photo by Montrasio International
Quote for the day:
Always in motion is the future.
Yoda, Star Wars Episode V: The Empire Strikes Back
In the news:
Bank of America, the second-largest U.S. bank, reported that First-quarter net income declined 77% to $1.21 billion from $5.26 billion a year earlier. Results included $1.31 billion in trading losses and $2.72 billion in costs for uncollectible loans. B of A set aside $6.01 billion for bad loans.
National City plans to raise $7 billion from a group led by Corsair Capital by selling $6.37 billion in convertible securities. The bank will also sell shares of common stock for $5 apiece, about 40% less than National City's closing price on Friday.
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