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Keyword: bankofamerica

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  • Issa probing Fannie's big mortgage buy - "backdoor bailout"

    09/15/2011 6:57:18 PM PDT · by opentalk · 21 replies
    The Hill ^ | September 15, 2011 | Peter Schroeder
    House Oversight Committee Chairman Darrell Issa (R-Calif.) is wondering why Fannie Mae agreed to buy 400,000 mortgages from Bank of America and whether its purchase of the risky assets constitutes a "backdoor bailout" of the bank. Issa sent a letter Thursday to Edward DeMarco, the acting director of the Federal Housing Finance Agency (FHFA) that regulates Fannie, asking for a justification of the deal, especially in light of the bank's recently announced spate of layoffs. "The transaction appears to have shifted a significant amount of risk from BofA's portfolio to Fannie.
  • More layoffs looming on Wall Street

    09/13/2011 5:39:54 AM PDT · by randita · 2 replies
    CNN Money ^ | 9/13/11 | Maureen Farrell
    More layoffs looming on Wall Street By Maureen Farrell September 13, 2011: 7:52 AM ET stock market As bank shares have dropped, these firms are taking stock of their employment rosters. Click chart for more market data. NEW YORK (CNNMoney) -- Wall Street should brace for an autumn of upward revisions among the big banks. Not for profits or revenue, but in the number of layoffs to come. Bank of America (BAC, Fortune 500) announced a five-fold increase Monday in its number of layoffs, noting that it plans to get rid of 30,000 jobs over a yet unspecified period. Earlier...
  • Bank of America says will cut 30,000 positions

    09/12/2011 8:41:43 AM PDT · by Red Badger · 12 replies
    http://www.marketwatch.com ^ | 09-12-2011 | By Steve Gelsi
  • BANK OF AMERICA IS DOOMED -- Stop Firing People And Just Declare Bankruptcy Now

    09/09/2011 7:51:01 AM PDT · by SeekAndFind · 28 replies
    Business Insider ^ | 09/09/2011 | Henry Blodget
    Bank of America is doomed, says bank analyst Chris Whalen, the founder and managing director of Institutional Risk Analytics. (See video below) Importantly, this dour outlook as nothing to do with the company's operating businesses, which Whalen thinks are fine. In fact, says Whalen, there's no need for the bank to be restructuring them and firing thousands of employees (40,000 is the latest estimate) to improve its bottom line. The part of Bank of America that's not fine, in Whalen's view, is the ongoing liability from the mortgage underwriting that Bank of America's subsidiaries did during the housing bubble. The...
  • Bank Of America's Legal Woes Go Global After Norway's Sovereign Wealth Fund Sues For Mortgage Fraud

    09/08/2011 1:28:37 PM PDT · by Neidermeyer · 42 replies
    zerohedge.com ^ | Sept 8 , 2011 | Tyler Durden
    It was only a matter of time. A few weeks after every money losing firm in the US and the kitchen sink disclosed it would sue Bank of America in an accelerating attempt to salvage something through litigation, the worst case scenario for Brian Moynhian just got real. As of minutes ago, Norway's Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM, the auditor on the...
  • Christian Consultant, Dr. Frank Turek Fired by Bank of America Over Gay Marriage Book

    09/04/2011 4:17:57 PM PDT · by SeekAndFind · 13 replies
    Christian Post ^ | 09/03/2011 | Nathan Black
    Just months after being fired from Cisco Systems in California over an anti-gay marriage book, Christian consultant Dr. Frank Turek was also given the boot from Bank of America. "I get a lot of flak for just actually agreeing with what a majority of Americans agree on and that is that marriage is between one man and one woman," Turek said this past week on American Family Radio. Turek was doing work on and off for Bank of America for about 15 years, mainly conducting leadership and team building programs, he said. Other clients have included Coca Cola, Home Depot...
  • New plan: Let’s sue all the banks! (in response to the damage they did to Fannie and Freddie)

