Bank of America's stake in China Construction Bank may play well
November 18, 2008
U.S. politicians could be forgiven a raised eyebrow or two. Bank of America took $15 billion under the U.S. Treasury's Troubled Asset Relief Program, known as TARP. Now its chief, Ken Lewis, is spending $7 billion of his spare cash upping the bank's stake in China Construction Bank, or CCB, to 19 percent. It might smack of TARP funds - borrowed by the United States from countries like China - going full circle back to the Middle Kingdom.
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