First Republic Bank Goes Independent
Bank of America agrees to sell
Bank of America says it will sell First Republic Bank, but BofA assures the public that the purpose of the sale is not to meet the government’s capital requirements. The San Francisco Chronicle reports that in May the government ordered Bank of America to raise [...]
Credit Cards Newest Area of Potential Problems for Banks
Banks and credit cards
Banks have suffered through the recession with huge mortgage industry defaults, but a new fear that credit cards will do the same is looming. Ken Lewis, Bank of America CEO, stated he believes that despite the government’s $700 billion rescue program, it will be “an awful year” [...]
Banks Ready to Absorb Defaulting Credit Cards Next
The banking industry
Banks are bracing for their next big hit—defaulting credit cards. The mortgage world has taken its toll on the banks. Bank of America CEO Ken Lewis already warned Congress that despite the billion-dollar bailout, banks will have an “awful year” because of the credit card industry.
Of almost $76 [...]
What is a MAC Clause and Will it get BofA off the Hook?
Mystery of the MAC clause
What is this “MAC clause” business everyone is blogging about? Does it have to do with Apple computers? Macaroni and cheese? A department store cosmetics line?
Unfortunately, a MAC clause isn’t as much fun as any of those things. Unless, of course, your large financial institution stands [...]
Small Businesses Look to Installment Loans Despite Bank “Revival”
Small businesses still looking for aid
Small businesses are still looking to installment loans to carry them through until the rocky economy stabilizes. The U.S. market has made it difficult for small business owners to find funding. Many are closing their doors, as they feel the crunch of the recession. However, [...]
Ken Lewis, Bank of America Board Keep Their Jobs
Bank CEO was protested
Despite outcry from shareholders and protests at Bank of America’s annual shareholder meeting today, Ken Lewis will retain his position as CEO of Bank of America.
The rest of the board will also remain in their current jobs. For details on protests, read my earlier post.
Thou doth not [...]
Turner Radio Network Part 2 | Bank Stress Test Results
Big five in big trouble
As I reported in Turner Radio Network Part 1, the U.S. Treasury has said that the bank stress test results are not in yet. However, Turner Radio Network published on its blog what it says are the results of the tests conducted on the 19 biggest [...]
B of A Charges $6 to Cash Paycheck Drawn From Them
An American bank that PUNKS you?
According to the blog Dollars and Sense, Bank of America has wronged America once more. Perhaps a lineup change is needed. B of A hasn’t been able to hit its way out of a paper bag lately. They’re shelling out multimillions for sports marketing, so [...]
B of A Spending Millions on Sports Marketing During Layoffs
Lay them off, throw money at athletes
The more things change, the more banks and their CEOs remain the same.
Ben Klayman reports for Reuters that Bank of America CEO Kenneth Lewis defended his bank’s multimillion-dollar spending on sports marketing. He claims the profits are worth the investment in sales and profits, [...]
Officials Demand Details of Bank of America Bonuses
Government wants report
U.S. Rep. Barney Frank on Monday said (see http://abcnews.go.com/Business/Economy/WireStory?id=7040710&page=2) Bank of America Corp. must provide more details on $6.9 billion in bonuses the company paid in 2008. Because the bank got quick loans from the government, officials say it must disclose who got what.
Bank of America accepted large amounts [...]
BofA Settles, Pays Overdraft Victims $35 Million
Bank of America pushed customers to overdraft
You knew banks had you over a barrel with overdraft fees. Now it is time to rejoice. A giant will have to pay for their misdeeds.
A recent class action heard in California Superior Court based on “allegations of misconduct relating in part to its [...]
Treasury Unveils “Stress Test” For Banks
Obama reveals the secret formula
At what point will the government step in and take control of failing banks? That’s a question that a lot of Americans have been wondering about lately, and all we’ve known up to this point is that President Obama has made reference to a “stress test” [...]
Will Wall Street Executives Need Payday Loans After New Salaries?
Obama caps salaries for bailed-out bankers
OK, truth is, Wall Street executives will not need payday loans. But they might feel like they’re scrambling for extra cash now that President Barack Obama has put a limit on bonuses and salaries at banks that receive bailout money. Don’t worry, they won’t starve. [...]
Citigroup Reveals TARP Fund Use | by Online Payday Loan Store
Bank comes forward after criticism
Your online payday loan store keeps you up to date on financial news.
Several weeks ago, a congressional watchdog panel came down hard on the Treasury for its use of the first $350 billion in bailout money. The panel accused the Treasury of not keeping track of [...]
Banks Buying Off Congress | From Your Payday Loan Source
And they’re doing it with bailout money!
Adam Green of the Daily Kos draws our attention to a controversial Huffington Post story that demands attention of your payday loan source. Without further ado, bring on the horror:
Three days after receiving $25 billion in federal bailout funds, Bank of America Corp. hosted [...]
Payday Loans and other things keep you accountable
Rules should apply to everyone
Image via Wikipedia
Accountability is a burden that has to be shouldered by every responsible adult, whether it is handling your finances well through payday loans or keeping up with your budget. You also have to be accountable in the workplace. If you don’t discharge your duties [...]
Unemployment Rates Rise, Funds Dry, Employees Everywhere in need of Payday loans
A Nation In Need
December is already delivering another brutal blow to the American economy as 20 companies announced more massive cuts. This comes just after Novembers landslide of nearly 500,000 layoffs – that many more people couldn’t get payday loans if they needed them.
More Jobs Lost. A Record [...]
Payday Loans for the Masses, but No Paydays for the executive crowd
The current economic situation has many seeking out financial assistance in the guise of payday loans, but other people are looking for bigger paydays where they perhaps shouldn’t be. The near collapse of the banking, credit, and investment industries has suddenly cast doubt and a lot more attention on the [...]
Payday Loans Do NOT Target Minorities
The Competitive Allegation
A recent Associated Press article by Stephen Ohlemacher entitled “Despite Obama’s Election, Stubborn Racial Disparities Exist” brings to mind a common misconception banks, credit unions and the media have about companies that specialize in payday loans: that they target poor people and minorities.
Witness America in its post-Obama election [...]
Payday Loans News Break: Bank of America to spend up to 8.4 billion on Countrywide
Bank of America said Monday it was ready to spend up to 8.4 billion dollars to restructure the loan portfolio of mortgage giant Countrywide following settlement of a lawsuit targeting the firm’s “predatory” lending practices.
Quoted With Edits From: Bank of America to spend up to 8.4 billion on Countrywide (AFP [...]
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