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glaserdx

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  • Bank Of America: Getting Lean, Mean And Sexy [View article]
    As we know, BAC was sued by the U.S. for allegedly hiding risks from investors in a 2008 deal for $850 million of bonds backed by residential mortgages.

    The lawsuits could hinder Chief Executive Officer Brian T. Moynihan’s effort to end fallout from the 2008 credit crisis and purchases of Countrywide Financial and..... Merrill Lynch & Co.
    Aug 31 11:17 AM | 1 Like Like |Link to Comment
  • Bank Of America: Getting Lean, Mean And Sexy [View article]
    A bit of history:

    In September 2007, during the sub-prime crisis, Merrill Lynch announced losses of $8 billion.

    CEO Stan O'Neal "confessed" Merrill's exposure to subprime mortgage-backed CDOs, and saw that the firm would have to be sold in order to survive.

    Note that prior to the suprime blow up, O'neal had been paid roughly $25mm per annum in total compensation in recognition for the company's outstanding profit growth the previous 3-4 years--virtually all smoke and mirrors.

    O'Neal approached a number of banks about a possible merger, without first obtaining the approval of Merrill's Board of Directors, which led to his ouster.

    O'Neal walked away with a golden parachute compensation package that included Merrill stock and options valued at $161.5 million at the time.

    In 2008, Merrill was forced to merge with BofA.
    Aug 31 10:32 AM | 1 Like Like |Link to Comment
  • Bank Of America: Getting Lean, Mean And Sexy [View article]
    People losing jobs may mean the business becomes more efficient which may increase profits as senior management shares none of the pain
    Aug 30 06:00 PM | 2 Likes Like |Link to Comment
  • Bank Of America: Getting Lean, Mean And Sexy [View article]
    QTR,
    In your own words "likely to give investors pause when they see the headline" is exactly what you sought to accomplish in the headline to this article.

    The headline is overused, trite, and simply an attention grabber.

    It goes without saying that layoffs are part of doing business; that was not DK1970's objection. I believe his objection is to the crass and insensitive attitude ... oh sorry, that's business-like attitude...conveyed in your writing, right Buddy?
    Aug 30 05:47 PM | 2 Likes Like |Link to Comment
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