Wednesday, May 20, 2009

The Fly Or Die Commerce Report: Bank Of America Is On A Paper Chase

The Bank of America has maneuvered to bring in some cash to their reportedly troubled corporation.

According to The Wall Street Journal, the financial corporation was infused with $13.5 billion yesterday via a common-stock sale of 1.25 billion shares.

The Wall Street Journal also states that the bank sold some of its stake in China Construction Bank for $7.3 billion.

The alleged reason for the financial corporation's paper chase is to avoid any further government investment in the company, and to avoid a governmental takeover.

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