    09/02/2011 7:53:33 AM PDT · by SeekAndFind · 38 replies
    Hotair ^ | 09/02/2011 | Jazz Shaw
    Dear Banks, Remember all of that bailout money you received? Sure hope you saved some of it. US authorities are preparing to sue more than a dozen big banks over claims they misrepresented the quality of mortgages sold during the 2006-7 housing bubble.The US Federal Housing Finance Agency (FHFA), which is overseeing the remains of failed mortgage giants Fannie Mae and Freddie Mac, is reportedly planning to argue that America’s biggest banks failed to check the health of mortgages before they sold them on to investors. The collapse of hundreds of thousands of sub-prime mortgages triggered the 2008 credit crisis...
  • U.S. to sue big banks for billions over mortgage crisis

    09/02/2011 2:28:25 AM PDT · by markomalley · 33 replies
    The Telegraph ^ | 02 Sep 2011
    Bank of America, JPMorgan Chase, Deutsche Bank and Goldman Sachs are among those expected to be named in the lawsuit. The agency that oversees U.S. mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday. The Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is expected to file suit against Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among other banks, the Times reported, citing three...
  • U.S. Set To Sue Big Banks Over Bad Mortgages

    09/01/2011 9:23:39 PM PDT · by Steelfish · 23 replies
    MSNBC ^ | September 01, 2011 | NELSON D. SCHWARTZ
    U.S. Set To Sue Big Banks Over Bad Mortgages Agency says B of A, JPMorgan Chase, Goldman Sachs, others misrepresented securities By NELSON D. SCHWARTZ The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank...
  • Bank of Gay America

    08/29/2011 5:04:59 AM PDT · by Kaslin · 43 replies
    Townhall.com ^ | August 29, 2011 | Mike Adams
    Dear Mr. Moynihan: I want to bring to your attention a recent decision made by your HR team that I think does not reflect your leadership of Bank of America. Dr. Frank Turek was fired as a vendor for his political and religious views, even though those views were never mentioned or expressed during his work at Bank of America. By way of background, Dr. Turek is an eight-year veteran of the United States Navy, and he and his wife have two sons serving in the United States Air Force. He has conducted leadership, teambuilding and other training programs for...
  • VIDEO: Did Warren Buffett Invest $5 Billion Into Bank of America to Help Obama?

    08/26/2011 9:25:43 AM PDT · by blog.Eyeblast.tv · 8 replies
    Amid questions about Bank of America's credibility, Warren Buffett's Berkshire Hathaway Inc. has invested $5 billion dollars into the nations biggest bank. The bank's stock has fallen 52% over the past year over concerns of it's mortgage problems and worries that it would have to sell large amounts of its stock. Bill O' Reilly and Laura Ingraham discuss the possible motives behind this investment.
  • Warren Buffett invests $5 billion in Bank of America, saves the day (What a joke!)

    08/25/2011 1:32:04 PM PDT · by tobyhill · 12 replies
    cbs ^ | 8/25/2011 | Michelle Castillo
    Warren Buffett has swooped in to save the day, this time for Bank of America. Warren Buffett's Berkshire Hathaway Inc. agreed to invest $5 billion in Bank of America Corp. to help assure investors that the company will not go under. What's with all the recent do gooder deeds? Is this guy considering a run for president in 2012? Probably not. By investing and "bolstering confidence" in Bank of America, Buffett will be rewarded with a handsome $300 million annually. Maybe he can use some of that to donate to his "the rich deserve to be taxed" cause.Already stocks have...
  • Berkshire Hathaway To Invest $5B In Bank Of America (Buffet dreamt up the idea in the bathtub)

    08/25/2011 7:20:24 AM PDT · by SeekAndFind · 14 replies
    Business Insider ^ | 08/25/2011 | Courtney Comstock
    Buffett's Berkshire has agreed to buy 50,000 preferred shares of Bank of America for $5 billion. That means he's paying $100,000 per share. He also has options to buy 700 million. That's 7% dilution for shareholders. Buffett says it's not just a vote of confidence in Bank of America, but in the U.S., according to Becky Quick on CNBC. It's a better deal for Bank of America than Buffett gave to Goldman Sachs in some ways, he says. And get this - he dreamt up the idea to invest in Bank of America yesterday - in the bathtub. Bank of...
  • Ex-Wikileaks man 'deleted files'

