What's Dragging Bank of America Down - Business - The Atlantic Wire

What's Dragging Bank of America Down - Business - The Atlantic Wire: "lot of people think the bank will have to raise capital, and any major capital raise will be massively dilutive. The bank just can't get its hands around the liabilities it's facing.'

Its purchase of Countrywide is dragging it down, write Jonathan Stempel and Joe Rauch at Reuters: 'The lawsuit may complicate Bank of America Chief Executive Brian Moynihan's efforts to contain losses from the bank's $2.5 billion purchase in July 2008 of Countrywide Financial Corp, the nation's biggest mortgage lender. That purchase, engineered by Moynihan's predecessor Kenneth Lewis, is now considered a disaster for Charlotte, North Carolina-based Bank of America because of the costs of litigation and writing down bad loans.'"