Bank of America

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BofA Knew of Merrill's $4B Bonuses

Private bonus agreement backs up Thain's claim that Bank of America was aware of payouts

(Newser) - Ousted Merrill Lynch boss John Thain appears to have been speaking the truth when he said Bank of America knew all about Merrill's controversial December bonuses, the Wall Street Journal reports. A copy of a private bonus agreement obtained by the Journal shows that the two firms agreed on a...

Stocks Mixed, Dow Down 64
 Stocks Mixed, Dow Down 64 
MARKETS
Feb 2, 2009 3:06 PM CST

Stocks Mixed, Dow Down 64

Banks, manufacturing weigh on blue-chip index

(Newser) - Stocks ended mixed today amid a slew of reports of declining earnings and slashed forecasts, the Wall Street Journal reports. Bank shares and manufacturers like Boeing, 3M, and GM led the Dow’s decliners, pushing the index down 64.11 to close at 7,936.75. Tech stocks saw modest...

Stocks Follow Europe Down
 Stocks Follow Europe Down 
MARKET Open
Feb 2, 2009 8:49 AM CST

Stocks Follow Europe Down

Dow dives 110 on heels of big declines overseas

(Newser) - US stocks fell at today’s open, tracking big declines overseas, the Wall Street Journal reports. The Dow was off 110 points, while the S&P and Nasdaq fell 1.2% and 0.9% respectively. Among the big losers were Bank of America, down 7%, and Citigroup, down 6.5%,...

NY AG May Claw Back $4B Merrill Bonuses

Cuomo expands probe into Merrill's handling of pre-takeover handouts

(Newser) - New York Attorney General Andrew Cuomo is considering action ordering the return of $4 billion in early bonuses Merrill Lynch handed out to staff just before its bailout-backed takeover by Bank of America, an insider tells Bloomberg. Cuomo has widened his probe into the bonuses and aims to find out...

Dow Up 201 on Fed News
 Dow Up 201 on Fed News 
MARKETS
Jan 28, 2009 3:10 PM CST

Dow Up 201 on Fed News

Obama plan for 'bad bank' inspires confidence

(Newser) - The Fed’s announcement today that it will keep target rates near zero sustained a rally led by financials, the Wall Street Journal reports. Financials continued to rise off the Obama administration’s plan to create a “bad bank” to buy toxic assets, with the Financial Select Sector Fund,...

Stocks Soar on Bank Hopes
 Stocks Soar on Bank Hopes 
MARKET Open
Jan 28, 2009 8:52 AM CST

Stocks Soar on Bank Hopes

(Newser) - Stocks skyrocketed at today's open, spurred by reports that the Obama administration would likely form a “bad bank” to buy up illiquid assets. The Dow jumped 110 points, and the S&P and Nasdaq gained 1.9% and 1.8% respectively. Banking stocks led the way, with Citigroup leaping...

Ousted Thain Subpoenaed on Early Merrill Bonuses

NY attorney general also calls BoA exec in probe of banks and TARP funds

(Newser) - New York’s attorney general issued a subpoena today to force John Thain to testify about his acceleration of bonus payments for Merrill Lynch employees last month, the Financial Times reports. A subpoena was also issued to a Bank of America executive thought to have consulted with Thain—then Merrill’...

Pfizer Deal's $22.5B in Loans Hasn't Unlocked Credit

$22.5B loan in deal to acquire Wyeth comes at 7-9% interest, and lenders can walk

(Newser) - Think Pfizer’s $68 billion deal to buy Wyeth, financed in part with $22.5 billion in loans, means credit markets have thawed? Think again, the Wall Street Journal reports. Pfizer’s lenders—including JPMorgan, Bank of America, Goldman, and Citigroup—are charging high interest (7%-9%, with loans due in...

Ousted Thain to Repay $1.2M Spent on Office

Lush renovation was a 'mistake,' says ex-Merrill CEO

(Newser) - Former Merrill Lynch CEO John Thain says he’ll repay the $1.2 million he spent on office renovations last year, Bloomberg reports. “The expenses were incurred over a year ago in a very different environment,” Thain wrote in a memo to Merrill execs. “They were a...

Big Banks' Lending Drops Despite Bailout Cash
Big Banks' Lending Drops
Despite Bailout Cash
ANALYSIS
Jan 26, 2009 10:23 AM CST

Big Banks' Lending Drops Despite Bailout Cash

Banks say funds can't go straight to loans, and recession cuts down on would-be borrowers

(Newser) - Lending is down at some of the biggest beneficiaries of the $148 billion the Treasury hoped would get US banks lending again, the Wall Street Journal reports. Of 13 banks to receive major government backing, 10 saw a decline in their outstanding loan balances between the third and fourth quarters...

