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Keyword: bofa

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  • As Argentina Peso Plummets To Record, BofA Warns Of Looming Economic Crisis

    08/26/2014 10:03:45 AM PDT · by blam · 6 replies
    Zero Hedge ^ | 8-26-2014 | Tyler Durden
    Tyler Durden 08/26/2014 After spending time in Argentina, BofA's Marcos Buscaglia is concerned... The perception of many locals is that the risks of an economic/currency crisis before year-end have increased significantly. This compares to a view they had before of a muddle-through till the 2015 presidential elections. Policy decision-making is ever more concentrated, and the administration has radicalized, but the severe economic downturn will change political incentives in 2015, in BofA's view. With the official peso rate at record lows once again, the black-market Dolar-Blue tumbled to over 14/USD - a record low indicating dramatic devaluation ahead (which of course,...
  • Bank of America to Pay $6.3 Billion to Settle Mortgage Securities Suit

    03/26/2014 4:30:49 PM PDT · by Oldeconomybuyer · 13 replies
    New York Times ^ | March 26, 2014 | By MATTHEW GOLDSTEIN
    Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis. Including this latest settlement, the housing finance agency has recouped $16 billion in cash payments from banks and financial firms that sold mortgage-backed securities. The regulator, which filed 18 lawsuits, still has claims pending against seven banks and financial institutions.
  • Does Goldman have a better economic pulse than BofA? Why replace the latter in the Dow Index?

    09/11/2013 7:21:38 AM PDT · by SeekAndFind · 5 replies
    Fortune ^ | 09/11/2013 | Nin Hai Tseng
    Dow Jones says a goal of the 30-stock index is to capture the pulse of the broader economy. So why replace a rebounding Bank of America with Goldman Sachs? In the biggest change of the 30-stock index in nearly a decade, three companies will be replaced on the Dow Jones Industrial Average. Alcoa, Bank of America, and Hewlett-Packard are out, Nike, Goldman Sachs, and Visa (V) are in. The shake-up partly reflects declining fortunes and share prices, but the timing and reasons are nonetheless curious when we look at the departure of Bank of America (BAC). Like other big banks,...
  • Bank of America intern dies after reportedly working 3 straight days

    08/20/2013 5:28:47 PM PDT · by Dallas59 · 56 replies
    CNBC ^ | 8/20/2013 | CNBC
    A 21-year-old intern who worked grueling hours at Bank of America's London office died just a week before his internship was to conclude. Moritz Erhardt, who studied at the WHU-Otto Beisheim School of Management in Vallendar, Germany, reportedly had worked until 6 a.m. for three days straight and was found dead in his flat.
  • BofA: 'Buy America... The American Dream Is Back'

    03/17/2013 8:07:37 AM PDT · by blam · 28 replies
    TBI ^ | 3-17-2013 | Matthew Boesler
    BofA: 'Buy America... The American Dream Is Back' Matthew BoeslerMarch 17, 2013, 9:10 AMLast week, JPMorgan said we're not that far from a "picture perfect world." Morgan Stanley said the U.S. economy was approaching an "inflection point" in mid-2013 from which growth would really start taking off. Now, BofA Merrill Lynch is out with a new report, titled "Buy America: The American dream is back." BAML strategists Ralph Preusser and Athanasios Vamvakidis write (emphasis added): Markets have fallen in love with the US. This is a significant change from spending the last five years wondering which economy was the worst,...
  • BofA: 'Don't Lose Sight Of The Bigger Picture ... Stay Bearish'

    03/03/2013 2:39:13 PM PST · by blam · 1 replies
    TBI ^ | 3-3-2013 | Matthew Boesler
    BofA: 'Don't Lose Sight Of The Bigger Picture ... Stay Bearish' Matthew BoeslerMarch 3, 2013, 12:13 PMBofA Merrill Lynch technical strategist MacNeil Curry is out with a pretty pessimistic note to begin the week. Curry's message to the bank's clients is that a coming bounce in the stock market following the first real sell-off of the year will probably prove to be only temporary. He notes that other risky assets, like European stocks and peripheral government debt, have already taken a turn down. Below are the key paragraphs from Curry's note: While the evidence warns of the potential for new...
  • FBI: Man Attempted To Bomb Bank, Trying To Set Off US Civil War

