Bank of America post first loss in 18 years, paid dividend of only $.01

the largest U.S. bank by assets, Bank of America’s posted a quarterly loss of $1.79 billion last week, its first since 1991, and received $138 billion in emergency government funds.

That doesn’t count the $15.3 billion deficit at Merrill Lynch & Co, that they acquired last year.

To make matters worse, the company cut its quarterly dividend from $.32 to $.01.

Bank of America is in real trouble, the media is doing their best to not let out the truth about their financial situation. But consider this, Bank of America received $25 billion in aid last year, and the that wasn’t enough to keep them from reporting Q4 losses.

Jeff Davis, director of equity research at Howe Barnes Hoefer & Arnett, said:

“Merrill has a noose around its neck in the form of the Merrill balance sheet. There’s a creeping concern that Citigroup and Bank of America, at least from a common shareholders perspective, may be headed down the path of nationalization.”

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