    08/22/2011 6:35:11 AM PDT · by markomalley · 26 replies
    BBC ^ | 8/22/11
    A former Wikileaks spokesman claims to have deleted thousands of unpublished files that had been passed to the whistleblowing site. Daniel Domscheit-Berg told the German Newspaper Der Spiegel that the documents included a copy of the complete US no-fly list. He said he had "shredded" them to avoid their sources being compromised. Mr Domscheit-Berg previously worked alongside Julian Assange until the pair had a high profile falling-out. It is understood that he took the files off Wikileaks' servers at the time of his departure. Wikileaks confirmed the claims on its Twitter feed, saying: "We can confirm that the DDB claimed...
  • Reports: Bank of America to ax 10,000 or more jobs

    08/18/2011 11:37:32 PM PDT · by TigerLikesRooster · 9 replies
    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...
  • Bank of America to Cut Thousands of Jobs in Restructure [10,000 said likely ]

    08/18/2011 11:31:59 PM PDT · by fight_truth_decay · 3 replies
    NewsCore ^ | August 19, 2011 | STAFF
    CHARLOTTE, N.C. – 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, The Wall Street Journal reported in its Friday edition, citing people familiar with the situation. 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 overhaul known as "Project New BAC," after the Charlotte, N.C.,...
  • Bank of America Set to Slice Jobs: Many More Seen [BofA: Double-Dip Bellweather?]

    08/18/2011 9:42:37 PM PDT · by Steelfish · 10 replies
    Wall St J ^ | August 18, 2011 | DAN FITZPATRICK
    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...
  • Bank of America Death Watch

    08/17/2011 9:08:34 AM PDT · by SeekAndFind · 13 replies
    Naked Capitalism ^ | 08/16/2011
    Bank of America’s actions continue to betray its words. CEO Brian Moynihan bravely maintained in an investor conference call last week that the beleaguered bank would be around for the next 230 years and did not need more new capital. He nixed selling equity at its current price levels, because it would be highly dilutive. Yet we and others have raised the issue that the bank is in a corner in dealing with its not so hot balance sheet. Not only are equity sales an alternative the bank desperately wants to avoid, but the other route back to health, earning...
  • Bank Of America: Gold Upgraded To AAAA, 12 Month Price Target: $2,000

    08/15/2011 8:43:37 AM PDT · by SeekAndFind · 3 replies
    Zero Hedge ^ | 08/15/2011 | Tyler Durden
    A day after the US downgrade to AA+, Warren Buffett (who elsewhere continues his op-ed uber-campaign in hypocrisy by writing in the NYT that the government should "Stop Coddling the Super-Rich") said that in his book the US is AAAA. Amusingly, hours later S&P downgraded Berkshire to pari with the US. Judging by the record near surge in volatility in the ensuing days, the market was not too convinced with the octogenarian of Omaha's latest orations. What it was more convinced by, judging by market results, was the fact that Bank of America upgraded something totally different to an AAAA...
  • BofA chief meets top US officials - WSJ

    08/11/2011 9:51:05 PM PDT · by Nachum · 19 replies
    Reuters ^ | 8/12/11 | Sakthi Prasad in Bangalore
    Aug 12 (Reuters) - Bank of America Chief Executive Brian Moynihan met privately this week with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo amid the campaign to calm investors and employees about the bank's share price fall, the Wall Street Journal reported. The separate meetings took place on Wednesday in Washington, the WSJ said, citing people familiar with the situation. The intent of the meetings with the two top federal officials was for Moynihan to discuss issues related to housing, consumer spending and the U.S. economy, two people familiar with the meetings told the Journal.
  • Bank Of America Implodes; Bankruptcy Contemplated

