B of A CEO & Insiders Buying Stock (BAC)

Bank of America Corporation (NYSE: BAC) was already trading as though the options traders were placing a bet today “against nationalization” and now we are getting more news from the company.  SEC filings are showing that key company insiders are buying up stock now that the shares are trading below $5.00.

CEO KEN LEWIS:
02/04/2009 bought 75,000 at $4.78
02/04/2009 bought 66,000 at $4.79
02/04/2009 bought 50,000 at $4.81
02/04/2009 bought 9,000 at $4.80….
Total direct ownership is 1,660,997

Temple Sloan, Jr., Director
02/05/2009 bought 95,000 at $4.53…
275,757 direct shares owned although an options “V” may make this 230,757 shares directly owned.

Virgis Colbert
02/04/2009 bought 15,000 shares at $4.78 and $4.775,
holds over 21,000 direct shares

Charles Rossotti, Director
02/04/2009 bought 10,000 shares at $4.91,
holds 19,929 direct shares

Brian Moynihan, Officer
02/05/20-09 bought 20,000 shares at $3.89
holds 333,607 direct shares

Tommy Franks (Gen.), Director
02/05/2009 bought 30,000 shares at $4.11
holds 40,979 direct shares

By the way, if you make these guys take a $500,000.00 salary, they won’t be able to buy stock directly again.

Jon C. Ogg
February 5, 2009