CNBC and Reuters are reporting that Bank of America CEO Ken Lewis bought 200,000 shares of common stock yesterday. The stock has gone from $3.86 to $4.80 intraday, a 25% swing.
I know it's a show of confidence to buy your own common stock into turmoil, but I wonder if there is a rule against buying the preferred. I wouldn't touch BofA common with oven mitts.
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