    02/08/2013 4:19:55 PM PST · by blam · 55 replies
    NBC News ^ | 2-8-2013 | Pete Williams
    FBI: Man Attempted To Bomb Bank, Trying To Set Off US Civil War By Pete Williams, NBC NewsFebruary 8, 2013 The FBI, ending a sting, says it has arrested a California man after he tried to set off what he thought was a car bomb at a bank in Oakland. Matthew Aaron Llaneza, 28, of San Jose, was arrested Friday morning, capping a months-long undercover investigation, the Justice Department said. Agents say he met last November with someone he thought was connected with the Taliban but who was actually an FBI agent. Prosecutors say Llaneza proposed car-bombing a bank in...
  • Bank of America Freezes Gun Manufacturer's Account, Company Owner Claims

    01/07/2013 12:44:50 PM PST · by neverdem · 50 replies
    CNSNews ^ | January 7, 2013 | Gregory Gwyn-Williams, Jr.
    Bank of America has reportedly frozen the account of gun manufacturer American Spirit Arms, according to its owner, Joe Sirochman. In a Facebook post dated December 29, Sirochman wrote the following:“My name is Joe Sirochman owner of American Spirit Arms. . . our Web site orders have jumped 500 percent causing our Web site e-commerce processing larger deposits to Bank of America. So they decided to hold the deposits for further review.“After countless hours on the phone with Bank of America, I finally got a manager in the right department that told me the reason that the deposits were on...
  • BofA Makes The Case For $3,000 Gold

    09/25/2012 6:10:25 PM PDT · by blam · 9 replies
    TBI ^ | 9-25-2012 | Matthew Boesler
    BofA Makes The Case For $3,000 Gold Matthew BoeslerSeptember 25,2012Everyone loves gold these days. Deutsche Bank sees $2000 gold soon. And Citi says it could go to $2500 in six months. BofA, too: the firm recently initiated a $2,400 target price for the shiny yellow metal since the Fed's announcement of open-ended bond buying. However, BofA analyst Stephen Suttmeier thinks there's a case to be made that gold goes even higher than the bank's official call. In a note to clients today, Suttmeier writes: The secular bull case for Gold $3000 We remain secular bulls on gold. Key chart and...
  • Bank of America to Cut 16,000 Jobs by Year-End: Report

    09/21/2012 8:23:48 AM PDT · by SeekAndFind · 4 replies
    CNBC ^ | 09/20/2012
    Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, "The Wall Street Journal" reported on Wednesday. Job cuts could begin in the company's European investment bank and sales and trading units as soon as Monday, sources told CNBC. Bank of America will begin layoffs in the U.S. on Thursday, September 27, sources said. The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank's workforce...
  • DNC Filling Panther's Stadium... the hype and what it means... your thoughts???

    09/04/2012 6:45:15 AM PDT · by dps.inspect · 54 replies
    9/4/12 | ME
    Just a vanity here... but the issue of the DNC filling the Panther's Stadium Thursday night has been rattling around my brain for a couple of days... like, what's the big whoop? It occurs to me that the DNC must present an image of the known universe being in support of Obama. But... Why? is it to stroke his image? to quell the doubts of those who voted for him but didn't get their new kitchen? to give a lolly pop to the dismayed? Probably just about anything you can come up with would be a legitimate answer to that...
  • Bank of America and my reaction thanks to input from FRs

    06/22/2012 7:48:16 AM PDT · by 56newblog · 12 replies
    Self
    A few months I was made aware of BOA support for various political issues that I disagree with via Freeper info posted by others. (Thank You) -In particular their support of efforts to curtail my 2nd amendment rights. Due to my direct deposits and automatic outgoing payments, it took me a couple of months to get setup with another institution before I could close. I personally feel that Corporations should stay out of politics. All the officers of a corporation have a right to their opinions, including what they "think is best for me". I reserve the right to make...
  • Morgan Stanley Joins Citigroup, Bank of America in the Doghouse