    08/08/2011 9:12:14 AM PDT · by Nobel_1 · 76 replies · 1+ views
    Zero Hedge ^ | 8/8/2011 | Zero Hedge
    With Bank of America investors finally realizing it is game over for the company as a going concern, at this point there are just two options for Brian Moynihan: - the spin off of CFC as a bad bank, backstopped by the Fed, or - Chapter 11, which for a bank is essentially liquidation (and with CDS trading up 50 bps to 260 a bankruptcy seems increasingly inevitable). It also means that another TARP is on the way. And once America realizes that another several trillion have to be put into its insolvent banking sector, it will get quite violent....
  • Bank of America Reports Loss of $8.8 Billion

    07/19/2011 5:17:02 AM PDT · by markomalley · 43 replies
    NY Times ^ | 7/19/11
    Bank of America reported a loss of $8.8 billion in the second quarter, as the nation’s biggest bank by assets doled out huge payments to settle legal claims related its troubled mortgage division. The loss, which amounted to 90 cents per share, was steep, but was fully baked into expectations. Analysts predicted the bank would lose 90 cents per share, compared with the second quarter of 2010 when it notched a $3.1 billion profit, or 27 cents a share. The mortgage problems also ate into the bank’s revenue, which fell by roughly 55 percent to $13.2 billion. The revenue drop...
  • Bank Of America Is Tanking Again, As Firm May Need $50 Billion In Fresh Capital

    07/18/2011 10:05:20 AM PDT · by SeekAndFind · 16 replies
    Business Insider ^ | 07/18/2011 | Katya Wachtel
    Bank Of America Is Tanking Again, As Firm May Need $50 Billion In Fresh Capital Katya Wachtel | Jul. 18, 2011, 11:53 AM | 1,700 | 16 A A A x Email ArticleFrom To Email Sent!You have successfully emailed the post. inShare.5 It's been an ugly few months for Bank of America. The stock has been dropping steadily through 2011, with July particularly bad. It nosedived this morning on news that the bank may "may have to build its capital cushion by $50 billion... as mortgage losses drain funds," Bloomberg reported. The stock is hovering around $9.60 right now. That...
  • MI Court Destroys MERS Finds “MERS Transferred Nothing” with Bonus Securitizat

    06/10/2011 12:41:30 PM PDT · by Palter · 116 replies
    4Closure Fraud ^ | 09 June 2011 | Foreclosure Fraud
    “Failure to strictly comply with the terms of the PSA means that the loan at issue was never properly transferred to the trust”~Not only did the Honorable Archie C. Brown destroy MERS, he discusses the PSA and securitzation failures in great detail…From the ruling… JAMES HENDRICKS, et al., Plaintiffs, v US BANK NATIONAL ASSOCIATION - AS SUCCESSOR TRUSTEE TO BANK OF AMERICA, et al., Defendants. OPINION AND ORDER DENYING IN PART AND GRANTING IN PART DEFENDANT’S MOTION FOR SUMMARY DISPOSITION AND GRANTING PLAINTIFF’S MOTION FOR SUMMARY DISPOSITION ~The contention that the contract between MERS and First Franklin provided MERS with an...
  • Tables Turn: Deputies and movers show up at bank to seize property for homeowner

    06/04/2011 5:02:24 AM PDT · by Kartographer · 17 replies
    WINK News ^ | 6/3/11
    A bank foreclosure story you've got to see to believe. A Collier County couple turns the tables on Bank of America, the bank that tried to foreclose on their home. Now, the family is foreclosing on the bank! Even bringing trucks and deputies ready to seize property. The foreclosure nightmare started when Warren and Maureen Nyerges paid cash for a home owned by Bank of American in the Golden Gate Estates. They never had a mortgage whatsoever. But, the bank fouled it up and wound up issuing a foreclosure through their attorney.
  • UAW President Bob King leads Bank of America protest in downtown Detroit

    03/25/2011 1:00:28 PM PDT · by PDMiller · 13 replies
    MLive ^ | 3/25/11 | Jonathan Oosting
    After wrapping up the three-day UAW collective bargaining convention at the Cobo Center, King and cohorts shut down the Bank of America branch for more than 30 minutes with chants including "money for schools, not for banks.
  • Hackers Just Released Damning Trove Of Emails About Bank Of America And Its Mortgage Practice

