NEW YORK (
Bank of America
may be off the hook in its much-anticipated battle with WikiLeaks, according to a
On Wednesday Reuters reported that potentially damming material against Bank of America was a "snore," citing anonymous sources familiar with statements Assange made about the data from a Bank of America executive's hard drive. According to the report, Assange "does not know if his cache of internal Bank of America data, whose public release he has suggested might be imminent, contains and big news or scandal." The freshest data is from 2006, according to the report.
Bank of America stock rallied minutes before the close on the news, causing the bank's shares to be the only ones of the big four U.S. banks to finish in positive territory on Wednesday.
Bank of America has been bracing for a big disclosure from WikiLeaks, after WikiLeaks figurehead Julian Assange told Forbes he had information that would "take down a bank or two."
Those threats led reporters to an earlier
interview with Assange suggesting the target was likely Bank of America.
The news broke in November, at the same time Bank of America was reeling from newly uncovered problems in its Countrywide Financial mortgage division, and thousands of confidential U.S. diplomatic cables obtained by WikiLeaks were grabbing world headlines.
As a result, Bank of America's stock tumbled on the news of the potential WikiLeaks threat.
Written by Dan Freed in New York
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.