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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 ^ | 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 ^ | 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 ^ | 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 · 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.