Bank of America said to raise $7.3 billion

http://money.cnn.com/2009/05/12/news/companies/boa_ccb/index.htm?postversion=2009051204



Bank of America has raised $7.3 billion from the sale of 13.5 billion shares of China Construction Bank, according to published reports. The U.S. bank sold the shares to a group that includes Singapore's sovereign wealth fund Temasek Holdings, Hopu Investment Management and China Life Insurance. The sale represents the maximum amount Bank of America (BAC, Fortune 500) could sell following the expiration of a lock-up agreement covering about one-third of its stake, the reports said.



I chose this because it has to do with the economy and how businesses are handling the crisis. I agree that this is a very good move for Bank of America, it will reduce Bank of America's stake in China Construction Bank to just under 11% from 16.7%, according to the FT. I think it was presented fairly well because it explains what Bank of America is doing to help itself in this crisis. I would use this site again, cnnmoney is very good to obtain information.