Post Tagged with: "Bank of America"
Open Bank of America’s Books And Set the Record Straight
William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One. L. Randall Wray is a Professor of Economics at the University
Foreclose on the Foreclosure Fraudsters, Part 1
By William K. Black and L. Randall Wray William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One. L. Randall Wray
Institutional Investors now suing Bank of America for put backs on MBS
Felix Salmon is right. This is going to be a big, big problem for the financial institutions. A group of investors holding $16.5 billion of mortgage bonds took a step toward a possible suit against a Bank of America Corp unit for failing to correctly handle loans that were packaged into bonds. The investors said
Stan O’Neil almost sold Merrill to BofA for $100 billion in 2007
We are now hearing former Merrill Lynch CEO Stan O’Neal’s side of the story for the first time since he resigned in October 2007. In a story by William Cohan in Fortune Magazine, O’Neal paints a picture of Merrill’s fall from grace that at once reveals O’Neal’s own deficits and foresight but that also reveals
Short sale fraud
CNBC’s Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now. See Big Banks Accused of Short Sale Fraud – Realty Check with Diana Olick at CNBC’s website. Basically, second liens on properties like home equity loans have a blocking interest
How is Citi going to deal with $38 billion in deferred tax assets?
Citigroup has been losing tens of billions of dollars over the past two years as the financial crisis has unfolded. If one considers the government capital that Citi has not paid back, the bank is clearly the weakest of the four largest legacy banking behemoths in the United States. Earnings results this year demonstrate that
Is Citi being forced to downsize by Obama?
It seems that not a day goes by when you don’t hear about some asset sale in Citigroup’s far-flung empire. Of all the major too-big-to-fail institutions, it is easily the most troubled: the poster child for everything that is wrong in finance in America. But, when President Obama’s Pay Czar Kenneth Feinberg stepped in to
Judge Rakoff says BofA-SEC deal suggests collusion
Below is a good video analysis by Jess Bravin of the Wall Street Journal on the BofA-Merrill Lynch saga. Bravin discusses the recent rejection by Judge Jed Rakoff of the out-of-court settlement between the SEC and Bank of America (BAC) in which BofA was to pay a miniscule $33 million fine. Rakoff’s decision to scupper
Judge stops BofA deal with the SEC
Thank goodness someone has some sense. Manhattan Federal District Court Judge Jed Rakoff refused to approve Monday’s Bank of America’s deal with the SEC be cause it may be unfair to the public to accept the settlement. Bank of America was accused by the SEC of lying to shareholders about its role in bonuses at
SEC charges BofA of lying to investors over Merrill but settles
Bank of America’s story in the BofA-Merrill saga has always sounded dubious at best. Ken Lewis has always claimed he was doing what was right by shareholders and America, that Gentle Ben and Hammering Hank coerced him into the Merrill deal, that Merrill’s CEO John Thain was not completely above board. All of this should
JPMorgan has record revenue and $2.7 billion in profit
While Citi and BofA are getting taken to the woodshed for double secret probation, JPMorgan Chase is showing record revenue of $25.6 billion and a large profit of $2.7 billion. As profit is up 36% from a year earlier and 27% from just last quarter, you can see that JPM is now firing on all
Was there a cover-up at the Federal Reserve?
Congressman Darrell Issa (R-CA) claims to have evidence supporting Ken Lewis’ original contention that he as threatened by government officials for contemplating pulling out of the BofA-Merrill deal. Let’s review. Two weeks ago, Lewis pointed the finger at Paulson and Bernanke in testimony before Congress (see my post). This came after claims of government coercion