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B of A is DOA Until Further Notice
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What makes tech:stocker examine Bank of America today is the series of recent questionable acquisitions that leave us wondering why more analysts are not pummeling this stock?
Simply put, buying US Trust from Charles Schwab was not a smart move. While US Trust delighted Chuck and his shareholders by consistently returning a meager profit, the amount of management resources needed to guide the financial dinosaurs at US Trust was staggering. To put this in laymen's terms, it was like trying care for a 97-year-old grandfather who refuses to be placed in a nursing home.
On the heels of this announcement Bank of America announced they were buying Countrywide Financial. While many companies in financial services industry were desperately trying to rid their books of subprime mortgages, Bank of America decides to pay $4b in stock to increase their exposure to them. ...
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