BofA: One twister punch coming up

Ken Lewis is eating his spinach. The Bank of America boss sold nearly $10bn of stock on Tuesday, almost 10% of the bank’s outstanding shares. The bad news is that the deal priced at a 32% discount to Monday’s close. That may sound terrible, but Lewis pulled the deal while financial markets looked to be heading for freefall. What’s more, the extra capital should put BofA on a strong footing as the crisis continues. Getting the money at all is a sign of strength. After all, consider what Lewis wa...