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A most useful means of revealing just how affected it was, is that of analyzing the annual report. The data for 2008 indicates a strong company with an ability to develop and implement the most adequate strategies, but which also reveals increased levels of sensitivity relative to the industry. Also, 2009 came to confirm the suspicions relating to deepening financial challenges on the part of the bank and holding organization.
In response to these difficulties, the Obama administration has created the Troubled Assets Relief Program, a plan which aims of create a state bank to purchase the underperforming stocks from the Bank of America and other banks. A simpler and more efficient solution however would be that of eliminating the mark-to-market accounting...
The measure would ensure that the assets of the Bank of America and other players in the banking industry are not continually depreciated. This would in turn generate better financial stability within the sector, more credit opportunities, increased levels of economic operations and increased purchasing power as well as consumption, all materializing in a growing economy.
References:
Wesbury, B.S., Stein, R., Mr. President, Suspend Mark-to-Market, Forbes, January 21, 2009
Bank of America 2008 Annual Report, Retrieved from http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-reportsannual on April 27, 2009
Bank of America Corporation, Website of the New York Stock Exchange, 2009, http://www.nyse.com/about/listed/bac.html last accessed on April 27, 2009
Market Price of Common Stock, Spireframe, 2008, http://www.spireframe.com/docs/financial_statement_market_price_of_common_stock.aspx last accessed on April 27, 2009
Investopedia Website, http://www.investopedia.com, last accessed on April 27, 2009
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