(Editor's note: This article has been updated since its original publication to reflect that Oppenheimer Holdings has never been interested in Columbia while the unrelated OppenheimerFunds Inc. declined to comment. A clarification also has been published.)
Bank of America's (BAC Quote) reputation appears to be so tarnished that potential buyers of its Columbia asset management business aren't willing to pay as much as the bank thinks the unit is worth.
Everyone knows Bank of America is desperate for cash so that it can repay the $45 billion in taxpayer bailout funds it received and get out from under the government's yoke.
As a result, tepid bids for Columbia have come in around $2 billion, while Bank of America is looking for a $3 billion price tag, according to the Financial times. ...
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