Losses from the subprime meltdown are going to hurt Bank of America, but they won’t say how badly. They just want investors to be prepared when the 4th quarter numbers come in, says the NYT.
Kenneth Lewis says Bank of America’s fourth quarter is going to be grim. How grim? Well, he isn’t talking specifics, but he did say at a Goldman Sachs conference early Wednesday that “you can certainly assume results will again be disappointing.”
He also expects the bank to take bigger write-downs on collateralized loan obligations than the $3 billion that have previously been reported. How much bigger? Mr. Lewis didn’t go there, either. In fact, he said the final write-down amounts were “unknowable.”
We’re not experts or anything but that sounds “bad.”