Not even Bank of America is safe from the grim economic news. What on earth is the Daily Beast thinking? Bank of America’s stock has been steadily sinking for the past three years because of all the toxic mortgage debt it took on when it bought Countrywide. Of course Bank of America’s stock is going to sink more than the average during times like these.
Tina Brown’s site is clueless, writes Mickey Kaus.
Daily Beast says: Not even Bank of America is safe from the grim economic news. According to an internal memo obtained by the New York Times, the bank plans to cut at least 3,500 jobs, or just over 1 percent of its work force, in the coming months, and those cuts are only the beginning. At the end of next month, the company plans to announce a larger reorganization that could end up cutting a total of 10,000 jobs, or about 3.5 percent of its work force. Bank of America’s stock is down more than 50 percent since January, and it cut about 2,500 jobs in the first half of the year.