Keyword: bac
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A few months ago we pointed out that mass layoffs were coming for bankers due to declining revenues and more difficult market conditions, and now we're seeing the first major wave of that come to fruition. Bank of America has announced that it will fire as many as 8,000 employees within its consumer division the FT reports.The core reason given for the headcount reduction in this instance is that digital banking is picking up the pace, and has reduced the need for "back office staff" and bank tellers. This is a trend that BofA highlighted in its In its Q1...
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Bank of America Corp. (NYSE: BAC) on Monday notched a major legal win when a U.S. appeals court overturned a $1.27 billion penalty handed down in a high-profile fraud case tied to mortgages sold by its Countrywide unit prior to the financial crisis of 2008.
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... Bank of America (BAC) on Thursday announced it set aside $997 million to protect from loan losses, mainly in the bank's $22 billion energy portfolio. Wells Fargo (WFC) warned of "significant stress" and "deterioration" in the oil and gas space. The problems there forced Wells Fargo to add $200 million in loan-loss reserves, its first increase to this rainy-day fund since 2009. And JPMorgan Chase increased its provisions for credit losses by 88%, mostly due to the oil, natural gas and pipeline business. It was enough to cause JPMorgan's (JPM) first drop in profits since late 2014. ...
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After Saba Ahmed, a Muslim law student from American University, asked a question at the Benghazi Accountability Coalition panel hosted by the Heritage Foundation on Monday, Ahmed became a standard-bearer for liberal media outlets—but it turns out Ahmed is more than just a law student. She is also a “family friend” of a violent jihadi. […] So, who is Saba Ahmed? It turns out that Ahmed is a “family friend” of Somali-American Mohamed Mohamud, the 19-year-old who in 2010 tried to ignite a car bomb at a Christmas tree lighting in Portland, Oregon. According to an undercover FBI agent, Mohamud...
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http://www.liveleak.com/view?i=21c_1387051363
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The driving age could be raised to 18 in an attempt to slash the death toll on our roads. And young people could be forced to wait until they are 19 before they qualify for a full license under radical plans being considered by ministers. Currently, they can be driving independently at 17. The plans could also see all motorists aged under 30 banned from giving their friends a lift or driving at night for 12 months after they pass their test. The proposals, prepared for the Department for Transport, would also see new motorists face a lower drink-drive limit...
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Federal accident investigators recommended Tuesday that states cut their threshold for drunken driving by nearly half, matching a standard that has substantially reduced highway deaths in other countries. The National Transportation Safety Board said states should shrink the standard from the current .08 blood alcohol content to .05 as part of a series of recommendations aimed at reducing alcohol-related highway deaths. More than 100 countries have adopted the .05 alcohol content standard or lower, according to a report by the board's staff. In Europe, the share of traffic deaths attributable to drunken driving was reduced by more than half within...
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I hereby accuse your bank, or one if its functionaries, of altering the original document, which is a crime in the State of Rhode Island, and then recording the altered document in the Narragansett Rhode Island Registry of Deeds for the sole purpose of illegally foreclosing on Mr. Brady's property. This too is a crime. I hereby impute this crime to you as the Captain of the Ship that is Bank of America. This is but a small sampling of the documentation that I have amassed in this file, but I am certain, that as an educated man, in charge...
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As most know by now, the ridiculously low $8.5 billion putback settlement, which was supposed to have been closed by now, and which was the key driver in preventing Bank of America from trading far, far lower (and requiring much more capital), is the wildcard that would allow the bank to package tens if not hundreds of billions of claims against the bank in a "tidy (and very small) little package." The key factor allowing this settlement to be structured in its existing form, was that the lawsuit was filed in New York State Court, which allows for a little...
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Reports: Bank of America to ax 10,000 or more jobs By:The Associated Press | The Associated Press Follow Us @ap | 08/19/11 12:55 AM. Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation. The reports Friday said that the job cuts at the biggest U.S. bank by assets might exceed 10,000 or about 3.5 percent of its current work force. The retrenchments are part of CEO Brian Moynihan's efforts to engineer...
