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BoA Writes Down $5.28B; 4Q Net Income Drops 95%

Writedowns had been estimated at $3B

By Jonas Oransky,  Newser Staff

Posted Jan 22, 2008 9:30 AM CST

(Newser) – Bank of America said today its net income plummeted 95% in the fourth quarter, and it wrote down $5.28 billion in collateralized debt obligation. Net income for the largest retail bank and credit-card issuer was $268 million, or 5 cents per share, compared to...   Read full story »

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