Nov. 13 (Bloomberg) -- Bank of America Corp., the nation's second-largest bank, may need to write down $3 billion in debt securities in the fourth quarter that have lost value because of defaults on subprime mortgages. http://www.bloomberg.com/apps/news?pid=20601087&sid=aBLn4fr2I3rc&refer=home
Don't be so negative: BofA set to gain $30bn on CCB stake By David Wighton and Ben White in New York Tuesday Nov 13 2007 13:50 Bank of America (NYSE:BAC) on Tuesday said it was sitting on a potential gain of more than $30bn on its investment in China Construction Bank, highlighting the paper profits some western banks have made on holdings in their Chinese counterparts. BofA paid $3bn two years ago for an 8.5 per cent stake in CCB and an option to increase to 19.9 per cent at a very low price. The bank plans to record a gain of about $16bn on its existing stake in the fourth quarter. "On paper we have a potential gain in excess of $30bn," said Joe Price, BofA's chief financial officer, adding that it would be able to cash in some of its holding over the next 2 to 3 years. http://us.ft.com/ftgateway/superpage.ft?news_id=fto111320071400453322&referrer_id=yahoofinance