    05/09/2012 2:58:54 PM PDT · by SeekAndFind · 1 replies
    The Street ^ | 05/09/2012 | Dan Freed
    NEW YORK (TheStreet) -- Morgan Stanley (MS) shares have had a rough 2012, underperforming those of major competitors by so large a margin that the bank is now lagging even perennial post-crisis losers Citigroup(C) and Bank of America(BAC) according to certain metrics. Morgan Stanley shares have risen just 4.69% through Tuesday, well behind Citigroup, the next-worst performer among the largest six U.S. banks with gains of more than 19% so far in 2012. Bank of America, still the top performer in 2012 despite having lost more than 15% in the past month, has seen its shares rise more than 40%...
  • Gun manufacturer says Bank of America doesn't want its business

    04/27/2012 6:43:55 PM PDT · by NoLibZone · 10 replies
    foxnews.com ^ | April 27 2012
    An Arizona-based firearms company says it is being treated unfairly by Bank of America for the type of business it does, a claim the bank denies. Kelly McMillian, operations director of the McMillian companies – which makes rifles, ammunition, gunstocks and related firearms equipment – said a bank vice president explained at a meeting last week that he no longer wanted McMillan's business because the companies manufacture firearms. “This has nothing to do with our financial position,” McMillian said Friday. “He said the bank needed to assess the risk of doing business with a firearms manufacturer.” McMillian said he was...
  • Bank of America Stock Price Drops Like A Rock After McMillan Firearms Manufacturing Boot Out

    04/22/2012 10:21:38 AM PDT · by .454Puma · 13 replies
    Transsylvania Phoenix | 04/22/2012 | Transsylvania Phoenix
    Take a look at what happens with BofA stock starting with April 19th. The power of the Internet!
  • Bank of America to McMillan Rifles: 'Drop dead'

    04/20/2012 12:28:36 PM PDT · by pabianice · 89 replies
    The Truth About Guns ^ | 4/20/12 | Zimmerman
    [UPDATE: In an email late this evening, Ryan McMillan has confirmed the validity of this story.] When the Bank of America was founded back in 1904, no one ever thought that it would one day truly be the Bank of America. As in (partially) government owned. Just like Government Motors, Chrysler, the entire student loan industry and more, the federal government’s insatiable grasping tentacles are woven throughout one of the world’s largest commercial bank and brokerage operations. And as has always been true, if you take the king’s shilling, you’re damned well going to do his bidding. The folks...
  • Rev. Billy's Roadshow in Berkeley Occupies Telegraph B of A—Sort Of

    02/20/2012 8:40:13 AM PST · by SmithL · 4 replies
    Berkeley Daily Planet ^ | 2/20/12 | Ted Friedman
    The whole bizarre incident started, as usual, in front of the Caffe Mediterraneum—center of the universe, where a tall man who resembles Jay Leno had attracted a crowd. Saying, "never trust a man in white shoes," he carried on like a Southern Baptist preacher, a white-suited version of Johnny Cash, as a Berkeley Poet Laureate, Julia Vinograd, later symbolized him for her next poem. For the past forty years Berkeley has hosted scores of entertaining street performers, such as Moon Man (selling lots on the moon), Polka Dot Man, Ricky Starr, Stoney Burke, Bubble Lady, the Nude Duo, Naked Man,...
  • Bank of America stock near 2-year low ("hypothetical global market shock.")

    11/23/2011 9:21:56 AM PST · by catnipman · 14 replies
    CNN Money ^ | November 22, 2011 | Maureen Farrell
    "You can meet capital requirements by either raising capital or shrinking risk weighted assets," said Wiant. "Nobody wants to raise capital at these prices." That could be especially true now that the Federal Reserve said late Tuesday that BofA, along with five other large U.S. banks, will need to give the Fed loss estimates early next year that accounts for a "hypothetical global market shock."
  • Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval

    Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.
  • Coming Derivatives Crisis That Could Destroy The Entire Global Financial System (Bank of America)

    10/22/2011 4:55:46 PM PDT · by dennisw · 57 replies
    Most people have no idea that Wall Street has become a gigantic financial casino.  The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.  The word "derivatives" sounds complicated and technical, but understanding them is really not that hard.  A derivative is essentially a fancy way of saying that a bet has been made.  Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever...
  • Sleight of hand: BofA moves dodgy Merrill derivatives to bank (U.S. taxpayer on the hook for $55+T?)

