It was a surprise when Ken Lewis, the CEO of Bank of America (BAC), finally resigned. Neither shame nor pressure could move him out of his corner office. He was replaced as…
CNBC is reporting that Bank of America (BAC) CEO Ken Lewis will step down by the end of the year. There have been a number of reports in the past that he…
Douglas A. McIntyre The IMF issued its Global Financial System report and one of the most critical points of its analysis is that banks face another $1.5 trillion in writedowns. That is on top of…
Reuters: China celebrated 60 years of communist rule as a capitalist economy. Reuters: The IMF cut global debt write-offs to $3.4 trillion. Reuters: CIT (CIT) is close to a deal to give…
Reuters: China may hold the key to a sanctions program against Iran. Reuters: The head of the AIG (AIG) unit that caused most of the firm’s losses is back in US. Reuters: The…
Well, back in the history of American finance, the public and some members of Congress were lead to believe that Bank of America (BAC) bought Merrill Lynch as a way to save…
Douglas A. McIntyre Stress tests of the balance sheets of Europe’s twenty-two largest banks shows that they have credit losses that will reach a total of $587 billion between this year and next. The analysis…
The stock market did not fall apart at the seams, but it did very poorly on news that existing home sales dropped last month by 2.7% to a rate of 5.1 million.…
Douglas A. McIntyre Short sellers posted a mixed record on big banks. Short interest in Citigroup (C) plunged by 73% to 177.5 million shares. The short interest in Bank of America (BAC) was down 18% to…
It may be a decade or more from now, but the time will come when there are no bank branches at all. Broadband will be in 90% of American homes. Banking will…
The legal issue of attorney-client privilege is heating up as Bank of America (BAC) is turning some documents over to a Congressional committee that wants details of the bank’s buyout of Merrill…
Douglas A. McIntyre Reuters: A dispute over tires is making trade talks among G20 nations difficult. Reuters: Bank of America (BAC) will give Congress documents about Merrill. Reuters: Th G20 is looking at ways to…
Bank of America Corporation (NYSE: BAC) has a couple of issues on the legal and regulatory front for this week. Last night, it announced that it has reached an agreement with the…
Douglas A. McIntyre “We think that the American taxpayer will be fully repaid” under the company’s plan”—Ed Liddy, AIG CEO, May 13, 2009 “At the end of the day, we believe we will be able…
Reuters: Obama pushed his economic message before the G20 summit Reuters: A Senate panel took up healthcare legislation. Reuters: Bank of America (BAC) missed a deadline for supplying information from Congress and…
