Report:Bank Of America Counters Claims Of $200 Billion Capital Hole

Bank of America has just released a statement in response to Henry Blodget’s raising the question of whether the bank’s capital hole could be as big as $200 billion.

In short, they say he’s way off the mark, and they take a swipe at his personal history.

Here’s the full statement, which minces no words:
Mr. Blodget is making “exaggerated and unwarranted claims,” which is what the SEC stated publicly when he was permanently banned from the securities industry in 2003.The sovereign exposure is off by a factor of 10.

The commercial real estate figures are off by a factor of four.

The mortgage analysis was provided by a hedge fund that has acknowledged it will benefit if our stock price declines.

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Tags: Bank Of America, Blodget Bank Of America, Bofa Earthquake, business news, Capital Bank Of America, Henry Blodget, Securities And Exchange Commission

Category: Business/ Economy