    10/22/2011 9:43:11 AM PDT · by rabscuttle385 · 63 replies
    The New York Post ^ | 2011-10-21 | Mark Decambre
    A plan by beleaguered Bank of America to foist trillions of dollars of funky Merrill Lynch derivatives onto its depositors is raising eyebrows on Wall Street. The rarely used move will likely save the bank millions of dollars in collateral but could put depositors’ cash behind the eight ball. The move also brought to light fissures between the nation’s top banking regulators, the Federal Deposit Insurance Corp. and the Federal Reserve, in the wake of new regulations meant to curb the free-wheeling habits that fostered the worst crisis in a generation back in 2008. At issue is BofA’s decision to...
  • Bank Protesters Arrested After Trying to Cash $673-billion Check

    10/06/2011 3:37:51 PM PDT · by Beckett08 · 45 replies
    KTLA ^ | 10/05/2011
    LOS ANGELES, Calif. (KTLA) -- Police converged on a crowd of protesters outside a downtown Bank of America branch. The participants in the protest organized by the Refund California campaign marched into the bank and tried to cash a check for $673 billion. It was an over-sized check made out to the "people of California," LAPD Lt. Paul Vernon said.
  • Bank of America website woes enter 6th day

    10/05/2011 12:09:21 PM PDT · by Deo volente · 12 replies
    Contra Costa Times ^ | October 5, 2011 | Candice Choi, Associated Press
    NEW YORK -- Bank of America still isn't explaining why online banking may be slow for some of its customers for a sixth day in a row. A message on the bank's home page Wednesday said most of the site was working normally, but that customers may experience "occasional delays." A spokeswoman for Bank of America Corp., Tara Burke, says the company doesn't disclose the causes for website problems and noted that online banking was now available. She declined to say how many customers may still be experiencing slowness signing in.
  • SWAT Teams in St. Louis Protecting Bank of America; Refusing Customer Withdrawals

    10/04/2011 1:55:45 PM PDT · by Nachum · 114 replies · 1+ views
    Your Daddy.net ^ | 10/4/11 | notalemming 0
    more: http://www.SHTFplan.com/ From what we can gather, according to eye witness testimony, St. Louis PD has barricaded the Bank of America building and is refusing customer access to deposits. Eye witness account: ‘They would not let me get past that barricade, where those three guys are. I talked to the liutenant of the St. Louis Police Department – and he said they [customers?] don’t have a legal right – but he was going to try to work out something, a symbolic gesture where eight people to pull out their money, I being one of them.’ He came back later and...
  • Dick Durbin: Hey, who’s up for a bank run on BofA?

    10/04/2011 10:53:36 AM PDT · by SeekAndFind · 7 replies
    Hotair ^ | 10/04/2011 | Ed Morrissey
    Economic indicators are falling. The Fed issued a gloomy report on the future of the economy, saying that the so-called recovery may be “faltering.” Greece has only enough cash to make payroll for a few weeks before it defaults and flattens the European banking system. The only thing missing from a collapse is a good, old-fashioned bank run.Enter Dick Durbin (h/t Ryan K):video platformvideo managementvideo solutionsvideo player Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.“Bank of...
  • Dodd-Frank: The End Of Free Checking?

    09/29/2011 10:07:17 AM PDT · by Slyscribe · 12 replies
    IBD's Capital Hill ^ | 9/29/2011 | David Hogberg
    On Sat., Oct. 1, new regulations from the Dodd-Frank financial overhaul go into effect on debit cards. Specifically, they impose price controls on “interchange fees,” the fees that banks and credit unions charge to retailers on debit card transactions. The average interchange fee is about 44 cents. The new rules limit the fees to 21 to 24 cents. “The costs of processing debit card transactions doesn’t go away because you limit the price,” said John Berlau, director of the Center for Investors and Entrepreneurs at the libertarian Competitive Enterprise Institute. “That shifts the costs to consumers.”
  • Moody's Cuts BofA, Wells Fargo Long-Term Ratings

