This afternoon, Bruce Berkowitz
Fairholme Capital Management [see profile]
will host a conference call with Bank of America
CEO Brian Moynihan
from 1:00-2:30 p.m. EST.
Fairholme is one of BofA's biggest shareholders.
"The purpose of the call is to better understand how Bank of America is navigating the economic environment and positioning its balance sheet for the long-term benefit of customers, creditors, and shareholders," according to a Fairholme press release dated August 3. "Fairholme also hopes the conversation leads to a better understanding of why Bank of America is a core portfolio holding for firm clients."
"Skeptics are invited to participate in the call," the press release stated.
The call will start with Moynihan providing an update on the company, then Berkowitz will "ask the toughest questions" e-mailed to Fairholme prior to the start of the call.
In other BofA news, Moynihan yesterday gave an interview
with CNBC's Maria Bartiromo
Among the questions that came up was whether Moynahan would consider selling Merrill Lynch
"I think, what people think as Merrill Lynch is actually an integrated Bank of America Merrill Lynch combination has occurred both on the wealth management side
and also on the capital market, sales and trading, investment banking side," Moynihan told Bartiromo.
"So, it's core to our customers to have those activities. There are plenty of other things like we've been demonstrating in the last six quarters that we can sell and create capital that are much less important to our customers than what Merrill Lynch does for our customers every day."
Armie Margaret Lee
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