Wednesday, October 21, 2009

Bank of America Sells First Republic

The Bank of America sold private banker First Republic for $1 billion. Merrill Lynch purchased First Republic in 2007 for $1.7 billion. That puts BOA $700 million underwater.

Taxpayers may not get a return on their money, at least says the TARP overseer. The Carlyle Group bid on First Republic, but was unsuccessful. Maybe, they'll win Titan's Egyptian operation. Who knows, bankers may need cement shoes?