Bank of America

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Axed Merrill Boss Tapped to Head CIT

Spendthrift John Thain gets hands on new troubled company

(Newser) - The CEO who spent $1.2 million renovating his office and arranged $3.6 billion in executive bonuses while his company, Merrill Lynch, was circling the toilet bowl, has just been named CEO of CIT Group. John Thain rises to the top of a public company again a year after...

Cuomo Files Civil Charges Against Ken Lewis, BofA

New York AG says bank misled investors on Merrill Lynch

(Newser) - New York Attorney General Andrew Cuomo is filing civil charges against Bank of America and former CEO Ken Lewis, saying the bank misled investors about Merrill Lynch when it acquired the Wall Street bank in late 2008. Civil charges also were being filed against Joe Price, the bank's former chief...

BofA Doles Out $4B in Bonuses
 BofA Doles Out $4B in Bonuses 
Feb 3, 2010 9:41 AM CST

BofA Doles Out $4B in Bonuses

Year-end payout breaks down to $300-$500K per employee

(Newser) - Bank of America will pay a total of $4 billion to its traders and investment bankers for their work in 2009—or something between $300,000 and $500,000 per employee. That means those responsible for the bank’s $23 billion haul in those sectors will receive about 19% of...

Crisis Probe Bares Fools' Guilt-Free Fantasy
Crisis Probe Bares Fools' Guilt-Free Fantasy
PAUL KRUGMAN
Jan 15, 2010 2:37 AM CST

Crisis Probe Bares Fools' Guilt-Free Fantasy

Deregulation, greed made crash inevitable

(Newser) - The Financial Crisis Inquiry Commission hasn't extracted admissions of wrongdoing from top bankers, but it has exposed stunning cluelessness among the captains of American finance, writes Paul Krugman. The honchos testified that a financial crisis is something that just happens from time to time, Krugman writes in the New York ...

US Banks Paid Employees Record $145B in 2009
US Banks Paid Employees Record $145B in 2009
ANALYSIS
Jan 14, 2010 9:41 PM CST

US Banks Paid Employees Record $145B in 2009

Haul breaks mark set in pre-bust 2007

(Newser) - Employees at the major US banks were paid about $145 billion in 2009—a total that, despite the financial crisis and public outcry over compensation in the industry—breaks a record set in pre-bust 2007. A Wall Street Journal analysis finds that 2009 revenue will be $450 billion, up 25%...

Wall Street's Finest Head to DC Showdown

Commission styled after 9/11 inquiry probes meltdown

(Newser) - Four of Wall Street's fattest fatcats are headed to Washington this morning to do some explaining about how exactly it was that the United States of America came to teeter on the brink of financial Armageddon. A 9/11 Commission-style panel appointed by Congress has the job of writing the narrative...

Another BofA Debtor Revolts, Threatens to Sue
 Another BofA 
 Debtor Revolts, 
 Threatens to Sue 
NOT GONNA TAKE IT ANYMORE
Jan 5, 2010 9:53 AM CST

Another BofA Debtor Revolts, Threatens to Sue

Why'd you cut my limit while paying out bonuses, he wonders

(Newser) - A California lawyer inspired by the rumblings of debtor revolt last year informed Bank of America he won't be making his credit card payments until the bank lowers his rate—and if they try any funny business, he’ll sue. Ben Pavone requested that his limit be raised in October....

Post-Bailout Economy Ruled by Washington
Post-Bailout Economy Ruled by Washington
Analysis
Dec 28, 2009 10:13 AM CST

Post-Bailout Economy Ruled by Washington

Companies bend to Fed's will—even when they don't have to

(Newser) - The rash of government bailouts in the last 16 months was aimed at averting financial meltdown, but its effects on American capitalism will last long after the last TARP funds are (if they are) paid back, the Wall Street Journal predicts. Obama adviser Larry Summers argues that the interventionist moves...

To Spur Bank Execs to Act, Mess With Their Pay
To Spur Bank Execs to Act, Mess With Their Pay
ANALYSIS
Dec 18, 2009 5:15 PM CST

To Spur Bank Execs to Act, Mess With Their Pay

Compensation limits have prompted swift TARP repayment

(Newser) - A common complaint about the TARP bailouts was that by injecting capital and making the financial environment more friendly, the government wasn't doing enough to push the banks into real reform. Why wouldn't the banks simply live off TARP cash as long as they could? Yet those concerns were unfounded,...

Bank of America Hires News CEO From Within

Giant can't lure a star, turns to Brian Moynihan to succeed Ken Lewis

(Newser) - Bank of America's board of directors today chose consumer banking chief Brian Moynihan to replace Ken Lewis as CEO on Jan. 1. Their pick of an internal candidate followed unsuccessful attempts to hire a star industry executive for the top job at the nation's largest bank. Those negotiations were stymied...

Crooked Giants Dodge SEC Penalties

Agency routinely grants waivers for harshest punishments

(Newser) - Financial giants accused of swindling investors have been successfully dodging the SEC's harshest penalties by arguing that the law shouldn't apply to them. Firms including Citigroup, Bank of America, and AIG have recently sought and received waivers from regulations requiring lawbreakers to close their mutual fund businesses. Waivers have been...

Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing...

BofA's 'George Bailey' Axed
 BofA's 'George Bailey' Axed 
Dec 8, 2009 2:09 AM CST

BofA's 'George Bailey' Axed

Bank clerk struggles to find help for customers hit by debt

(Newser) - Just in time for the holidays, a worker in Georgia who tried to get the same kind of help for bank customers that banks got from taxpayers has been fired—by Bank of America. Jackie Ramos, 23, fudged information on behalf of clients to help them qualify for credit repayment...

TARP Payback a Huge Win for BofA, Lewis
 TARP Payback a Huge Win for BofA, Lewis
ANALYSIS
Dec 3, 2009 10:58 AM CST

TARP Payback a Huge Win for BofA, Lewis

Outgoing CEO proves critics wrong and paves way for successor

(Newser) - Bank of America’s move to repay $45 billion in TARP funds marks a triumph for the rehabilitated institution and especially beleaguered CEO Ken Lewis. Wooing a replacement for the retiring Lewis was proving exceedingly difficult as candidates declined to try to run the company with government scrutiny of executive...

Bank of America Will Repay $45B TARP Loan

Move will help bank rid itself of government restrictions

(Newser) - Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and...

Fed Prods Banks for TARP Repayment Plans

BofA, Citi, 7 others asked to submit outlines

(Newser) - The government is stepping up plans to wind down the TARP program. The Fed has asked nine banks stress-tested earlier this year, including Bank of America and Citigroup, to come up with plans to repay a total of $142 billion in TARP funds. The move represents an evolution in the...

Dow Rises 44 on Rates News
 Dow Rises 44 on Rates News 
Markets
Nov 11, 2009 3:15 PM CST

Dow Rises 44 on Rates News

Dallas Fed chief reiterates commitment to low interest rates

(Newser) - Stocks retreated from an earlier rally but closed with solid gains after the Dallas Fed president reaffirmed the central bank's commitment to keeping interest rates low. Meanwhile, home-builder Toll Brothers announced a surge in contracts for the third quarter, the Wall Street Journal reports.
  • The Dow gained 44 points to
...

Pay Czar Cuts Bonuses, But Boosts Salaries

Feinberg beefs up base base to help firms retain talent

(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136...

50% Pay Cuts for Bailout Execs Due Today

Warren confirms cuts to 25 top earners at 7 companies

(Newser) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by...

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the...

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