cents, in the same quarter last year. The bank said Friday it would shut Robertson Stephens Inc., an unprofitable investment bank based in San Francisco that had catered to technology-related companies. Unit Shut FleetBoston, based in Boston, had paid $400 million in cash and $400 million for employee bonus payments over four years when it bought Robertson in 1998. The closure cost FleetBoston $659 million. In Argentina, FleetBoston also lost $675 million before taxes related to loans and government bond holdings, and reduced the value of its equity in the country by $251 million. The bank also set aside $950 million for expected losses on loans to telecommunications companies and other large corporations. ``It looks as if these guys are taking advantage of the second quarter to clean up most of these outstanding issues,'' said Chris Shipley, a bank analyst for Northern Trust Global Investors in Chicago, which owns Fleet shares. FleetBoston Chief Executive Charles Gifford cut funds to Latin America after first-quarter revenue fell more than at any other top- 10 U.S. bank. The bank's second-quarter revenue fell 12 percent to $2.66 billion. Income from lending fell 12 percent to $1.66 billion as the net interest margin, or the difference between what the bank pays for funds and gets for loans, narrowed to 4.12 from 4.29 in the year-earlier period. Gifford has said he is trying to produce bigger returns from 5.5 million customers that bank at FleetBoston's 15,000 branches in eight Northeastern states. ``Clearly they are taking the steps to become a strong consumer- oriented bank, but it will take some time to get there,'' Shipley said. Shares Fall FleetBoston shares fell $1.97 to $27.07 in mid-morning trading and are down 25.8 percent this year, the fourth-worst performer in the Philadelphia/KBW index of 24 banks and thrifts. Bank of America shares fell $1.91 to $66.70, a four-month low. The stock has gained 6 percent this year, the fourth-best performer in the index.