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Citigroup Inc. said Thursday it named a former Merrill Lynch executive, Steve Bodurtha, as managing director and head of investments for Citi Private Bank in North America.
A senior House Democrat says the government didn't force Bank of America to take over Merrill Lynch, but a bank board member said much pressure was applied and Republicans charged that a committee inquiry was covering up the role of an Obama administration official.
Swiss investment bank UBS AG said Tuesday it has named former Merrill Lynch & Co. executive Robert McCann as CEO of its U.S. wealth management unit, replacing Marten Hoekstra, who had held the position since February.
Bank of America Corp. said Wednesday it has agreed to sell First Republic Bank, a private bank it inherited from Merrill Lynch & Co., to a group of investors.
Bank of America Corp., giving up a months-long fight with regulators, plans to turn over documents revealing legal advice it received on its purchase of Merrill Lynch.
Bank of America Corp. plans to select an emergency CEO this week in case Ken Lewis steps down before the end of the year, The Wall Street Journal reported Monday.
Ken Lewis' legacy as CEO of Bank of America Corp. will likely be determined by whether his successor can do what Lewis couldn't: prove that the bank's messy acquisition of Merrill Lynch & Co. was worth the money.
Bank of America Corp. executives improperly concealed billions of dollars in losses and billions in bonuses paid by Merrill Lynch before a shareholder vote on their proposed merger, Ohio's attorney general argued in a class-action securities lawsuit he described as among the largest in history.
Bank of America Corp. will hand over more documents to a congressional committee probing its hastily arranged acquisition of troubled brokerage house Merrill Lynch.
Bank of America Corp. now faces a trial with the Securities and Exchange Commission over billions in bonuses paid at Merrill Lynch, after a judge threw out the bank's $33 million settlement and rebuked the agency for not pursuing charges against executives.
Bank of America reached an agreement Monday to pay the United States $425 million to exit a costly arrangement whereby the government would have shouldered losses on risky assets from the bank's takeover of Merrill Lynch.
The FBI and Department of Justice are conducting a criminal probe into Bank of America Corp.'s purchase of Merrill Lynch last year, the Charlotte Observer reported Friday.
Bank of America Corp. was facing a deadline Monday to turn over additional information about its acquisition of Merrill Lynch, this time to a Congressional committee.
A judge's condemnation of the Securities and Exchange Commission in rejecting its $33 million settlement with Bank of America over bonuses at Merrill Lynch dealt a stinging rebuke to an agency seeking to mend its image after its failure to detect Bernard Madoff's fraud scheme.
Merrill Lynch will pay the state of Texas $12.7 million to settle an investigation into the brokerage firm's marketing and sale of auction rate securities, state officials said Monday.
A federal judge on Monday rejected a $33 million settlement between the Securities and Exchange Commission and Bank of America Corp., saying the SEC's accusations of inadequate disclosure by the bank over bonuses paid at Merrill Lynch must now go to trial.
Bank of America has named Andrea Orcel, one of the bank's top remaining Merrill Lynch holdovers, as its executive chairman, Global Banking & Markets.
Federal regulators on Wednesday defended their proposed $33 million settlement with Bank of America over bonuses paid by Merrill Lynch. But the Securities and Exchange Commission said the bank didn't waive attorney-client privilege, making it impossible to establish if its executives knowingly breached securities laws.
The Texas state securities commissioner said Bank of America's Merrill Lynch unit will pay up to $26.5 million in a national settlement stemming from a Texas claim that the brokerage allowed unregistered salespeople to sell securities.
The New York Attorney General's office is preparing charges against several high-ranking Bank of America executives over the bank's alleged failure to disclose details about its acquisition of Merrill Lynch, according to a person familiar with the investigation.
Ohio Attorney General Richard Cordray says $475 million in settlement money is ready for distribution to Merrill Lynch investors in Ohio and elsewhere.
Kuwait's sovereign wealth fund says it has no plans to sell off the stakes it took in Citigroup and Merrill Lynch because it has faith in the U.S. banks' long-term potential.
A federal judge gave the final approval for a $75 million settlement on behalf of employees who had Merrill Lynch stock as a retirement investment.
A judge on Tuesday ordered federal regulators to explain why they didn't investigate whether executives at Bank of America Corp. misled shareholders about bonuses paid by Merrill Lynch.