Nationalizing Banks Looks More and More Likely
Nationalizing Banks Looks More and More Likely
Analysis
Jan 26, 2009 9:35 AM CST

Nationalizing Banks Looks More and More Likely

Case for Nationalization grows

(Newser) - Team Obama is coming closer and closer to using the N-word they've been studiously avoiding: nationalize. Already the government is the top shareholder at both Bank of America and Citigroup, and with both banks in freefall, many think buying the rest is the only option. “I would guess that...

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

(Newser) - The swanky Davos economic summit was once a top destination for financial and economic power players, but many are skipping the glitz this year for fear of sending the wrong message in a tanking economic climate, Reuters reports. Treasury secretary-designate Timothy Geithner is sitting out the resort event, as are...

Pfizer Snaps Up Wyeth for $68B
 Pfizer Snaps Up Wyeth for $68B 
Jan 26, 2009 6:11 AM CST

Pfizer Snaps Up Wyeth for $68B

Merger would be largest pharma deal since GlaxoWellcome-SmithKline 2000 merger

(Newser) - The world’s largest drugmaker, Pfizer, is poised to become even more gargantuan after it agreed early this morning to buy rival Wyeth for $68 billion, reports the Wall Street Journal. In the first major merger to hit Wall Street in months, Pfizer will borrow $22.5 billion from four...

Thain Debacle Stings BofA Chief
Thain Debacle Stings
BofA Chief
ANALYSIS
Jan 23, 2009 5:25 PM CST

Thain Debacle Stings BofA Chief

(Newser) - John Thain may have lost his job running Merrill Lynch, but woe to the CEO who dared merge with him, the Economist reports. Thain no doubt trashed his reputation by failing to tell BofA chief Ken Lewis about looming losses—and handing out multimillion-dollar bonuses in the meantime—but Lewis,...

Dow Ends Blah Week Down 45
 Dow Ends Blah Week Down 45 
MARKETS
Jan 23, 2009 3:42 PM CST

Dow Ends Blah Week Down 45

Financials see gains for the day

(Newser) - Stocks were mixed today as bargain buying in the financial sector bolstered some amid a torrent of poor earnings and outlooks from GE, Xerox, Harley Davidson, and AMD, MarketWatch reports. The Dow fell 45.24 points to close at 8,077.56. The Nasdaq gained 11.80, closing at 1,...

Dow Falls 105 on Banks, Tech
 Dow Falls 105 on Banks, Tech 
MARKETS
Jan 22, 2009 3:23 PM CST

Dow Falls 105 on Banks, Tech

Jobs and housing data also dismal

(Newser) - Poor economic data and turmoil in the banking and tech sectors pushed stocks lower today, MarketWatch reports. Bank of America fell 13.3% after CEO Ken Lewis dismissed John Thain amid mounting losses in the wake of BoA’s merger with Merrill Lynch. The Dow closed down 105.30 at...

Thain to Leave BofA After Record Losses

(Newser) - Former Merrill Lynch CEO John Thain, who became a top exec at Bank of America when the firms merged last year, will resign from his position, CNBC reports. The move comes a week after Bank of America posted its first quarterly loss in 17 years, widely attributed to poor information...

Financials Kick Dow Up 279
 Financials Kick Dow Up 279 
MARKETS
Jan 21, 2009 3:22 PM CST

Financials Kick Dow Up 279

Stocks rebound after dismal Inauguration Day

(Newser) - A rebound in the financial sector today and qualified confidence in President Obama’s stimulus plan drove stocks to recover some of yesterday’s large losses, MarketWatch reports. The Dow gained 279.01 to close at 8,228.10. The Nasdaq added 66.21, closing at 1,507.07, and...

Dow Tumbles 332, Below 8,000
 Dow Tumbles 332, Below 8,000 
MARKETS
Jan 20, 2009 3:21 PM CST

Dow Tumbles 332, Below 8,000

Obama inauguration can't break Street's gloom

(Newser) - A spirit of optimism swept through America today as Barack Obama was sworn in—except on Wall Street, where financial trouble at home and in the UK sent the Dow below 8,000 for the first time since November, the Journal reports. The Dow fell 332.13 to close at...

Dow Gains 68 Despite Banks
 Dow Gains 68 Despite Banks 
MARKETS
Jan 16, 2009 3:29 PM CST

Dow Gains 68 Despite Banks

Options expirations cause market volatility

(Newser) - US stocks clawed back to gains today amid turmoil in the financial sector and volatile price swings stemming from the expiration of January options contracts, MarketWatch reports. Although 100 points off its open at midday, the Dow finished with a gain of 68.73, to 8,281.22. The Nasdaq...

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