    09/21/2011 11:14:59 AM PDT · by marshmallow · 3 replies
    Moody's cuts long term ratings of Bank of America two notches, Wells Fargo one notch and affirms Citigroup's--Firm cuts short-term rating of Citigroup--Both Bank of America, Citigroup disagree with their respective cutsMoody's Investors Service downgraded Bank of America Corp.'s (BAC) and Wells Fargo & Co.'s (WFC) long-term ratings and the short-term ratings of Citigroup Inc. (C), finishing a more than three-month review by saying it believes the U.S. government is less likely to support the banks if needed. Shares in Bank of America, which received the deepest cut, fell 3.2% to $6.68 in recent trading, while Citigroup's were down 0.3%...
  • MOODY'S DOWNGRADES BOFA: Says Governments More Willing Now To Let Banks Fail

    Just out... Bank of America has had its long-term senior debt cut to BAA1 by Moody's. The stock is off about 3%. It had been just barely down right before the news hit the wires. Read more: http://www.businessinsider.com/bank-of-america-just-got-downgraded-by-moodys-2011-9#ixzz1Ybk25QPB
  • How Obama and Buffet FIRED 40,0000 Workers in One Day!…and made $4 billion

    09/21/2011 8:58:16 AM PDT · by Nachum · 21 replies
    Con Underground ^ | 9/21/11 | 4evercon
    While Obama and Buffet are working on finding new ways to fleece middle class America of more of our money to finance the salaries of the new storm troopers, the SEIU, Teamsters and Teacher’s unions and the various ACORN spawned organizations, the two are simultaneously prosecuting an all out war on the private sector. To hear the old kook tell it the idea came to him while he was playing in the bathtub. Those of us who no longer believe in the tooth fairy prefer to to dig a little and find out just exactly how did this seemingly Archimedian...
  • 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
  • BofA discussing about 40,000 job cuts - WSJ

    09/09/2011 2:37:12 AM PDT · by markomalley · 12 replies
    REUTERS ^ | Sep 9, 2011
    Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans. The number of job cuts are not final and could change. The restructuring aims to reduce the bank's workforce over a period of years, the Journal said. The newspaper said BofA executives met Thursday in Charlotte and will gather again Friday to make final decisions on the reductions, putting the finishing touches on five months of work.
  • Reports: Bank of America to shutter 600 branches

    09/08/2011 5:27:40 AM PDT · by John W · 12 replies
    The State ^ | September 8, 2011 | The State
    Bank of America will close up to 600 branches as part of its reorganization and cost-cutting moves, according to multiple reports this morning. Published and broadcast reports say Bank of America will split into separate consumer and commercial units, and that will lead to the branch closings. Charlotte's NewsChannel 36 says analysts believe the decision to split into two units and close the branches is a signal that Bank of America CEO Brian Moynihan plans broader and deeper layoffs than those announced earlier this week.
  • Warren Buffett’s folksy act conceals his 'steal' of BofA

    08/30/2011 8:28:49 AM PDT · by SeekAndFind · 15 replies · 1+ views
    New York Post ^ | 08/30/2011 | Terry Keenan
    Warren Buffett has made a career out of casting himself as a common man -- a folksy octogenarian from Omaha who also is the richest man on earth. The billionaire everyman never misses an opportunity to sow his optimistic seeds about stock ownership and America’s future, while professing his profound desire to pay more taxes. Yet when it comes to investing his own billions, this common man has little time for common stocks, but plenty of time for special deals that save him taxes and almost always put him ahead of mere mortal shareholders. Such was the case this past...
  • “Hey Warren, if I give you the Medal of Freedom will you save B of A and host a fundraiser?”

    08/27/2011 9:53:09 AM PDT · by Starman417 · 2 replies
    Flopping Aces ^ | 08-26-11 | DrJohn
    God Almighty. I am having a really, really hard time with this. The Medal of Freedom The Presidential Medal of Freedom is an award bestowed by the President of the United States and is—along with the comparable Congressional Gold Medal bestowed by an act of U.S. Congress—the highest civilian award in the United States. It recognizes those individuals who have made "an especially meritorious contribution to the security or national interests of the United States, world peace, cultural or other significant public or private endeavors."[3] The award is not limited to U.S. citizens and, while it is a civilian award,...
  • 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...
  • 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's new back-door TARP

