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08 Aug 2011 11:10

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Biz: AIG sues Bank of America claiming they got massively defrauded

  • Defendants were engaged in a massive scheme to manipulate and deceive investors, like AIG, who had no alternative but to rely on the lies and omissions made.
  • A legal complaint filed by AIG • Revealing that the company, which still has a freaking massive taxpayer bill to pay off, plans to sue Bank of America for $10 billion dollars, claiming “massive fraud” on the mortgage debt AIG insured while the companies Countrywide and Merrill Lynch were still independent. (To put it simply, AIG feels that the companies lied about the quality of the debt, making them sound better than it was.) AIG is still working on paying back roughly $182.3 billion in bailouts, so the $10 billion would help. source
Posted by Ernie Smith • 0 Comments • Permalink

16 Apr 2010 10:55

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Biz: Bank of America bounces back into the win column

  • $3.2
    billion     the company’s profit in the current quarter, helped by a good quarter for controversial acquisition Merrill Lynch
  • $2.2
    billion     the company’s loss throughout all of 2009 – the credit crisis and Merrill Lynch buyout were blamed source
Posted by Ernie Smith • 0 Comments • Permalink

08 Feb 2010 10:18

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Biz: CIT Group’s new CEO, John Thain, knows a thing or two about bailouts

  • $6
    million     amount of money John Thain will make in his first year as CEO for the emerging-from-bankruptcy small business creditor CIT Group
  • $15
    billion     amount of money Merrill Lynch lost on his watch in the fourth quarter of ’08; is this really the right guy for this particular job? source
Posted by Ernie Smith • 0 Comments • Permalink

20 Jan 2010 09:22

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Biz: Bank of America lost the TARP, posted huge losses. Coincidence?

  • $2.2B in losses this year, despite a strong upswing at formerly faltering Merrill Lynch
  • $4B the amount Bank of America spent on killing off those pesky bailout funds
  • $5.6B the amount Bank of America lost at its global credit cards division; oof source
Posted by Ernie Smith • 0 Comments • Permalink

30 Sep 2009 20:00

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Biz: Bank of America CEO Ken Lewis sure regrets that Merrill Lynch merger

Lewis will be retiring at the end of the year, the victim of months of heavy scrutiny – by regulators and investors – of the failed merger. source
Posted by Ernie Smith • 0 Comments • Permalink

11 Jun 2009 10:43

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Biz: Was Bank of America strong-armed into taking on Merrill Lynch?

  • A buncha e-mails say yes. Remember the fun times of about eight months ago, when the economy was going in the basement and all these unlikely mergers of huge financial firms happened? Well, Bank of America’s takeover of Merrill Lynch was one. And according to e-mails between the feds and the firm, they may have been pressured into it by Federal Reserve Chairman Ben Bernanke. After the deal went through, BofA’s shares took a nosedive and the government had to bail them out big time. source
Posted by Ernie Smith • 1 Comment • Permalink
 
 
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