Bank of America has reported first quarter profits of $4.24 billion--up from $1.21 billion last year. The bank spent $30 million on takeovers in the last year, but the profits beat even the most optimistic predictions. And though the Treasury now holds $45 million of preferred stock in company, CEO Ken Lewis insists that the bank can fully recover without more federal aid. Said one analyst: “Three weeks ago, everyone had a noose around Ken Lewis' neck, but it’s amazing what a 50 percent increase in a stock price can do.”
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