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U.S. markets recover from steep losses
CHARLOTTE, N.C., Feb. 5 (UPI) -- The chief executive officer of Bank of America Corp. spent $2.2 million recently buying shares in the U.S. bank, about half of that this week, officials say.
Two weeks ago, CEO Kenneth Lewis bought 200,000 shares for $1.2 million, the Charlotte, N.C., Observer reported Thursday. Earlier this week, he bought the same amount of shares, paying about $958,000, the Observer said.
Bank of America reported its first quarterly loss in 17 years in the fourth quarter and has received billions of dollars in federal aid, partly to help it finance a purchase of Merrill Lynch & Co.
Lewis' purchase may have been an attempt to show the public confidence in the company's future, the Observer said.
In the background, bank shares -- at $4.80 near the markets' close Thursday -- are wavering on concerns about the next phase of the federal bailout, which may include the establishment of a "bad bank," which would serve as a repository for frozen financial assets.
Analyst Andrew Marquardt at Fox-Pitt Kelton said clarifying plans was in order.
"Inconsistency and poor vision at the helm has added to lack of conviction and confidence by investors and analysts," Marquardt wrote in a business report.
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