After falling below $5 for the first time in 99 years a day ago, shares of Bank of America continued to wilt on Thursday.

Shares of the company are down 71 cents, or 15%, to 3.99 per share -- the lowest value since 1984.

The Wall Street Journal reported on Thursday that Bank of America CEO Ken Lewis told U.S. officials in mid-December he was considering backing out of the acquisition of Merrill Lynch.

"I need you to know how bad the picture looks," Lewis told then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, according to the Journal.

The story suggests government officials took a constructive approach, but later "struck a harder tone." Eventually, the government provided $20 billion in exchange for preferred shares and agreed to protect Bank of America from losses on $118 billion in troubled assets. That was in addition to $25 billion in TARP funds in October.

At Thursday's share price, Bank of America's market cap is $25.31 billion.

By Adam Button and edited by Sarah Sussman
©CEP News Ltd. 2009