tagged w/ Bank of America
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This is unbelievable. Though I suppose it was just a matter of time before the Hollywood moguls figured out a way to get their hands on some of that U.S. goverment bailout money, albeit indirectly. But why in the world are American taxpayers helping foot the bill to promote a big-budget 3-D DreamWorks Animation movie? Well, it appears the reason is because the president of the Jeffrey Katzenberg-led Hollywood animation studio just happens to be Bank of America's former Vice Chairman and CFO.This is unbelievable. Though I suppose it was just a matter of time before the... more
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gooma2
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8 months ago
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Commissions are often created to defer tough decisions; to forge a consensus around a hard solution to a genuine problem; and, rarely, actually to delve into underlying facts. The Angelides commission (http://www.nytimes.com/2009/07/16/business/16inquiry.html?_r=1), officially chartered by Congress this summer as the Financial Crisis Inquiry Commission, has the chance to be that third kind of commission, gathering the missing empirical data on fundamental questions that can guide future decision-making.
We already know an awful lot more about what happened last year than we did in 1932, when the legendary Pecora commission(http://en.wikipedia.org/wiki/Pecora_Commission) was created to investigate the Wall Street crash. We know the fundamental violations of sound banking practice and regulatory failures that brought us to the precipice. Yet there are still critical areas that would benefit from the commission's detailed analysis: four structural issues that have not yet received adequate attention and one particular transaction that is still highly ambiguous.Commissions are often created to defer tough decisions; to forge a consensus around a... more
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Bank of America recently announced that it will be charging some of its credit card customers an annual fee starting next year. The fee will range from $29 to $99 and will be charged to accounts based on "risk and profitability". This means that customers who never carry a balance or incur late fees could be targeted among those getting fee notices. According to a letter sent to Bank of America credit-card customers, they are "making this change in response to market conditions, new federal laws and regulations, and the increasing costs of providing unsecured credit." Customers have the option for rejecting the fee, but will have their accounts closed as a result. With 80.2 million credit cards in circulation last year, Bank of America is the third-largest credit card issue in America.Bank of America recently announced that it will be charging some of its credit card... more
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Via National People's Action, here is some footage from the protesters at the ABA conference. From the footage, it's clear there are some strong emotions from the protesters.
At one point a protester grabs a megaphone and says:
"The American Bankers Association has helped loosen the rules that protect us, allowing the unfettered greed that has brought us to the brink of a recession. And for those bankers who are members and support the ABA's war against the working and middle class, shame on you!"
The crowd soon begins chanting "Shame On You!" in unison.
Via Progress Illinois' Twitter feed, here's more video of Sen. Durbin's speech. In this section, he calls for a "showdown" with Wall Street.
According to the Twitter feeds of National People's Action and the SEIU, the protesters are headed to the ABA's "Roaring '20s"-themed cocktail party. (Perhaps the ABA is not aware of the irony of having such an event.)
Sen. Dick Durbin spoke in front of the protesters earlier today. Here's a clip from the video, in which Durbin tells the story of homeowner who was struggling to stay in her home -- and was apparently talked into agreeing to a seemingly atrocious mortgage. The woman's mortgage was riddled with hidden fees and by, "the types of things even a Wall Street lawyer couldn't explain to anyone," Durbin said.
The American Bankers Association's annual convention in Chicago has become the scene for a series of major protests, which are set to continue through Tuesday. Dubbed "the Showdown in Chicago." (http://www.showdowninchicago.org/index.html) (Check back here frequently for updates on the protests.)
Groups like the National People's Action, the Service Employees International Union, Americans For Financial Reform and the AFL-CIO are expected to turn out with thousands of protesters. Sen. Richard Durbin (D - Illinois) is scheduled to address the protesters Sunday evening. Conference speakers include Newt Gingrich, conservative columnist George Will and FDIC chairman Sheila Bair.
Check out these photographs of the "Showdown in Chicago," taken by organizers of the protest.
http://www.huffingtonpost.com/2009/10/25/showdown-in-chicago-prote_n_333245.htmlVia National People's Action, here is some footage from the protesters at the ABA... more
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A senior administration official said on Sunday that after extensive consultations with Treasury Department officials, Representative Barney Frank, the chairman of the House Financial Services Committee, would introduce legislation as early as this week. The measure would make it easier for the government to seize control of troubled financial institutions, throw out management, wipe out the shareholders and change the terms of existing loans held by the institution.A senior administration official said on Sunday that after extensive consultations... more
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The White House is calling for pay cuts for top ranking executives at the companies that received bailout funds (AIG, GM, Chrysler, Chrysler Financial, Bank of America, Citigroup, and GMAC). The administration wants the top 25 highest paid executives of these companies to take a 90% pay cut from last year. But the administration isn't stopping there. It also wants to reduce the amount of perks and bonuses executives can receive.