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AUGUST 19, 2011 Bank of America Set to Slice Jobs Reductions Total 3,500 in Current Quarter; Many More Seen BY DAN FITZPATRICK Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation said. The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified. Thousands of additional reductions are expected as part of an aggressive...
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WASHINGTON (MarketWatch) — Struggling to clear its inventory of foreclosed properties, the Obama administration said Wednesday it’s looking for investor ideas for converting more than 92,000 foreclosed properties owned by the U.S. government into rental units, a sign of the depths to which the U.S. housing market has sunk. “Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets and support neighborhood and home-price stability,” Treasury Secretary Timothy Geithner said in a statement. The Obama administration is working with the Federal Housing Finance Agency, the regulator for...
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Laura Barfield spends a lot of time these days swinging around Florida in her state-issued Chevy to defend the technology that the state uses to catch drunken drivers. As the state's chief defender of the breath-testing Intoxilyzer, her job is to assure everyone that the most challenged of all forensic tests is accurate and reliable. In recent weeks, she has been called to testify in Sarasota, Hillsborough and Port St. Lucie counties. In the weeks ahead, she has dates with courtrooms in Taylor, Lake, Leon, Pinellas and Escambia. It has gotten to the point where the state's breath-testing machine is...
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Cornel West, an extremist race-relations instructor at Princeton, addressed the 10th annual Young Democratic Socialists conference earlier this month. The three-day event took place at Norman Thomas High School in Manhattan, named after an American socialist activist. The meeting, entitled "Real change for a change," described itself as a "snap shot of the current socialist movement in the United States."
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Ashley Turton, a former Democratic aide whose death last month shocked friends and colleagues on Capitol Hill, was under the influence of alcohol when she crashed her car into the family garage early on the morning of Jan. 10, an autopsy found. According to a statement released Friday by the Office of the Chief Medical Examiner for the District of Columbia, Turton died from the “inhalation of products of combustion and thermal burns” caused by a fire after her car crashed into the garage of the Turton’s Capitol Hill home. Turton, a mother of three, was also under the influence...
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Ashley Turton, a former senior aide to Rep. Rosa DeLauro (D-Conn.), was intoxicated when she died in an accident last month, according to an autopsy report. Turton, who was working as an energy lobbyist at the time of the accident, died from the “inhalation of products of combustion and thermal burns,” according to Beverly Fields of the D.C. Chief Medical Examiner’s office. “Acute alcohol intoxication” was a contributing factor in her death, Fields said. Turton was found dead inside of her burned SUV, which apparently caught fire in the early morning hours inside of her garage on Capitol Hill. Turton...
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NEW YORK -(Dow Jones)- New York businessman and prominent Democratic fund- raiser Hassan Nemazee was indicted Monday for allegedly defrauding three banks out of $292 million in loans. Nemazee, 59 years old, was charged with aggravated identity theft and three counts of bank fraud in the indictment. Each bank fraud count carries a term of up to 30 years in prison. A lawyer for Nemazee didn't immediately respond to a request for comment. Nemazee, who was involved in various presidential campaigns and once served as finance chairman of the Democratic Senatorial Campaign Committee, was initially charged criminally in August related...
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The main reason Bank of America paid back the money was to get out from under the onerous pay caps that makes it harder to keep its people and attract a new CEO. To make the payment, Bank of America had to take huge dilution at what a year ago would have been considered an appalling price. Bank of America may be healthier than it was 9 months ago (maybe), but shareholders certainly didn't consider selling $19 billion of equity at $15 a share cause for celebration. But aren't taxpayers better off now that Bank of America has paid us...
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A woman in Canberra blew a .385 yesterday, one of the highest ever recorded. BAC numbers of .40 are supposed to mean death. Read the linked article for more information.
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