Dec. 1, 2010 at 5:36 p.m.
Filed under:
Bank failures,
Banking,
Insurance,
Policy,
Politics
By Reuters
Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill, April 27, 2010. (Jim Watson/AFP/Getty Images)
Goldman Sachs, Citigroup and other big U.S. banks repeatedly sought help from the Federal Reserve during the financial crisis, according to data on Wednesday that showed just how precarious their situation was at the time.
Many of the firms now boasting solid profits had to rely on funding from the U.S. central bank, which essentially acted as the glue holding the financial system together in the tumultuous months that followed the bankruptcy of Lehman Brothers in September 2008.
Citigroup, Morgan Stanley and Merrill Lynch, now part of Bank of America, were the three biggest recipients of the Fed’s key emergency lending programs, according to a Reuters analysis of Fed data. Goldman Sachs was sixth on the list, contradicting claims from its top executives that the firm always had plenty of cash on hand. Get the full story »
Dec. 1, 2010 at 10:02 a.m.
Filed under:
Banking,
Investigations
By Reuters
Bank of America has no evidence that it is the target of alleged plans by website WikiLeaks to disclose confidential data and that thousands of the bank’s internal documents have already been scoured by lawmakers and regulators, a top executive said Wednesday. Get the full story »
Nov. 30, 2010 at 5:14 p.m.
Filed under:
Banking,
Investigations
By Associated Press
Bank of America Corp. stock fell Tuesday afternoon on speculation that it might be the target of a WikiLeaks document release early next year.
Nov. 30, 2010 at 2:44 p.m.
Filed under:
Banking,
International,
Internet
By Dow Jones Newswires
A big U.S. bank is the target of the next megadata dump by WikiLeaks, the online site that this week released a trove of confidential U.S. diplomatic cables from around the world. In an interview with Forbes, WikiLeaks’ Julian Assange compared the upcoming release, scheduled for next year, to the damaging emails that came out after the collapse of Enron Corp. He did not identify the bank.
That’s not stopping others from speculating.
Get the full story »
Nov. 19, 2010 at 12:18 p.m.
Filed under:
Commercial real estate,
Real estate
By Sandra M. Jones
Pedestrians walk down State Street past an empty store front in the Block 37 Shops. (Keri Wiginton/Chicago Tribune)
Joseph Freed and Associates will no longer own the star-crossed Block 37 mall in the heart of downtown Chicago, a Cook County Circuit Court ruled Friday, bringing to close a year-long effort by banks to foreclose on the troubled property.
The Chicago-based developer has been ordered to turn over ownership of the high-profile shopping center to a group of banks led by Bank of America on Dec. 17, after documents related to the sale of the property are presented to the court and approved, according to Freed spokeswoman Jayne Thompson. Get the full story »
Nov. 17, 2010 at 1:58 p.m.
Filed under:
Bank failures,
Banking,
Bankruptcy,
Economy
By Reuters
Bank of America was ordered by a U.S. judge to return $500 million of deposits it seized from Lehman Brothers Holdings shortly after Lehman’s bankruptcy. Get the full story »
Nov. 16, 2010 at 11:16 a.m.
Filed under:
Banking,
Mortgages,
Real estate,
Updated
By Reuters
A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America said on Tuesday.
The call for a settlement by Bank of America CEO Brian Moynihan was followed by comments from Iowa Attorney General Tom Miller, who told a Senate hearing that a settlement with lenders was still months off.
“We’re thinking in terms of months rather than a year or longer but it depends really on how far we get,” said Miller, who is heading up a probe by all 50 state attorneys general. Get the full story »
Nov. 11, 2010 at 1:08 p.m.
Filed under:
Banking,
Litigation,
Real estate
By Reuters
Bank of America Corp. has urged a federal judge to throw out a racketeering lawsuit over its alleged use of “robo-signers” in foreclosures.
The largest U.S. bank said Indiana plaintiffs who lost their home to foreclosure in 2009 failed to show they were harmed by its alleged practice of routinely submitting perjured affidavits, given they might have lost their home anyway. Get the full story »
Nov. 11, 2010 at 6:18 a.m.
Filed under:
Real estate
By Mary Ellen Podmolik
A sharp uptick in initial foreclosure filings in Illinois meant the state did not follow the pattern of the nation as a whole, which saw a 4 percent decrease in foreclosure filings in October.
The number of homes that received an initial notice of default in Illinois, the first step in the foreclosure process, rose 24 percent in October, to 8,388 Illinois homes, from 6,780 in September. Altogether, the number of all types of foreclosure filings in Illinois totaled 16,969 last month, an increase of almost 7 percent from September but down almost 15 percent from a year ago. Get the full story »
Nov. 8, 2010 at 5:42 a.m.
Filed under:
Banking,
Credit Cards
By Dow Jones Newswires-Wall Street Journal
Less than a year after the passage of new laws limiting banks’ ability to impose certain fees on credit and debit cards, Bank of America Corp., Discover Financial Services, J.P. Morgan Chase & Co. and other lenders are using different tactics to boost their fee income.
Some are raising minimum payments on certain customers’ accounts in order to increase late penalties. Others are ramping up credit-protection insurance programs and charging customers for coverage without permission. Still others are pushing aggressively into high-fee prepaid cards, which are exempt from most of the new rules. Get the full story »
By Reuters
Shares in Research In Motion slipped more than 3 percent on Friday morning as investors fretted the BlackBerry smartphone’s stranglehold on corporate communications was being eroded by rival devices. Get the full story »
Nov. 3, 2010 at 5:39 p.m.
Filed under:
Autos,
IPOs
By Reuters
General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.
GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.
The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »
Oct. 25, 2010 at 7:33 a.m.
Filed under:
Real estate
By Reuters
Bank of America Corp acknowledged some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases, the Wall Street Journal said. The bank found errors in 10 to 25 out of the first several hundred foreclosure it examined starting last Monday, the newspaper said. Get the full story »
Oct. 19, 2010 at 7:35 a.m.
Filed under:
Banking,
Earnings
By Associated Press
Bank of America Corp. said Tuesday it lost $7.65 billion during the third quarter due to a charge related to credit and debit card reform legislation passed over the summer.
Oct. 18, 2010 at 2:40 p.m.
Filed under:
Banking,
Real estate
By Associated Press
Bank of America says it plans to resume foreclosures in 23 states next week and will refile paperwork for 102,000 cases. Get the full story »