Does this mean that business executives will start to live like regular people?The White House is calling for pay cuts for top ranking executives at the companies... more
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Got a gripe with Bank of America? Put it on YouTube.
Ben Frasier of Douglas, Ore. said in a YouTube video that he wouldn't make any more payments on a $30,000 personal line of credit unless Bank of America would let him settle up with a lump sum.
Bank of America wasn't interested in the offer when Frasier made it over the phone. But after he made his demand publicly, and it received some media attention, Bank of America made an offer that Frasier is happy with.
The video-sharing website has become an effective complaint department for angry customers willing to put their faces to a declaration of "debtors revolt!" Ann Minch of Red Bluff, Calif., did it first in September, when she refused to pay a credit card debt unless Bank of America lowered her rate. After her story went viral, Bank of America agreed to her demand. And Darren Bryant of Pensacola, Fla., won attention from the bank within four hours of "going YouTube" after he wasted 20 hours calling the bank to no avail.
Another person uploads a "debtors revolt" rant against Bank of America and other big banks almost every day.
Bank of America is also known as Skank of America.Got a gripe with Bank of America? Put it on YouTube.
Ben Frasier of Douglas, Ore.... more
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Unwelcome memos thudded onto desks this week. America's once proud corporate titans, still in business thanks to government bail-outs, have tightened up on expenses to satisfy the US treasury.
Under the terms of government aid programs, companies ranging from Bank of America to AIG, Chrysler and General Motors have been obliged to issue formal policies on staff expenses. The result, in many cases, is a vaguely worded statement but a few specifics are worthy of note.Unwelcome memos thudded onto desks this week. America's once proud corporate titans,... more
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For those of you worried about Ken Lewis' financial well-being since his announcement on Wednesday night that he was stepping down as Bank of America's CEO, rest easy: he's set to walk away with a $53 million pension plan. Fortune reports that this money will come from a pension plan, frozen years ago, that awarded certain top executives with extra benefits.
Ironically, BofA decided to freeze this so-called supplemental executive retirement plan at the same time it got rid of golden parachutes, citing the need to better align executive compensation with investor returns. By any measure, those have been poor at BofA of late....
But before BofA made its compensation switch, Lewis had participated for more than a decade in the supplemental pension plan -- racking up the more than $50 million supplemental plan account.
That $53 million isn't all Lewis will be walking away with -- in addition to retirement benefits, there are millions in accumulated stock and other compensation. As the Fortune piece notes, assessing Lewis' "walking away pay is an inexact science." A Reuters piece puts Lewis' total at $125 million, and adds that he may be facing a "reckoning with the U.S. government's pay czar [Kenneth Feinberg]."
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Leading up to his retirement, Lewis was under siege for months over his handling of BoA's takover of Merril Lynch and the billion dollar bonuses awarded to Lynch execs just before the company came under BoA's control.For those of you worried about Ken Lewis' financial well-being since his announcement... more
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Bank of America Corp. says its embattled CEO Ken Lewis will retire from the bank by the end of the year.
The bank has issued a statement Wednesday saying Lewis would also leave the board of the bank.
Lewis and Bank of America have been the targets of intense criticism since the bank agreed to buy Merrill Lynch & Co. at the height of the financial crisis last year. Since the deal closed Jan. 1, it was learned that Merrill, with the knowledge of Bank of America executives, gave billions of dollars in bonuses to employees even as it asked for more bailout money from the government.Bank of America Corp. says its embattled CEO Ken Lewis will retire from the bank by... more
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Have you ever felt like David when going up against the Goliath that is most major banks?
Well, some customers fed up with high banking fees and interest rate hikes are taking to the internet to rail against their banks.
Ann Minch of California posted a YouTube video after Bank of American raised the interest rate on her credit card from 13 percent to 30 percent.
She vowed not to pay them one more cent until they changed her rate back.
More than 250,000 people viewed her video and many posted their own complaints against their banks.
Bank of America called her and changed her rate back.
How’s that for results? Watch the CBS Evening News tonight and we will show you how consumers are being heard and how two major banks are lowering fees because of it.
