Bank of America has raised nearly $12 billion in the companies largest offering of preferred stock. It sold nearly $6 billion of preferred shares at a yield of 8 percent, and another $6 billion in convertible shares which yield 7.25 percent and carry a conversion price of $50 per common share. The yields are the highest the company has offered in over 15 years. Bank of America recently suffered a 95 percent drop in earnings related to mortgage related losses.