    03/14/2011 7:21:34 AM PDT · by SeekAndFind · 12 replies
    Business Insider ^ | 03/14/2011 | Katya Wachtel
    Hacker group Anonymous (aka OperationLeaks on Twitter) just released what they say is a trove of damning documents on Bank of America.You can find them here: bankofamericasuck.comRemember, at this point, we can't verify whether they are legitimate or not, but Gawker's Adrien Chen, who has sources within Anonymous, suggest there's something real to the leaks.Anonymous says the emails deal with BofA's mortgage practices, but the source is not an employee of Bank of America proper -- the source is a former employee from Balboa Insurance, a firm which used to be owned by BofA. Click here to see what Bank...
  • Hackers Just Released What They Say Is A Damning Trove Of Emails About Bank Of America...

    03/13/2011 11:43:53 PM PDT · by The Magical Mischief Tour · 18 replies
    Business Insider ^ | 03/14/2011 | Business Insider
    Hacker group Anonymous (aka OperationLeaks on Twitter) just released what they say is a trove of damning documents on Bank of America. You can find them here: bankofamericasuck.com
  • Hacker Collective Anonymous To Release Documents Proving Bank Of America Committed Fraud This Monday

    03/11/2011 9:15:22 PM PST · by Nanomaker · 9 replies
    Zero Hedge ^ | 3/11/2011 | Tyler Durden
    After Julian Assange crashed and burned in his threat to release documents that expose fraud at Bank of America, many thought he had been only bluffing, and that BofA is actually clean. Not so fast. A member of the hacker collective Anonymous, which single handedly destroyed "hacker defense" firm HB Gary, who goes under the handle OperationLeakS "is claiming to be have emails and documents which prove "fraud" was committed by Bank of America employees, and the group says it'll release them on Monday" reports Gawker. As to the contents of the possible disclosure: ""He Just told me he have...
  • Banks threaten debit card spending limit

    02/20/2011 7:30:15 AM PST · by FromLori · 118 replies
    WFAA ^ | 2/19/2011 | Elaine Thompson
    What if you go to use your debit card but find you have a $100 spending limit — even if you have more money in your account? Right now, the idea is a bargaining chip being used by some of the nation's biggest banks, including JP Morgan Chase, Bank of America and Citigroup. The change would have a big impact on shoppers. The average family spends $122 on groceries every week, so a simple trip to the supermarket might in the future require a stop at the ATM. It all goes back to new rules that Congress is considering aimed...
  • Data intelligence firms proposed a systematic attack against WikiLeaks

    02/11/2011 8:14:18 AM PST · by dimk
    The Tech Heral ^ | Feb 9 2011 | Steve Ragan
    After the tip from Crowdleaks.org, The Tech Herald learned that Palantir Technologies, HBGary Federal, and Berico Technologies, worked together with law firm Hunton and Williams to develop a proposal for Bank of America in order to deal with the “WikiLeaks Threat.” Hunton and Williams were recommended to Bank of America’s general counsel by the Department of Justice, according to the email chain viewed by The Tech Herald. The law firm was using the meeting to pitch Bank of America on retaining them for an internal investigation surrounding WikiLeaks.
  • Bank of America creates unit for foreclosures

    02/04/2011 4:39:09 PM PST · by RobertClark · 7 replies
    San Franscisco Chronicle ^ | 02/04/2011 | EILEEN AJ CONNELLY
    Bank of America Corp. on Thursday said it is splitting its mortgage business into two units, with a new division created specifically to handle foreclosures and discontinued loan products. The bank said the new Legacy Asset Servicing unit will be responsible for resolving issues involving faulty paperwork that led Bank of America to suspend foreclosures in all 50 states in October. After reviewing procedures, it resumed the actions nationwide in December. The legacy unit will also handle mortgage modifications and buyback claims on bad home loans sold to investors. It will be led by Terry Laughlin, who joined Bank of...
  • Bank of America Legal Costs Dwarf GSEs'

