1. Bank of America Sought Assets, Got Troubles.
- Author
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Mollenkamp, Carrick and Oster, Christopher
- Subjects
- *
ASSET management , *BANK management , *MUTUAL funds , *FINANCIAL management , *ASSET management accounts , *BANKING industry , *PORTFOLIO management (Investments) - Abstract
Focuses on the troubles incurred by Bank of America Corp. in light of recent allegations that the company gave special privileges to a hedge fund, Canary Capital Partners LLC. Strained relations between the banking and asset-management arms of the company; Percentage decline in the bank's shares since the allegations of New York (State) Attorney General Eliot Spitzer became public, suggesting that bank chairman Kenneth Lewis will take swift action against individuals responsible for tarnishing the bank's image; View of former and current Bank of America employees that the company's push into asset-management was too aggressive; Percentage of the bank's annual income attributed to asset-management, indicating that it has fallen short of the goals set by Lewis.
- Published
- 2003