    08/11/2011 10:49:10 AM PDT · by wrrock · 15 replies
    FORTUNE ^ | August 10, 2011 | Abigail Field
    Taxpayers may not realize it, but they just bailed out Bank of America again, this time to the tune of more than a half billion dollars.... The feds have just used Fannie Mae, which is controlled by the U.S. government, to infuse BofA with $500 million and ease one of the bank's biggest headaches.... Another thing needs to become clear: where did Fannie Mae get the money to do BofA the favor of buying these rights? Fannie Mae just asked for another bailout of its own, seeking a new $5.1 billion infusion last week.
  • 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....
  • BofA the Gloomiest of Them All: GDP at 1.5%

    04/05/2011 4:09:41 PM PDT · by Smogger · 7 replies
    CNBC ^ | Monday, 4 Apr 2011 11:33 AM ET | Jeff Cox
    The race to the bottom for first-quarter GDP projections has a new leader: Bank of America Merrill Lynch. With a succession of mild unemployment drops unable to ease concerns about the larger slow-growth story for the US economy, BofAML now sees the quarter’s growth prospects at just 1.5 percent. The firm’s forecast, in a research note Monday from economist Ethan S. Harris, makes JPMorgan Chase’s [JPM 46.58 0.24 (+0.52%) ] outlook of 2.5 percent seem downright rosy and jibes with a recent warning from Capital Economics that the economy is at a crawl and unlikely to do better than 2...
  • 25 People to Blame for the Financial Crisis

    02/13/2009 1:30:53 PM PST · by rightwingintelligentsia · 31 replies · 1,764+ views
    TIME via CNN.com ^ | February 13, 2009
    Angelo Mozilo The son of a butcher, Mozilo co-founded Countrywide in 1969 and built it into the largest mortgage lender in the U.S. Countrywide wasn't the first to offer exotic mortgages to borrowers with a questionable ability to repay them. In its all-out embrace of such sales, however, it did legitimize the notion that practically any adult could handle a big fat mortgage. In the wake of the housing bust, which toppled Countrywide and IndyMac Bank (another company Mozilo started), the executive's lavish pay package was criticized by many, including Congress. Mozilo left Countrywide last summer after its rescue-sale to...
  • Expect Even More Fees From Banks This Year

    01/08/2011 11:33:26 PM PST · by Justaham · 24 replies
    Wall Street Journal ^ | 1-9-11 | CRISTINA LOUROSA-RICARDO
    Banks, in an attempt to wring more revenue out of customer accounts, are conjuring up new ways to raise fees on basic products like debit cards, cash machines and checking accounts. As regulation curtailing the financial institutions from levying certain charges on consumers has mounted over the past year, banks have had to dream up new fees to replace those now trimmed by laws. Banks are considering additional fees on credit cards and checking accounts. But they also are looking at new ways to make money on cash machines and especially debit cards as regulators pinch the cards' conventional revenue...
  • 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...
  • BoA Is Worried Next WikiLeaks Dump Will Contain Evidence Of Fraudulent Countrywide Loans

    12/06/2010 1:42:17 PM PST · by The Magical Mischief Tour · 36 replies · 1+ views
    Business Insider ^ | 12/06/2010 | Business Insider
    Charlie Gasparino told Shep Smith today that Bank of America has set up a "legal swat team" in case the next big WikiLeak is directed at them. The official line thus far is that they've had "no indication" they're being targeted, however Gasparino says he's spoken to a person who claims to have seen some of the bank-related documents and says that while they couldn't make out how damaging the documents were they "clearly pointed to Bank of America." The big fear inside Bank of America, says Gasparino, is that the documents will lead back to (BofA-owned) Countrywide Financial, and...
  • U.S. Mortgagegate Scandal Puts Taxpayers into the Title-Insurance Business