    01/25/2011 9:55:03 AM PST · by Kartographer · 6 replies
    TheStreet ^ | 1/25/11 | Dan Freed
    Bank of America(BAC_)'s legal expenses continue piling up, as another big lawsuit came to light Tuesday from investors who bought mortgage backed securities (MBS), bonds stuffed with home loans made by Countrywide Financial during the crisis. Bank of America saw $1.5 billion on litigation expenses in the fourth quarter of 2010, up from $500 million in the previous quarter, according to financial statements. For the year, Bank of America spent some $3 billion on litigation. Those costs do not include "special items," such as a $3 billion settlement with Fannie Mae (FNMA_) and Freddie Mac(FMCC.OB) over Countrywide MBS or a...
  • Some Very Bad News For The "Sweep Fraudclosure Under The Rug" Brigade

    01/07/2011 7:59:01 AM PST · by cowtowney · 106 replies
    Zerohedge ^ | 1/7/2011 | Tyler Durden
    *BANKS LOSE PIVOTAL FORECLOSURE CASE IN MASSACHUSETTS HIGH COURT *MASSACHUSETTS TOP COURT DECIDES CLOSELY WATCHED IBANEZ CASE *MASSACHUSETTS DECISION MAY AFFECT FORECLOSURE-CRISIS CASES
  • Bank of America testing fees in Mass. Lender seeks revenue from checking accounts

    01/06/2011 3:22:47 PM PST · by ninonitti · 27 replies
    Boston Globe ^ | January 6, 2011 | Todd Wallack
    Bank of America will begin testing a new slate of checking accounts in Massachusetts and two other states later this month in an effort to generate more revenue from customers.......... A second new account, called “Premium,’’ will cost $15 a month unless customers either maintain a $5,000 minimum balance, use a Bank of America credit card at least once a month, or add $2,000 to the account every month. A third new account, labeled “Enhanced,’’ will cost $25 per month unless holders maintain at least $20,000 in deposits and investments in certain accounts or link their accounts to a Bank...
  • Is Fannie bailing out the banks?

    01/04/2011 6:51:51 AM PST · by FromLori · 11 replies
    CNN Fortune ^ | 1/4/11 | Colin Barr
    Financial stocks just caught fire. Someone must be getting bailed out, right? Why yes, say critics of the giant banks. They charge that Monday's rally-stoking mortgage-putback deal between Bank of America (BAC) and Fannie Mae and Freddie Mac is nothing more than a backdoor bailout of the nation's largest lender. It comes courtesy, they say, of an administration struggling to find a fix for the housing market while quaking at the prospect of another housing-fueled banking meltdown. Monday's arrangement, according to this view, will keep the banks standing -- but leave taxpayers on the hook for an even bigger tab...
  • Bank Of America Has A Team Of 15 People Feverishly Preparing For The Wikileaks Torpedo

    01/03/2011 8:10:39 AM PST · by SeekAndFind · 36 replies
    Business Insider ^ | 01/03/2010 | Katya Wachtel
    The next big Wikileaks doc drop is supposed to happen early this year. It's supposed to "bring down a bank or two." And that bank's supposed to be Bank of America. A 3% drop in BofA's share price after everyone more or less decided that the bank in question is Brian Moynihan's was the catalyst for a team of executives taking action, according to the New York Times. We already know that one of their methods was to buy up abusive domain names like brianmoynihansucks.com, and that they set up a so-called "SWAT team" to prepare their defenses. And this...
  • Wow! Bank Of America Bought "Sucks" And "Blows" URLs For Like Everyone At The Company

    01/01/2011 1:16:13 PM PST · by Chunga85 · 51 replies
    Business Insider ^ | 12/22/2010 | Joe Weisenthal
    Wow, yesterday we mentioned how Bank of America bought domain names like BrianMoynihansucks.com as a defensive measure. But they did a lot more than that. Deal Journal has the list of all 439 URLs they just registered. They really went out of their way with domain names like CatherineBessantSucks.com (she's the Global Technology and Operations executive at Bank of America) and SallieKrawcheckblows.com.
  • BofA must return $500 million seized Lehman deposits

