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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: Bank of America

Bank of America stories: 225 news summaries

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Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

Sep 14, 09 2:47 PM CDT
(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed... More »

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Bank of America • Merrill Lynch • SEC • bonuses • settlement • hearings • regulator • Securities and Exchange Commission • Jed Rakoff

BofA Cardholder Rips 'Thieving Bastards'

Foe of 'usury and plunder' won't pay 'til CEO watches video

Sep 14, 09 1:04 PM CDT
(Newser) - A California woman who says she kept paying her credit card bill even after she lost her job has had enough: She's pledging not to pay down her Bank of America account until the creditor lowers her interest rate, the Huffington Post reports.. It’s “the proverbial first... More »

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Bank of America • credit card • interest rate • consumer debt • Wall Street bailout • Ken Lewis • Ann Minch • debtor

Bank of America Ready to Repay $20B in Bailout Cash

But bank haggles with Treasury, Fed over fee for loss-sharing deal

Sep 1, 09 7:59 AM CDT
(Newser) - Bank of America may become the latest institution to pay back a portion of its bailout money, with an eye toward escaping Washington's scrutiny of its pay packages. BofA isn't ready to pay back $45 billion in first-round TARP funds, the Wall Street Journal reports, but wants to start with... More »

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Bank of America • Federal Reserve • Treasury Department • bailout • financial crisis • Wall Street bailout • TARP

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money.... More »

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Chrysler • Citigroup • executive compensation • Bank of America • Goldman Sachs • General Motors • bailout • GMAC • American International Group • executive bonuses • Kenneth Feinberg • pay czar

MARKETS

 Dow Off 97 Ahead of Fed News 

S&P falls back below 1,000

Aug 11, 09 3:24 PM CDT
(Newser) - Stocks fell today as investors took profits after the recent rally, the Wall Street Journal reports. Traders characterized the market as “on pause” ahead of a Fed statement on interest rates due tomorrow. Bank of America and GE led the Dow lower with 4.4% and 3.6% declines,... More »

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Bank of America • Dow Jones • General Electric • Nasdaq • S&P 500

 US Banks Hiring Again 
 After Layoffs, Bailouts 

But headhunting 'selective,' notes banker

Aug 11, 09 7:25 AM CDT
(Newser) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec.... More »

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Wall Street • Citigroup • Bank of America • Goldman Sachs • Morgan Stanley • employment • JPMorgan Chase • banks • financial crisis • hiring

(Newser) - The judge who has refused to sign off on Bank of America's settlement with the SEC over $3.6 billion in bonuses paid to Merrill Lynch delivered a stinging rebuke to both parties in a hearing yesterday, the New York Times reports. The firms "effectively lied to their shareholders"... More »

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executive compensation • Bank of America • federal courts • Merrill Lynch • SEC • bonuses • John Thain • executive bonuses • Jed Rakoff

(Newser) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take... More »

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Citigroup • Bank of America • debt • bank • credit • banking • consumer debt • JPMorgan Chase • overdraft fee

Obama's Pay Czar Meets With Bailed-Out Firms

Must make tricky decision on how much top execs get paid

Aug 9, 09 12:34 PM CDT
(Newser) - Kenneth Feinberg has one of the hardest jobs in America: Filling in the amount on the paychecks of top execs at the seven firms that received the biggest government bailouts, the Washington Post reports. Feinberg has the power to set the pay for the 125 most highly paid employees at... More »

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Citigroup • executive compensation • Bank of America • AIG • GMAC • performance pay • Kenneth Feinberg

Wall Street Rakes in $1B in Fees on AIG Breakup

Morgan Stanley set to pocket $250M in  'advisory services'

Aug 6, 09 7:18 AM CDT
(Newser) - The crumbling of AIG forced taxpayers to take on 80% of the company, but breaking the insurance giant up is turning out to be a bonanza for lawyers and banks. The Wall Street Journal calculates that firms will pull in $1 billion in fees from AIG and the Fed—one... More »

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insurance companies • Bank of America • Goldman Sachs • Morgan Stanley • IPO • AIG • fees • financial crisis • Wall Street bailout

Judge Balks at BofA Bonus Settlement

$33M deal with SEC raises questions of fairness; hearing set

Aug 6, 09 5:00 AM CDT
(Newser) - Bank of America won't be able to quietly settle the flap over bonuses for Merrill Lynch execs with a simple $33 million payout to the SEC, a federal judge ruled yesterday. Judge Jed Rakoff refused to sign off on the settlement, saying that doing so would leave the public in... More »

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Bank of America • federal courts • Merrill Lynch • SEC • bonuses • federal judges • Wall Street bailout • TARP • executive bonuses • Jed Rakoff

BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance

Aug 4, 09 11:44 AM CDT
(Newser) - Bank of America began modifying just 4% of its loans eligible under the Making Home Affordable Act, according to a Treasury report on big banks' performance, while Wells Fargo started just 6%. JPMorgan Chase led the pack with 20%, Bloomberg reports, while Citigroup had 15%. “Some of the servicers... More »

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Bank of America • foreclosure • mortgage • loans • Wells Fargo • home loans • Treasury Department • mortgage lender • Obama administration • President Obama • loan modification

BofA Settles SEC Suit Over Merrill Bonuses for $33M

Commission says bank misled investors over Merrill payout

Aug 3, 09 1:13 PM CDT
(Newser) - Bank of America will pay $33 million to settle a federal lawsuit, filed today, which says the bank misled its investors, Reuters reports. During its takeover of Merrill Lynch, the lawsuit charges, Bank of America told investors Merrill wouldn’t pay bonuses without BoA’s permission before the deal closed.... More »

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Bank of America • investors • Merrill Lynch • SEC • lawsuit • bonuses • defrauding investors • Securities and Exchange Commission

(Newser) - Three more Bank of America directors have resigned, upping the beleaguered lender’s recent board departures to 10, Bloomberg reports. John T. Collins, William Barnet III, and Gary Countryman did not leave because of any disagreement with company executives, the bank insists. More board members will be added later this... More »

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Bank of America • resignation • bailout • board of directors

MARKETS

 Dow Up 17 to End 
 Best Month Since '02 

Nasdaq falls in today's session, but enjoys big monthly gains

Jul 31, 09 3:15 PM CDT
(Newser) - Data which showed a slowing pace of decline for US gross domestic products fueled modest advances in the markets today, with the Dow finishing its best month since October 2002, the Wall Street Journal reports. Bank of America and Alcoa paced advancers, and the Dow closed up 17.15 at... More »

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Bank of America • Dow Jones • Alcoa • Nasdaq • GDP • S&P 500 • financial crisis • economic recovery

TARP-Funded Banks Kept Awarding Bonuses

Firms paid more than they made: Cuomo

Jul 30, 09 12:52 PM CDT
(Newser) - The financial crisis and government bailouts did little to change Wall Street’s executive compensation habits, New York's attorney general says. All nine banks given assistance by TARP paid out bonuses in 2008—well before any paid back government loans, according to a survey ordered by Andrew Cuomo. Goldman Sachs,... More »

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Citigroup • executive compensation • Bank of America • Goldman Sachs • Merrill Lynch • Andrew Cuomo • bonuses • bailout • Troubled Asset Relief Program • Wall Street bailout • TARP

MARKETS

 Dow Ends Solid Week Up 32 

Indices all up at least 7% for the week

Jul 17, 09 3:17 PM CDT
(Newser) - Stocks were generally flat today as investors stepped back from a 4-day rally. IBM boosted the Dow, rising 4.3% after reporting strong quarterly profits, the Wall Street Journal reports. GE and Bank of America both trended lower after reporting declining earnings. Housing data showed home construction rose in June,... More »

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Bank of America • Dow Jones • construction • General Electric • IBM • housing • Nasdaq • S&P 500

Earnings

Bank of America, Citigroup Post Ugly Wins


Jul 17, 09 9:22 AM CDT
(Newser) - Bank of America and Citigroup both posted estimate-topping profits today, but neither inspired much confidence, the New York Times reports. Both numbers hinged on one-time gains from asset sales. In Bank of America’s case, earnings fell 5.5% to $3.22 billion, a number propped up by the... More »

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Citigroup • Bank of America • corporate earnings • second quarter earnings • banking industry

Paulson: BofA-Merrill Deal Saved US From 'Great Peril'

Actions saved nation from 'great peril,' he says

Jul 16, 09 11:15 AM CDT
(Newser) - Former Treasury Secretary Henry Paulson says his role in Bank of America’s acquisition of Merrill Lynch was appropriate and necessary, MarketWatch reports. “I am confident that our responses were substantially correct and that they saved this nation from great peril,” Paulson told a House oversight committee today... More »

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Bank of America • Federal Reserve • Henry Paulson • Merrill Lynch • economy • financial crisis • Wall Street bailout • TARP • Ken Lewis • Edolphus Towns

Man's Debit Card Charged
$23 Quadrillion—for Smokes

Bank of America tacks on $15 overdraft fee for good measure

Jul 15, 09 3:25 PM CDT
(Newser) - Josh Muszynski was just trying to buy cigarettes. But when he swiped his debit card, the New Hampshire man incurred a charge for $23,148,855,308,184,500—plus a $15 overdraft fee added by Bank of America, WMUR-TV reports. “I thought somebody had bought Europe with my... More »

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Bank of America • debit card • overdraft fee • computer error

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