Wall Street Still Serving Drug Cartels

By: Thursday May 22, 2014 12:38 am

One step forward two steps back? Though one Wall Street megabank, Credit Suisse, finally faced a bit of justice for criminal activity it seems there still has not been much of a change in some of the bankster community’s more unsavory practices – such as money laundering for drug cartels. First HSBC famously got off [...]

Treasury Rumors: Replacements for Geithner on Either Side a Fairly Sorry Lot

By: Monday October 1, 2012 2:11 pm

The next Administration, whoever it may be, will feature a new direction on policies around economic and finance issues. That’s because, even if Barack Obama wins re-election, Treasury Secretary Timothy Geithner has announced that he would leave his post. So you either get a Romney Presidency and an entirely new direction on these policies, or [...]

Bank of America’s Cascade of Settlement Payoffs Continue

By: Saturday September 29, 2012 8:42 am

Yesterday, Bank of America fired off one of their biggest settlements yet, spending $2.4 billion to quiet claims with investors over their purchase of Merrill Lynch. As Lehman Brothers failed in September 2008, Bank of America agreed to buy Merrill Lynch. But in the weeks after that agreement, the bank tried unsuccessfully to scrap the [...]

BofA Hid Disclosure of Merrill Losses Before Merger

By: Monday June 4, 2012 6:19 am

So here’s another revelation of fraud for your Monday morning. Gretchen Morgenson has the story: Days before Bank of America shareholders approved the bank’s $50 billion purchase of Merrill Lynch in December 2008, top bank executives were advised that losses at the investment firm would most likely hammer the combined companies’ earnings in the years [...]

BofA Taking Wikileaks Threat Seriously

By: Monday January 3, 2011 7:33 am

Bank of America has not been specifically named as a target of Wikileaks, at least not directly; everything out there is more on the order of speculation. And yet they either know something particular about that speculation or they’re just proceeding with an abundance of caution. They’ve begun a document review led by a “chief [...]

Cuomo’s Charges Against BofA: How Big Can This Get

By: Friday February 5, 2010 1:35 pm

Yesterday, New York Attorney General Andrew Cuomo filed a lawsuit against Bank of America, its former Chairman Ken Lewis and CFO Joseph L. Price on civil fraud charges, alleging that they hid information from shareholders about large losses at the investment firm Merrill Lynch, which BofA picked up in a merger, and that they lied [...]

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