Posts belonging to Category Bank of America
Posted by Page PerryonSeptember 13, 2011
Investors who bought toxic mortgage-backed bonds from Bank of America’s Countrywide, and homeowners seeking loan modifications are proposing drastic measures to better enable BofA to deal with the onslaught of their litigation without a bankruptcy or a receivership imposed by the Federal Deposit Insurance Corporation. According to a Reuters/CNBC.com article entitled “Will Bank of America […]
Categories: Asset Backed Securities, Bank of America, Brokerage Firms, CDOs, Commercial Mortgage Backed Securities, Common Securities Broker Abuses, Derivatives, Investigations, Investment Advisers, Investor Alerts, Market Developments, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonSeptember 9, 2011
Sales of structured notes issued by Bank of America have sunk to the lowest level since January 2008 as a result of investors’ concerns about the creditworthiness of the bank, according to Matt Robinson’s Bloomberg article entitled “Bank of America Structured Notes Sales Drop as Buyers ‘Shy Away.’” Similarly, credit default swaps on BofA have […]
Categories: Alternative Investments, Bank of America, Brokerage Firms, Common Securities Broker Abuses, Early Retirement Scams, Elder Abuses, Investigations, Investment Advisers, Investor Alerts, Merrill Lynch, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Structured Notes
Posted by Page PerryonSeptember 9, 2011
Bank of America is considering eliminating 40,000 positions as a first wave of cuts to occur over a period of years, partly through attrition and hiring slowdowns. According to Dan Fitzpatrick’s Wall Street Journal article entitled “BofA Cutbacks May Hit 40,000,” the reductions are expected to come largely from the consumer side of the bank.
Categories: Bank of America, Brokerage Firms, Economy, Employment Issues, Investment Advisers, Market Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonAugust 19, 2011
Bank of America will cut 3,500 jobs this quarter and at least 10,000 this year, in addition to the 2,500 jobs cut earlier this year, according to an InvestmentNews article entitled “BofA to slash 10,000 jobs: Reports.” The jobs cuts are reportedly in addition to BofA’s Project New BAC, which is another cost-cutting program. In […]
Categories: Bank of America, Brokerage Firms, Economy, Employment Issues, Market Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonJuly 12, 2011
Bank of America plans to take another $13 billion in charges related to a pending settlement with private label mortgage-backed securities investors, including the Federal Reserve Bank of New York, Pimco Investment Management, and Blackrock Financial Management, according to a Reuters article entitled “BofA to take $13 billion more in charges: Bernstein.”
Categories: Asset Backed Securities, Bank of America, Brokerage Firms, CDOs, Commercial Mortgage Backed Securities, Derivatives, Investigations, Investment Advisers, Mortgage Backed Securities, Securities
Posted by Page PerryonJuly 11, 2011
A Financial Industry Regulatory Authority (FINRA) arbitration panel in New York has awarded $880,000 to elderly clients of Phil Scott of Bank of America Merrill Lynch’s Bellevue, Washington, office, who were unsuitably 100% invested in stocks, according to Dan Jamieson’s InvestmentNews article entitled “Merrill hit for $880K arbitration award.” The arbitrators also assessed 100% of […]
Categories: Bank of America, Brokerage Firms, Common Securities Broker Abuses, Elder Abuses, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Merrill Lynch, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Unsuitable Recommendations
Posted by Page PerryonJuly 8, 2011
JP Morgan Chase will pay $228 million to settle SEC charges that it rigged nearly 100 transactions involving municipal-bond auctions, according to David Benoit’s and Jessica Holzer’s Wall Street Journal article entitled “J.P. Morgan Settles Bid-Rig Case.” There are concurrent settlement agreements with various states. The SEC has settled similar cases against Bank of America […]
Categories: Bank of America, Brokerage Firms, Common Securities Broker Abuses, Investigations, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Municipal Bonds, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS
Posted by Page PerryonJuly 1, 2011
SEC Enforcement Chief Robert Khuzami recently stated that the SEC’s decision not to charge top executives of Wall Street banks with wrongdoing in cases involving structured products was appropriate, according to Suzanne Barlyn’s Wall Street Journal article entitled “SEC: Structured-Product Cases Haven’t Reached Top Bank Officers.” According to Mr. Khuzami, top executives were not involved […]
Categories: Asset Backed Securities, Bank of America, Bank of New York Mellon, Brokerage Firms, CDOs, Citigroup/Smith Barney, Credit Default Swaps, Derivatives, Deutsche Bank, Goldman Sachs, Investigations, Investment Advisers, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Keegan, Morgan Stanley, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, UBS, Wachovia
Posted by Page PerryonJune 29, 2011
Bank of America and its Countrywide unit have reportedly agreed to pay $8.5 billion to settle claims made by a group that includes the Federal Reserve Bank of New York, Pimco Investment Management, and Blackrock Financial Management, who have been pressing the bank for a year to honor its obligation to buyback $47 billion in […]
Categories: Asset Backed Securities, Bank of America, Brokerage Firms, CDOs, Common Securities Broker Abuses, Derivatives, Investigations, Investment Advisers, Investor Alerts, Merrill Lynch, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJune 21, 2011
Best-selling “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led To Economic Armegeddon,” by Gretchen Morgenson and Joshua Rosner, “calls out greedy guys behind mortgage mess,” according to a USA Today book review by Kathryn Caravan. See also “Home Truths,” by James Freeman of the Wall Street Journal. Both reviews provide examples of how the […]
Categories: Asset Backed Securities, Auction Rate Securities, Bank of America, Bear Stearns, Bonds, Brokerage Firms, CDOs, Citigroup/Smith Barney, Commercial Mortgage Backed Securities, Common Securities Broker Abuses, Credit Default Swaps, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, Hedge Funds, Investigations, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Keegan, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, SunTrust, UBS, Wachovia, Wells Fargo
