Bank of America Paid $315 Million to Settle With Banks Over Ocala Losses
US cannot raise interest rates in the environment in which the entire rest of the world is lowering interest rates -- let's face it, the US economic prowess is simply not what it used to be: formidable, yes, but in a bullying position or other position of strength vs. China and the rest of the world which is lowering rates -- not any more. Times have changed.
Phew....finally that's over!
you'll take MS's opinion above the UBS analysts? Are you kidding, didn't MS announce payment of a 2 billion settlement for not telling the truth about MBS paper?
Oh sure -- they're above all the rest that's why they paid to settle -- oh, if you think its to save
further litigation expenses you are in lalaland I believe. So sure, go ahead and believe the folks who have lied over and over, and indeed contributed to the almost collapse of this country's financial system along with all the rest.
UBS lowered PPS projection 25%, i.e. from $20 to $16 based upon BAC's disclosures in filings of a risk of failure under the Fed's CCAR (Comprehensive Capital Analysis and Review).
These know-it-alls obviously know nothing. THEY KNOW NOTHING! (lol)
"Change in Directors or Principal Officers
ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On February 21 and February 22, 2015, respectively, Charles O. Holliday, Jr. and Clayton S. Rose, each a member of the board of directors (the "Board") of Bank of America Corporation (the "Corporation"), each separately informed the Corporation that he would not stand for re-election as a member of the Board at the Corporation's 2015 annual meeting of stockholders (the "Annual Meeting").
On February 23, 2015, the Board determined the nominees for election by the Corporation's stockholders at the Annual Meeting. All current directors of the Board, excluding Mr. Holliday and Dr. Rose, have been nominated in accordance with the Corporation's Corporate Governance Guidelines.
In addition, Neil A. Cotty will no longer serve as the Corporation's Chief Accounting Officer, effective March 1, 2015. Mr. Cotty will continue with the Corporation to assist in Mr. Bless's transition.
(c) Rudolf A. Bless (54) has been appointed the Corporation's Chief Accounting Officer, effective March 1, 2015. Mr. Bless joined the Corporation as Deputy Chief Accounting Officer in November 2014. Prior to joining the Corporation, Mr. Bless was employed by Credit Suisse Group AG as Chief Accounting Officer from January 2002 to October 2014 and Deputy Chief Financial Officer from October 2010 to October 2014. "
implies we shouldn't hold our breath for any dividend increase much less share buyback.
Credit Suisse, Deutsche analysts are among BAC's strongest fans...interestingly enough.
Well, if it isn't about next week's Stress Test results, maybe the justice department's investigation into alleged currency manipulation by US banks is coming into play? I dunno....just looking for any possible reasons for today's 3% decline in the absence of any news announcement or disclosure.
"Boland came to BofA via its 2008 acquisition of Countrywide Financial, the notorious subprime lender that has cost BofA billions of dollars in fines, legal settlements and loan losses.
At Countrywide, Boland was a regional executive and then, from 2001 to 2006, was CEO of LandSafe, a Countrywide subsidiary that provided real estate appraisal, title and escrow services, according to his LinkedIn page. After that, he was the lender's head of reverse mortgages.
After the merger with BofA, Boland in 2010 became a managing director in the bank's Global Wealth and Investment Management unit. He returned to the mortgage business in 2012 to be an executive in the Legacy Asset Servicing unit, which dealt with troubled Countrywide loans.
Boland's new role was first reported by American Banker."
Charlotte Business Journal: "Bank of America picks Countrywide vet Steve Boland to run home-loans unit
Jul 22, 2014, 11:42am EDT Updated: Jul 22, 2014, 11:49am EDT"