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I think this is awesome! What if it starts a pissed-off-consumer uprising? Or perhaps this will be forgotten by others, or maybe banks will decide to overlook further videos like this. I wonder how much of an impact these videos will have on American banks, or if they will have any further impact at all. What do you think?Have you ever felt like David when going up against the Goliath that is most major... more
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In the 20 years since filmmaker Michael Moore entered the stage with Roger & Me, which centered on his Quixotic quest to nail an interview with then General Motors chairman Roger Smith, he has improved slightly as a filmmaker. At 91 minutes, Roger & Me seemed to go on forever. At 120 minutes, Capitalism, A Love Story, is at least not boring. Although billed as a documentary it is instead a propaganda film – as much as is Leni Riefenstahl’s Triumph of the Will.In the 20 years since filmmaker Michael Moore entered the stage with Roger & Me, which... more
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writa
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added this
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2 months ago
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Bank of America and JPMorgan Chase, two of the nation’s biggest banks, announced plans on Tuesday to drastically overhaul their debit card programs by lowering or eliminating fees, changing the way they credit transactions and allowing customers to opt out of overdraft protection.
The moves come as lawmakers and regulators in Washington push proposals to reform what critics say are excessive charges of which consumers are unaware. The penalties, known as overdraft fees, bring the banking industry tens of billions of dollars in revenue annually.
Bank of America said it would allow current customers to turn off the ability to spend when their account hits zero, starting Oct. 19. Next June, the bank plans to limit the number of times each year that current customers can overdraw their accounts when using a debit card at a store. It will let new customers choose whether they want overdraft protection when they are opening their account.
Chase plans to eliminate by the first quarter of next year a common industry practice that enraged many consumers. Instead of lumping a day’s worth of debit card and A.T.M. transactions together and then processing the highest amounts first — a practice that has caused large numbers of consumers to overdraw more quickly and pay more fees — it will credit the transactions chronologically. Chase also plans to allow customers to opt out of overdraft coverage.Bank of America and JPMorgan Chase, two of the nation’s biggest banks, announced... more
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A South Carolina Bank of America branch is drawing criticism Thursday after an employee reportedly ordered the removal of American flags placed to honor a fallen Marine over fears that people would be offended.A South Carolina Bank of America branch is drawing criticism Thursday after an... more
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synjun
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added this
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2 months ago
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Bank of America Corp., the biggest U.S. bank, said it will pay the government $425 million to cancel an unused guarantee of Merrill Lynch & Co.’s assets and cut reliance on federal support after two bailouts.
The payment would end a dispute over what the bank owes the U.S. for a promise to help absorb losses on $118 billion of holdings, mostly at Merrill Lynch. The federal guarantee helped seal Bank of America’s takeover of the New York-based brokerage after fourth-quarter losses spiraled past $15 billion. While the accord was announced in January, an agreement was never signed and the bank resisted paying.Bank of America Corp., the biggest U.S. bank, said it will pay the government $425... more
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American hero, Ann Minch, told Bank of America to stuff it when they raised her credit card interest rate. Her YouTube video persuaded the financial giant to reconsider hitting her with usurious interest rates.American hero, Ann Minch, told Bank of America to stuff it when they raised her credit... more
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I consider myself a smart person, but I cannot understand for the life of me what these couple of sentences say.I consider myself a smart person, but I cannot understand for the life of me what... more
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The case involved $3.6 billion in bonuses that were paid by Merrill Lynch late last year, just as that firm was about to be merged with Bank of America. Neither company provided details of the bonuses to their shareholders, who voted on Dec. 5 to approve the merger.
The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank’s shareholders, who were the ones that were supposed to have been injured by the lack of disclosure.
“It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims’ money should be used to make the case against the management go away,” the judge wrote.The case involved $3.6 billion in bonuses that were paid by Merrill Lynch late last... more
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Taylor, Bean and Whitaker Mortgage Company filed for bankruptcy earlier this August, and problems for the customers continue. The latest news comes from the Director of Mortgage Supervision at the Georgia Department of Banking and Finance: Bank of America is going to take over the servicing rights for FHA loans and Ginnie Mae loans previously held by Taylor Bean and Whitaker Mortgage Company.Taylor, Bean and Whitaker Mortgage Company filed for bankruptcy earlier this August,... more
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Bank of America tries to settle with the SEC federal judge postpone settlement for Merrill Lynch Bonus payout, also America's banks are making alot of money from overdraft fees, and Ebay is now selling GM vehicles on the internet. Enjoy the broadcast and for more please visit www.hotchickstockpicks.comBank of America tries to settle with the SEC federal judge postpone settlement for... more
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