Wednesday, January 7, 2009

Bank of America dumps some China Construction Bank

BAC sold $2.83 billion worth of China Construction Bank.

A few weeks ago, BAC couldn't sell it's stake, because it hadn't held it for six months.

And BAC increased it's stake in November, immediately after it got TARP funds, by dumping another $7 billion into China's No. 2 bank.

Now BAC, which touted this investment as a long term holding is selling part of it's piece.

No wonder Ken Lewis gets along with Secretary Paulson. They practice seat of the pants finance!

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