Tomorrow, the House Financial Services Committee, headed by Rep. Barney Frank (D-Mass.), starts a series of hearings on mortgage modification and the housing market. The schedule is as follows:
As it if weren’t enough that Greece and Lehman Brothers were caught shifting their debts off the books with the help of a variety of irregular accounting measures, today’s news is that Bank of America has likely been doing it, too. John Hempton of Bronte Capital More…
Bloomberg’s long-standing Freedom of Information Act request for a look at who in the financial system took part in the Fed’s now-secret $2 trillion loan program has been granted by a second court on the basis that there exists no exemption to FOIA rules for the continued economic More…
With the news that Citibank screens some of its clients for “objectionable content” — and applies that screening process to gay-themed businesses — many LGBT business people and Citi customers are probably wondering where their business is truly welcome. Luckily, Jeremy Quitner of The Advocate has More…
Yesterday, everyone got worked up over President Obama’s comments to Business Week that he didn’t begrudge Chase CEO Jamie Dimon or Goldman Sach CEO Lloyd Blankfein their bonuses — despite the many reasons those bonuses aren’t as out-of-line as the headlines would have Americans believe. But are they More…
If you read the stories in The Wall Street Journal last week or The New York Times this week about campaign contributions from financial companies, you might have the impression that financial PACs and executives are shifting their money from Democrats to Republicans en masse over More…
Bankrupt lender CIT Group announced today that it hired former Merrill Lynch Chairman and CEO John Thain to take over the top slot at the company and, hopefully, lead it out of bankruptcy. A bit of background on CIT Group: The company accepted $2.3 billion from the TARP More…
A House Oversight and Government Reform hearing on the controversial merger between Bank of America and Merrill Lynch has been postponed “due to additional documents recently received,” the panel announced today.
The hearing, initially to be held Thursday, has not been rescheduled.
Bush administration officials have been under fire for effectively forcing a merger last December between Bank of America and Merrill Lynch without informing BoA shareholders of the financial dire straights Merrill was in at the time.
But yesterday the Obama administration was pulled more deeply into More…
He was practically a fixture on Capitol Hill during the Wall Street bailout debate and subsequent oversight discussions. But Ken Lewis, CEO of Bank of America, is set to retire at the end of the year.
Lewis and BoA have been in hot water over their government-backed deal to More…
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