Former employees allege Bank of America (BAC) gave out cash bonuses and gift cards as rewards for denying loan applications and illegitimately modifying customers' files in order to make them "ineligible for loan modification," Bloomberg says. One "loss-mitigation specialist" claims staff were "regularly drilled … to maximize fees … by extending delay of the Home Affordable Modification Program process" by any available means. "At best, these attorneys are painting a false picture of the bank’s practices," a BAC spokesperson says dryly. [View news story]
The term "dryly", as it is used here, simply means: "In a matter-of-fact way." As such, use of the term is entirely appropriate and conveys nothing as to an editorial opinion regarding the truth or (un)truth of the former employees' accusations. They say "yes", Bank of America says "no."
Some details for Covidien's (COV) pharmaceuticals business spin-off (previous): Shareholders will receive one share of the new publicly traded company (Mallinckrodt) for every eight shares of COV they own. Mallinckrodt is expected to begin trading on the NYSE on July 1 (ticker: MNK). (PR) [View news story]
Treasury Shorts, Negative Repo Rates, And The Poor Money Market Funds [View article]
There is a caveat here: traders are likely borrowing these specials from primary dealers who bid at special auctions to borrow from the Fed's SOMA portfolio...so the traders are a level removed from the Fed borrowing.
Why Hyperinflation Is No Myth: The Shadow Banking Component [View article]
I really cannot stress enough that the important takeaway here is about shadow banking... I'm not sure people are getting that. Anyway, thanks for reading
Former employees allege Bank of America (BAC) gave out cash bonuses and gift cards as rewards for denying loan applications and illegitimately modifying customers' files in order to make them "ineligible for loan modification," Bloomberg says. One "loss-mitigation specialist" claims staff were "regularly drilled … to maximize fees … by extending delay of the Home Affordable Modification Program process" by any available means. "At best, these attorneys are painting a false picture of the bank’s practices," a BAC spokesperson says dryly. [View news story]
Some details for Covidien's (COV) pharmaceuticals business spin-off (previous): Shareholders will receive one share of the new publicly traded company (Mallinckrodt) for every eight shares of COV they own. Mallinckrodt is expected to begin trading on the NYSE on July 1 (ticker: MNK). (PR) [View news story]
Bernanke And The U.S. Taxpayer: Europe's Unsung Heroes [View article]
Bernanke And The U.S. Taxpayer: Europe's Unsung Heroes [View article]
Kabuki Theater: Analyzing Bernanke's Senate Testimony [View article]
Kabuki Theater: Analyzing Bernanke's Senate Testimony [View article]
The Bear Who Cried Wolf: Everything Is Fine Until It Isn't [View article]
The Bear Who Cried Wolf: Everything Is Fine Until It Isn't [View article]
Heinz Acquisition Marred By Allegations Of Insider Trading [View article]
How the Fed Could Fix The Economy -- And Why It Hasn't [View article]
Treasury Shorts, Negative Repo Rates, And The Poor Money Market Funds [View article]
Treasury Shorts, Negative Repo Rates, And The Poor Money Market Funds [View article]
Treasury Shorts, Negative Repo Rates, And The Poor Money Market Funds [View article]
Why Hyperinflation Is No Myth: The Shadow Banking Component [View article]
Why Hyperinflation Is No Myth: The Shadow Banking Component [View article]