Apr. 26, 2009, 7:50 AMDon't fool yourself into thinking the government's strong-arming of Bank of America (BAC) CEO Ken Lewis into following through with the Merrill deal is a one-off, Mike Stathis warns. "This is just the tip of the iceberg. There are (and continue to be) many more hidden negotiations and power plays from behind the scenes regarding the bank bailouts, seizures and bankruptcies." | 14 Comments
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Apr. 23, 2009, 11:40 AMNew York AG Cuomo releases documents relating to the Merrill/Bank of America (BAC) probe. "While the investigation initially focused on huge fourth quarter bonus payouts, we have uncovered facts that raise questions about the transparency of the TARP program, as well as about corporate governance and disclosure practices at Bank of America." | Comment!
Apr. 23, 2009, 10:03 AM
Apr. 23, 2009, 8:24 AMKen Lewis (BAC) says Paulson and Bernanke pressured him to stay quiet on the troubled Merrill acquisition. From February's testimony before NY AG Cuomo:
Q: Were you instructed not to tell your shareholders what the transaction was going to be?
A: I was instructed that 'We do not want a public disclosure.'
Q: Who said that to you?
Q: Had it been up to you would you [have] made the disclosure?
A: It wasn't up to me.
Q: Had it been up to you.
A: It wasn't.
More from Tom Lindmark. | Comment!
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Apr. 21, 2009, 9:00 AMPremarket gainers: ELX +43%. THC +23%. COH +8%. HOGS +7%. GM +5%. UNH +4%.
Losers: ZION -24%. HBAN -23%. FITB -16%. NTRS -14%. KEY -12%. BJS -12%. RF -12%. MGM -11%. ETFC -11%. IFX -11%. BAC -10%. BRCM -9%. BK -9%. C -8%. DT -8%. STT -8%. LVS -7%. DOW -6%. APOL -6%. STI -6%. COF -5%. PUK -5%. HIG -5%. CAT -5%. PNC -5%. | Comment!
Apr. 21, 2009, 8:39 AMPre-excerpts from Geithner's testimony this morning:
- Geithner says Treasury has disbursed $152.4B to AIG, C, BAC, Chrysler, GM
- Geithner says expects to disburse $218B of $250B available under capital purchase program
- Geithner says expects to spend all $220B available for housing, liquidity initiatives
- Geithner says Treasury has resources to move forward to implement all aspects of financial stability plan | 1 Comment
Apr. 21, 2009, 8:39 AM
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Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, it provides banking and non-banking financial services and products throughout the United States and in selected international markets.
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