Bank of America – News Stories About Bank of America - Page 11

Thain Accuses BofA of Lying About Bonuses

Apr 27, 2009 8:21 AM CDT

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

(Newser) - In his first lengthy interview since being pushed out as CEO of Merrill Lynch, John Thain tells the Wall Street Journal that Bank of America—which acquired Merrill in September—is lying about its involvement in the $3.6 billion in bonus payouts that made Thain the poster boy for...

Big Banks Rally; Dow Up 119

MARKETS

Apr 24, 2009 3:24 PM CDT

Big Banks Rally; Dow Up 119

Investors mull 'stress test' criteria

(Newser) - Stocks gained today on some positive earnings reports, but anxiety over the ramifications of government "stress tests" kept the lid on, the Wall Street Journal reports. The disclosure of the “stress test” methodology seemed to boost the biggest banks, like Bank of America, Wells Fargo, and US Bancorp,...

Paulson Threatened
to Oust Lewis, BofA Board

Apr 23, 2009 5:31 PM CDT

Paulson Threatened to Oust Lewis, BofA Board

Cuomo wants federal investigation

(Newser) - Bank of America wanted to pull out of its deal with a fast-sinking Merrill Lynch last year but changed course after then-Treasury chief Henry Paulson threatened to oust CEO Ken Lewis and the entire BofA board, the Wall Street Journal reports. The revelation came in a letter to members of...

BofA CEO Says Feds Urged Silence on
Merrill Losses

Apr 23, 2009 7:36 AM CDT

BofA CEO Says Feds Urged Silence on Merrill Losses

Shareholders kept in the dark to ensure deal

(Newser) - Bank of America's CEO felt pressured by Fed Chairman Ben Bernanke and Treasury chief Henry Paulson to withhold details of last year's Merrill Lynch acquisition from shareholders, including mounting losses at Merrill that triggered a $20 billion bailout, the Wall Street Journal reports. BofA CEO Ken Lewis said in testimony...

Robber Told Bank He Was Fed Up With Bailouts

Apr 22, 2009 3:20 PM CDT

Robber Told Bank He Was Fed Up With Bailouts

Gets away after SF bomb-threat heist

(Newser) - Police are looking for a man who robbed a San Francisco branch of Bank of America—ostensibly out of disgust for corporate bailouts, the Chronicle reports. The man requested a meeting with a manager and told him he represented “a corporation” concerned with the bailouts—before threatening to detonate...

Banks Push Dow Down 290,
Below 8,000

MARKETS

Apr 20, 2009 3:25 PM CDT

Banks Push Dow Down 290, Below 8,000

Dow falls 289 on financial uncertainty

(Newser) - Stocks saw deep declines today as uneasiness over banking spilled into the broader market, the Wall Street Journal reports. Bank of America slid 22% on word of growing losses in its credit-card unit. Goldman Sachs, Citigroup and JPMorgan Chase also fell on reports of a Treasury move that may dilute...

Bank of America Profit
Trounces Estimates

Apr 20, 2009 6:47 AM CDT

Bank of America Profit Trounces Estimates

(Newser) - Bank of America’s net income in the third quarter nearly tripled last year's, hitting $4.24 billion, or 44 cents a share, the company announced today, a figure that surpassed even the loftiest analyst expectations. The drastic turnaround will likely take pressure off embattled CEO Ken Lewis, who’s...

SEC Probes BofA for Being Mum on Merrill Bonuses

Apr 14, 2009 7:22 AM CDT

SEC Probes BofA for Being Mum on Merrill Bonuses

Bank may have illegally misled investors over pre-takeover Merrill payouts

(Newser) - The SEC is looking into whether Bank of America violated federal law by failing to let investors know Merrill Lynch planned to pay its execs $3.62 billion in bonuses before it was taken over by BofA last year, the Financial Times reports. The regulator is reviewing the bank's disclosure...

Banks Rally, But Dow Falls 26

MARKETS

Apr 13, 2009 3:19 PM CDT

Banks Rally, But Dow Falls 26

(Newser) - More bankruptcy rumblings from General Motors sent stocks down early today, but the blow was cushioned by good news from the financial sector, the Wall Street Journal reports. Citi and Bank of America had double-digit gains ahead of what are expected to be solid earnings reports. The Dow finished down...

Fee Hikes at Bailed-Out Banks Spur Investigation

Apr 13, 2009 7:08 AM CDT

Fee Hikes at Bailed-Out Banks Spur Investigation

Interest rates as high as 30% raise questions about program's effectiveness

(Newser) - Congressional overseers of the TARP program are investigating the lending practices of several of the banks they bailed out in response to complaints that the banks are raising interest rates and fees, the Wall Street Journal reports. Despite receiving billions in taxpayer dollars, Bank of America last week nearly doubled...

