Since the beginning of the year, Bank of America has lost more than half of its stock market value. Earlier this month, AIG sued the bank behemoth for alleged mortgage securities fraud, and just this past week the company laid off 3,500 workers. With more in mortgage holdings than any other bank, its future success is essentially tied to the state of the faltering housing market. But yesterday, Warren Buffett announced he's investing $5 billion in Bank of America. What's in store for the beleaguered company?
Louise Story, Wall Street and finance reporter for The New York Times, joins us to discuss the state of Bank of America, the rationale behind Warren Buffett's decision, and the health of the banking system.
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The show is a co-production of WNYC Radio and Public Radio International, in collaboration with New York Times Radio and WGBH Boston.
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Comments [1]
Somethings wrong with this story...If Bank of America has 2.3 TRILLON in assets, as reported in Wikipedai Encyclopedia, why is Buffet investing in them...???...I see this as another kick back scheme...???
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