B of A Candidates Support Breaking Up Operation
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The SEC Corporate Financial Division sent letters to the CFOs of twenty financial firms today reqiesting extremely detailed information about their use of Repo 105 instruments. Bankruptcy examiner Anton Valukas recently wrote as part of a 2,200-page…
The federal government seems to think that many of the directors on the Bank of America (BAC) board are not qualified to serve. To solve that problem, the bank is being encouraged to find…
The Fed and the Treasury have put pressure on Citigroup (C) to create a new board of directors. Richard Parsons, the bank’s chairman, is well on his way to doing that. The hopes are…
It is a corporate governance issue as much as anything else. Can one shareholder essentially “fire” most of a public company’s board without the approval of other shareholders? That it what the federal government…
The Wall Street Journal writes "CtW Investment Group, a pension-fund advisory group affiliated with seven big labor unions" has sent a letter to the board of Countywide Financial (CFC) asking it to sack CEO…
Secretary Geithner has been late to every party he has attended since talking over Treasury. His plans have often been tardy and full of holes. He seemed to redeem himself with the new public/private…
John Thain, former CEO of Merrill Lynch, says that Bank of America (BAC) misled investors about the timing and the amount of compensation given to Merrill’s employees. Thain put his accusation in the harshest…
The Wall Street Journal reports that federal prosecutors want to speak with former Avon Products (NYSE: AVP) CEO Andrea Jung. These prosecutors continue to investigate Avon’s compliance with the Foreign Corrupt Practices Act. Avon…
courtesy J.C. Penney Co. Inc.CNBC reported a rumor that a block of J.C. Penney Co. Inc. (NYSE: JPC) stock was for sale, with the transaction represented by Deutsche Bank. The Wall Street Journal claims the…