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Bank Of America Counters Claims Of $200 Billion Capital Hole

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By Mark Gongloff of the Wall Street Journal

Bank of America has just released a statement in response to Henry Blodget’s raising the question of whether the bank’s capital hole could be as big as $200 billion.

In short, they say he’s way off the mark, and they take a swipe at his personal history.

Here’s the full statement, which minces no words:

Mr. Blodget is making “exaggerated and unwarranted claims,” which is what the SEC stated publicly when he was permanently banned from the securities industry in 2003.

The sovereign exposure is off by a factor of 10.

The commercial real estate figures are off by a factor of four.

The mortgage analysis was provided by a hedge fund that has acknowledged it will benefit if our stock price declines.

Read the entire post here

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