Bank of America

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Moody's Slams BofA, Citigroup With Downgrades

JPMorgan and Goldman Sachs also walloped by rating agency

(Newser) - Moody's warned that the ax was coming , and today it came. The credit rating agency downgraded 15 major financial firms today in a move that is sure to hurt their bottom lines and rattle markets, the New York Times reports. Moody's knocked Credit Suisse down by three levels,...

ATM Error Lets Man Take $1.5M, Gamble It Away

Ronald Page faces 15 months in prison

(Newser) - Ronald Page didn't have much money in his Bank of America account, but on August 1, 2009, he was able to withdraw $312,000—and then, later that day, another $51,727. By August 18, due to a bank error that allowed him to withdraw unlimited amounts of cash,...

BofA Hid Merrill Losses Before Purchase

3 years after meltdown, shareholder lawsuit pries out info

(Newser) - More than three years after Bank of America's $50 billion takeover of Merrill Lynch went horribly awry , leading to a second mammoth taxpayer bailout of $20 billion, a shareholder lawsuit against the bank is finally producing details about who knew what and when, reports the New York Times . BofA...

Finally, We Realize It's OK to Help Sinking Homeowners

Public's hatred of debt relief seems to have passed: Nicole Gelinas

(Newser) - When Bank of America announced this month that it was going to reduce the mortgage balances for some underwater homeowners, the news didn't set off the usual flurry of critics complaining that these people were getting an undeserved break, notes Nicole Gelinas in the Los Angeles Times . "The...

Charlotte Looking Like Worse and Worse DNC Pick

It's home to Bank of America and a high unemployment rate

(Newser) - The Democratic National Convention could be meeting on enemy territory come September. The state that flipped for Barack Obama last election, making him the first Democratic presidential candidate to win the state in more than 30 years, is increasingly at odds with the White House. North Carolina just banned gay...

Protesters to Swarm BofA Annual Meeting

Demonstrations planned for shareholder meeting today

(Newser) - Today’s annual Bank of America shareholder meeting is going to be a little crowded: Protesters are planning to show up in full force at the bank’s headquarters in Charlotte, NC. The demonstrators, inspired by the Occupy Wall Street movement, are calling their group 99% Power and plan on...

Bank of America Laying Off Elite Bankers

Cost-cutting to hit Merrill's top earners

(Newser) - Bank of America plans to lay off 2,000 of its highest paid employees in its investment banking, commercial banking, and non-US wealth management units, sources tell the Wall Street Journal . Those operations just happen to be the ones that expanded with BofA's acquisition of Merrill Lynch, which has...

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial...

Electronic Arts Takes &#39;Worst Company&#39; Honors
Electronic Arts Takes
'Worst Company' Honors
opinion
Apr 7, 2012 11:18 AM CDT

Electronic Arts Takes 'Worst Company' Honors

Consumerist voters put Bank of America second

(Newser) - The Consumerist website has wrapped up its own version of spring brackets, and voters have picked Electronic Arts as the worst company in America. The maker of video games took the honors by a wide margin over Bank of America, with AT&T and Wal-Mart also cracking the Final Four....

Facing Foreclosure? BofA to Let You Rent Your Home

New 'mortgage to lease' program kicks off in test markets

(Newser) - Falling behind on your Bank of America mortgage? Well, what would you say if the bank offered to take your house, but let you rent it for a while? That's the idea behind a new "Mortgage to Lease" pilot program that BofA is rolling out in select markets...

Bank of America Is a Crime Syndicate
 Bank of America Is 
 a Crime Syndicate 
Matt Taibbi
Mar 14, 2012 1:55 PM CDT

Bank of America Is a Crime Syndicate

Matt Taibbi: It's 'ripping off virtually everyone'

(Newser) - Matt Taibbi gives Bank of America the " vampires squid " treatment today, savaging "the ultimate Too Big to Fail bank" as "a hypergluttonous ward of the state whose limitless criminal conspiracies we'll all be paying for until the end of time," in a lengthy Rolling ...

Bank of America Readying New Fees

Will likely drive off free checking customers

(Newser) - The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA...

Florida Man Tried to Cash $100 Check ... Gets $3.3M

Well, after being mistaken for a robber and having his head kicked by police...

(Newser) - It's not every day that you walk into a bank planning to cash a $100 check—and ultimately find yourself $3.3 million richer. That's what happened to Rodolfo Valladares, just not quite that smoothly. Valladares, sporting a Miami Heat hat, walked into a Florida Bank of America...

Moody's Slaps Wall Street's Big Banks With Review

Along with most of Europe's banks

(Newser) - Moody's isn't feeling great about the health of the financial industry right now. The rating agency put a host of banks under review for possible downgrade today, including US giants Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley, the Wall Street Journal reports. It said the...

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

(Newser) - America's five biggest banks have hammered out a $26 billion settlement for their role in causing the mortgage meltdown, reports the Wall Street Journal . The deal—the biggest of its kind since 1998's $206 billion settlement with the tobacco industry—was hammered out during almost a year of...

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

(Newser) - California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to...

This Woman's Job: to Make You Like BofA

Anne Finucane juggles politicians, shareholders, and customers

(Newser) - Anne Finucane has one of the hardest jobs in the country: to make us like Bank of America. The high-powered image-maker juggles politicians, interest groups, and her own boss—BofA President Brian Moynihan—in an ongoing effort to resuscitate the bank's flailing reputation and lowly stock price since the...

Bank of America May Pull Out of Some Areas

Bank tells Fed it'll shrink its footprint if things get rough

(Newser) - Should we start calling it Bank of Some of America? If push comes to shove, the banking giant is prepared to pull its operations out of some parts of the country, sources tell the Wall Street Journal . The unpalatable retreat is one of several contingency plans the bank drew up...

BofA Pays $335M to Settle Claims Over Minority Loans

It's the largest fair-lending settlement in history

(Newser) - Bank of America's purchase of Countrywide in 2008 just got more expensive. BofA agreed today to pay $335 million to settle a Justice Department complaint that Countrywide discriminated against black and Hispanic home buyers. The Wall Street Journal calls it the "largest residential fair-lending settlement in history."...

Massachusetts Sues Big Banks Over Mortgage Fraud

Says it will not sign onto any lenient robosigning settlement

(Newser) - Massachusetts Attorney General Martha Coakley—best remembered for her failed campaign against Scott Brown —has filed a lawsuit against Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial over alleged mortgage fraud offenses, including the “robo-signing” scandal. The suit also names MERSCORP which produces an electronic...

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