    12/14/2010 12:52:09 PM PST · by longtermmemmory · 24 replies
    http://www.reuters.com/article/idUSTRE6AG4Q720101117 ^ | November 17, 2010 | Santosh Nadgir and Jonathan Stempel
    U.S. Bankruptcy Judge James Peck said Bank of America violated federal law when it "brazenly" seized the deposits after having taken advantage of Lehman's weakened condition in the summer of 2008 in obtaining the money. "It is difficult to understand how Bank of America could have thought that taking the money was the right thing to do without first seeking permission from the court," Peck wrote in a Tuesday opinion filed in Manhattan bankruptcy court. "The actions taken were surprising and, quite frankly, disappointing for a leading financial institution that should care a great deal about its reputation," he wrote....
  • Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

    12/02/2010 9:30:51 AM PST · by FromLori · 49 replies
    Huffingtonpost.com ^ | 12/1/2010 | Marcus Baram
    NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....
  • Is Anything Real? Trillions in Secret Fed Payments Revealed

    12/02/2010 4:08:11 PM PST · by Nachum · 45 replies
    RushLimbaugh.com ^ | 12/2/10 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Let's go back, audio sound bite-wise, to me on my program, this program. This is March 12th of this year... RUSH ARCHIVE: The TARP money was not used for its original purpose. There's something else out there, Jordan, you need to know. The Federal Reserve, before the TARP bailout, made loans totaling $2 trillion and they will not tell us to whom. We don't know who got the money. Whether the Fed loans it or the government prints it, it's our money. So you can talk about the $700 billion TARP. You can talk about the $787...
  • Bank Of America Sets Up Swat Team To Combat Wikileaks (Coming bank leaks)

    12/02/2010 2:12:04 PM PST · by The Magical Mischief Tour · 23 replies
    Business Insider ^ | 12/02/2010 | Business Insider
    Bank of America has set up a swat team to combat Wikileaks in case it is, as suspected, the target of the next leak, says Charlie Gasparino. The FOXBusiness news reporter just tweeted: Bank of America sets up Legal Swat team to combat Wikileaks in case it is the target. If the rumors are true, Bank of America may really need it. Earlier this week, Wikileaks founder Julian Assange said the leak could "take down one or two banks."
  • Wikileaks Next Document Drop Will Probably Target Bank Of America

    11/30/2010 10:46:43 AM PST · by maggief · 55 replies · 4+ views
    YAHOO Finance ^ | November 30, 2010 | Katya Wachtel
    Is the target of the Wikileaks "Big Bank" exposé going to be Bank of America? As the Huffington Post points out, Julian Assange talked about BofA last year in an interview with Computer World, claiming "he had acquired a large cache of information from Bank of America." He specified that he has 5GB of material on the company. In the interview Assange said: "At the moment, for example, we are sitting on 5GB from Bank of America, one of the executive's hard drives. Now how do we present that? It's a difficult problem. We could just dump it all into...
  • This Appears To Be Worthy of JAIL - RIGHT NOW

    10/27/2010 4:18:13 PM PDT · by crosstimbers · 11 replies
    The Market Ticker ^ | October 27, 2010 | Karl Denninger
    This Appears To Be Worthy of JAIL - RIGHT NOW You have to be kidding me... Shortly after Labor Day, as polls continued to sink, the Democratic National Committee (DNC) realized it needed a cash infusion for the upcoming midterm elections. Its chairman, former Virginia Governor Tim Kaine, turned to the Bank of America to secure a $15 million revolving credit line. Then, in the middle of this month, the Democratic Congressional Campaign Committee (DCCC) got another loan from BofA for an additional $17 million. Problem: Was the loan adequately collateralized - that is, truly "arms length"? Worse: Two days...
  • "A European Lynch Mob Is Coming For Bank of America"

    10/25/2010 11:33:02 AM PDT · by TheDailyChange · 31 replies · 1+ views
    Forbes ^ | 10252010 | Matt Schifrin
    "The latest ugly news for Bank of America is actually coming from Europe, where big institutional money managers and other mortgage securities buyers are now beginning to organize for an assault."
  • NY Fed, investors pressuring B. of A.