Brain Drain Wallops Wall Street

Apr 12, 2009 3:16 PM CDT

Brain Drain Wallops Wall Street

It's not just the firings: others are leaving for safer jobs

(Newser) - The financial crisis is reshaping not just the landscape of Wall Street, but its face as well, reports the New York Times in a look at the hemorrhaging of the Street's top talent. Layoffs aside, finance's best and brightest—arguably the same daring risk-takers responsible for the recession—are seizing...

Stocks Slide Ahead of Earnings

MARKET Open

Apr 6, 2009 8:57 AM CDT

Stocks Slide Ahead of Earnings

(Newser) - Stocks turned south this morning, as a series of downgrades and bad news for the Sun/IBM deal spooked investors ahead of earnings season, the Wall Street Journal reports. The Dow dropped 92, the S&P 12. Financials sank after a veteran analyst downgraded 11 major US banks. The Nasdaq fell...

Dow Rockets Nearly 500 Points

MARKETS

Mar 23, 2009 3:18 PM CDT

Dow Rockets Nearly 500 Points

Geithner's plan wins positive reviews from Street

(Newser) - Stocks locked in big gains today with the rally sparked by the rollout of the Treasury’s financial rescue plan, the Wall Street Journal reports. Financials led advances, with Citigroup and Bank of America up 24% and 19%, respectively. The Dow jumped 497.48 to 7,775.86. The Nasdaq...

Stocks Soar 300+
on Geithner Plan

UPDATED

Mar 23, 2009 8:51 AM CDT

Stocks Soar 300+ on Geithner Plan

(Newser) - Stocks sprinted out of the gates today, the Wall Street Journal reports, spurred by the Treasury’s long-awaited toxic asset plan. The Dow was up 316 just after noon, while the Nasdaq and S&P 500 added 4.1% and 4.5%, respectively. Banking stocks were the biggest winners, with...

BofA Loaned Insiders
$624M as Credit Froze Up

Mar 22, 2009 8:01 PM CDT

BofA Loaned Insiders $624M as Credit Froze Up

(Newser) - While credit markets were frozen last year, forcing thousands of Americans out of business, Bank of America lent insiders more than $624 million—more than doubling the amount loaned to insiders the previous year, the Charlotte Observer reports. Recipients' names were not disclosed, but most of the money likely went...

Bank of America Must
Name Bonus Execs

Mar 19, 2009 4:30 AM CDT

Bank of America Must Name Bonus Execs

Court demands firm spills

(Newser) - This doesn’t bode well for AIG: A judge ruled yesterday that Bank of America must identify the Merrill Lynch executives who received $3.6 billion in bonuses ahead of the banks’ merger, reports the Wall Street Journal. New York Attorney General Andrew Cuomo sought disclosure as part of his...

Cuomo: Merrill
Misled Congress
on Bonuses

Mar 11, 2009 5:25 PM CDT

Cuomo: Merrill Misled Congress on Bonuses

Bank decided on bonuses earlier than claimed, he says

(Newser) - Andrew Cuomo is turning the screws a little tighter in his investigation of bonuses paid to Merrill Lynch executives. In a court filing today, the New York attorney general accused the bank of "misleading" Congress about when it decided to dole out $3.6 billion, the Wall Street Journal...

Dow Up 4 as Stocks Waver

MARKETS

Mar 11, 2009 3:12 PM CDT

Dow Up 4 as Stocks Waver

Caution follows yesterday's rally

(Newser) - Stocks finished below today’s session highs but closed with slight gains, barely making the first two-day winning streak in a month, the Wall Street Journal reports. Financials mostly gained, with shares of Citigroup, Morgan Stanley and Bank of America up at least 4%. The Dow closed up 3.91...

Stocks Lose Momentum

MARKET Open

Mar 11, 2009 8:49 AM CDT

Stocks Lose Momentum

(Newser) - Stocks fell ever so slightly at today's open, defying futures that had shown yesterday’s big rally continuing. The Dow inched down 20 points, while the S&P and Nasdaq were essentially flat. But financials were still moving and shaking, with Citigroup adding 13% and Bank of America up 5%,...

Dow Surges 379,
Biggest Gain of Year

MARKETS

Mar 10, 2009 3:25 PM CDT

Dow Surges 379, Biggest Gain of Year

Citigroup leads financials after announcing profitable January and February

(Newser) - Stocks rallied today as financials jumped on news of Citigroup’s profitable January and February, the Financial Times reports. Investors also were cheered by talk of reform from Ben Bernanke—who said the recession could end next year if all goes well—and Barney Frank. Citi, Bank of America, and...