    10/31/2010 11:43:20 AM PDT · by An Old Man · 10 replies
    The Market Oracle ^ | Oct 29, 2010 | Shah Gilani
    U.S. Mortgagegate Scandal Puts Taxpayers into the Title-Insurance Business Housing-Market / US Housing Oct 29, 2010 - 05:48 AM By: Money_Morning Shah Gilani writes: U.S. taxpayers already own pieces of such problem-plagued companies as General Motors Corp., Chrysler LLC, American International Group Inc. (NYSE: AIG), Fannie Mae (OTC: FNMA) and Freddie Mac (OTC: FMCC). Now the increasingly problematic "Mortgagegate" saga could land American taxpayers in the trouble-ridden title-insurance business. On Oct. 8, Bank of America Corp. (NYSE: BAC) indemnified Fidelity National Financial Inc. (NYSE: FNF) against any losses that Fidelity might sustain in litigation over title insurance it writes on...
  • Bank Of America Getting Crushed In Trading That's Scarily Reminiscent Of Pre-Crisis Days

    10/25/2010 10:23:38 AM PDT · by blam · 43 replies · 1+ views
    The Business Insider ^ | 10-25-2010 | Joe Weisenthal
    Bank Of America Getting Crushed In Trading That's Scarily Reminiscent Of Pre-Crisis Days Joe Weisenthal Oct. 25, 2010, 12:39 PM And there goes Bank of America again. Both it and JPMorgan are getting crushed right now, as concern about foreclosures and mortgage putbacks continue to weigh on the megabanks. There's something about Bank of America's action that's particularly nausea-inducing. It's the relentless selling -- all headlines not withstanding -- that suggest the market knows something or thinks something that nobody can voice about how bad this will get. Some comments from Sheila Bair -- via ZeroHedge -- about how the...
  • Do you have an account with BofA? (vanity - fraud alert)

    10/19/2010 2:18:27 PM PDT · by Neil E. Wright · 35 replies
    personal conversations | October 19, 2010 | Neil E. Wright
    Do you have an account with Bank of America? If you do, I would strongly urge you to check it carefully. About 90 minutes ago I was out and about taking care of some personal business, and while I was out and about, I talked to some people who advised me that something odd is happening with their BofA accounts. One woman was so pissed at what happened, she closed her account at BofA and moved to another bank. Seems that someone printed out a "check" and cashed it at BofA. Only problem was, the last 4 digits of the...
  • BofA stops foreclosures in all 50 states

    10/08/2010 8:30:23 AM PDT · by null and void · 181 replies
    Fox News | 10/8/10
    Live now. BofA stopping all foreclosures, due to inability to sort out faulty documents, laws suits over documents, etc.
  • The Rise of the Thug Left

    06/03/2010 12:46:24 AM PDT · by 2ndDivisionVet · 34 replies · 1,401+ views
    American Thinker ^ | June 3, 2010 | J.R. Dunn
    Actually, they're getting tough in a lot of places. They proved very tough for Hamas operatives in the Eastern Mediterranean last weekend. They were tough in poor Balto as well, with seven people shot to death. (Baltimore should be one of the jewels of the East Coast, but of course, it's no such thing. I wonder who's been running the place the last century.) It was nearly as tough in Chicago, with twelve shot and three dead. But when has there ever been good news from the Windy City? But none of these, however bad they may be, have the...
  • Hassan Nemazee Pleads Guilty in Manhattan Federal Court to $292 Million Bank Fraud

    03/19/2010 5:09:25 PM PDT · by Cindy · 25 replies · 662+ views
    Note: The following text is a quote: Hassan Nemazee Pleads Guilty in Manhattan Federal Court to $292 Million Bank Fraud PREET BHARARA, the United States Attorney for the Southern District of New York, announced that HASSAN NEMAZEE pleaded guilty today to charges of defrauding Bank of America, N.A. ("BofA"), Citibank, N.A. ("Citibank"), HSBC Bank USA, N.A. ("HSBC"), and a longtime friend and business associate of a total of more than $290 million in loan proceeds. NEMAZEE entered his guilty plea before United States District Judge SIDNEY H. STEIN in Manhattan federal court. According to the superseding Information, filed today, to...
  • Bank of America ends overdraft fees on debit cards

    03/09/2010 10:56:39 PM PST · by thecodont · 67 replies · 1,289+ views
    San Francisco Chronicle / sfgate.com ^ | Tuesday, March 9, 2010 | By EILEEN AJ CONNELLY, AP Personal Finance Writer
    (03-09) 21:21 PST NEW YORK, (AP) -- Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees. Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/03/09/financial/f190007S63.DTL&tsp=1#ixzz0hkprqVVM