    10/19/2010 1:03:30 PM PDT · by Ernest_at_the_Beach · 4 replies
    MarketWatch ^ | Oct. 19, 2010, 3:24 p.m. EDT | Alistair Barr, MarketWatch
    SAN FRANCISCO (MarketWatch) — The Federal Reserve Bank of New York is part of a group of investors pressuring Bank of America Corp. to repurchase billions of dollars in home loans. The investor group owns more than 25% of the voting rights in over $47 billion of residential mortgage-backed securities issued by Countrywide Financial, the home loan giant that Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 11.75, -0.60, -4.82%)  acquired in 2008. On Monday, the group wrote to Countrywide Home Loan Servicing and Bank of New York Mellon Corp. /quotes/comstock/13*!bk/quotes/nls/bk (BK 26.11, -0.51, -1.92%)  , the trustee of the mortgage securities, saying...
  • BofA Halts All Foreclosures

    10/08/2010 9:42:44 AM PDT · by Chunga85 · 8 replies
    The Wall Street Journal ^ | 10/8/2010 | DAN FITZPATRICK And DAMIAN PALETTA
    Bank of America Corp. is placing a moratorium on all foreclosure proceedings and sales across the U.S. amid political pressure on U.S. banks to examine foreclosure-documentation problems. The nation's largest bank by assets is the first financial institution to stop all foreclosure actions amid revelations that the banking industry had used "robo-signers," people who sign hundreds of documents a day without reviewing their contents, when foreclosing on homes. Bank of America, J.P. Morgan Chase & Co. and Ally Financial Inc. last week postponed foreclosures in 23 states where a court's approval is required to foreclosure on a home. The decision...
  • 7 major lenders ordered to review foreclosure procedures

    10/01/2010 7:44:27 AM PDT · by Chunga85 · 10 replies · 1+ views
    The Washington Post ^ | 10/1/2010 | Ariana Eunjung Cha
    A top federal bank regulator said Thursday that he has directed seven of the nation's largest lenders to review their foreclosure processes after learning about the widespread mishandling of homeowner evictions by the industry. John Walsh, acting director of the Office of the Comptroller of the Currency, told lawmakers during a hearing on the financial regulatory overhaul enacted this summer that some lenders "clearly had deficiencies" in their system for foreclosures. The banks contacted by regulators include J.P. Morgan Chase, which announced Wednesday that it was freezing 56,000 foreclosures after finding errors in its preparation of documents, according to OCC...
  • Sharia finance “Jihad with money” and American banks are helping our enemies

    09/26/2010 8:20:12 AM PDT · by jmaroneps37 · 14 replies
    coachisright.com ^ | SEPTEMBER 26TH, 2010 | Suzanne Eovaldi, staff writer
    “I like to call it JIHAD with money because God has ordered us to fight our enemies with our lives and our money,” Sheik Yousuf al-Qaradawi is quoted as saying in the video produced by www.actforamerica.org Shocking evidence is surfacing which points to an ever deepening involvement of U.S. financial institutions in the Shariah Islamic Financial Initiative warns Shariah financial expert Joy Brighton in an important youtube.video every America should view. “Islam, as we know, is part of America” President Barack Obama told his approving audience at the recent White House Ramadan dinner. Brighton tells audiences, “We are selling our...
  • U.S. political fundraiser gets 12 years for bank fraud

    07/16/2010 12:43:12 PM PDT · by nuconvert · 7 replies
    Hassan Nemazee, an Iranian-American businessman who raised money for the political campaigns of Barack Obama and Hillary Clinton, was sentenced to 12 years in prison for defrauding Bank of America Corp, Citigroup Inc and HSBC Holdings Plc out of $292 million. U.S. District Judge Sidney Stein imposed the sentence on Thursday following Nemazee's March 18 guilty plea in Manhattan federal court to charges of bank fraud and wire fraud over loan transactions with the three major banks. Nemazee said he needed the money to pay debts arising from his dealings in hedge funds and properties.