Sunrise to Bank of America: Clean up your actJust ask Mayor Roger Wishner, who helped kill a multimillion-dollar city partnership with Merrill Lynch because parent company Bank of America has been accused of being mean to the little guy.
Geithner, Summers Endorsed Dubious Bank of America-Merrill Lynch Deal - The Washington IndependentMore corruption from the Obama Administration?
IG Report Finds Paulsen, Bernanke Misled Public on Bank Rescues - Political News - FOXNews.comSpecial Inspector General Neil Barofsky wrote a report said that then-Treasury Secretary Henry Paulson and other officials were wrong to contend at an Oct. 14 press conference that all nine institutions receiving the first round of support -- $125 billion -- were sound.
A Bigger Bank Bust Is On The WayThis weekend is the one-year anniversary of the bailout. But the Daily Beast's Nomi Prins says the too-big-to-fail banks have only gotten bigger—and much worse could be on its way.
SEC Going to Trial Against Bank of America Corporation Over BonusesWASHINGTON (AP) -- The Securities and Exchange Commission said Monday it will go to trial against Bank of America Corp. over billions of dollars in bonuses paid at Merrill Lynch, which the bank acquired in a hastily arranged deal a year ago at the height of the financial crisis.
Merrill bonus case highlights how shareholders get fleecedLast year, for their skill at losing $27 billion and driving a storied 94-year-old securities firm to the brink of ruin, Merrill Lynch executives decided it was time to reward themselves and thousands of other employees with up to $5.8 billion in bonuses.
When banks own the U.S. treasury, it's cheep to buy your way out of securities fraud. ask Bank of America.A sad story of corporate corruption funded by u.S. tax dollar stimulus money. Today, Bank of America agreed to pay the Fed a 37 million dollar fine in Lu of admitting any wrong doing in the payment of billions of dollars in bonuses to Merrill Lynch executives.
Paulson grilled over Merrill mergerA bipartisan chorus of House lawmakers on Thursday angrily accused former Treasury Secretary Henry M. Paulson Jr. of abusing power, misleading Congress and suppressing information in pressuring a reluctant Bank of America last year to go through with a takeover of Merrill Lynch.
The Most Important Financial Journalist of Her GenerationEXCERPT: After all, the mortgage crisis was nothing if not the Bear/Baron model writ large.
Check out this video that shows Rep. Dennis Kucinich tearing into Bank of America's CEO, Kenny Lewis. It's one of the greats, let me tell you.
House subpoenas Fed over BofA-Merrill roleThe Federal Reserve was served with a subpoena from a Congressional committee on Tuesday, as lawmakers demanded documents related to Bank of America's acquisition of Merrill Lynch.
It's Back! The Turd War At Merrill Heats Up AgainNearly one and half years after a Merrill Lynch employee defecated on the floor of a bathroom near a bond trading desk at the bank's headquarters in lower Manhattan, it looks like it may have happened again.
Judicial Watch Forces Release of Bank Bailout Documents (Read Documents For Yourself)"Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it forced the Obama administration to release documents about the October 13, 2008, Treasury Department meeting that coerced major banks to allow the government …
Michael Moore on Bernie MadoffIt would be too easy - and the wrong lesson learned - to put Bernie on TIME's list all by himself.
WALL STREET, N.Y., May 1...Declaring that "only collective action can restore our faith in ourselves and each other," writer Igor Yopsvoyomatsky yesterday urged every American to "stop spending" for one day next week.
Lewis testified that U.S. urged silence on Merrill deal: reportNEW YORK (Reuters) - Bank of America Corp CEO Kenneth Lewis testified under oath that Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured him to keep quiet about losses at Merrill Lynch & Co, which the bank was buying, the Wall Street Journal …
US Government bullies Bank of America into accepting dealThe Real Wall StreetThe Real Wall Street "At a time when legitimate businesses and financial services firms are subjected to ridicule and contempt on a daily basis, it's worth noting that the private sector is living up to its financial commitment to the 9/11 memorial under way at ground zero.
Dick ArmeyClients Required The Bailouts That Armey Freedom Works Is Now Protestingexcerpt: " The anti-Obama "tea parties" going on today are not the "grassroots" effort that organizers claim, but are actually the work of corporate lobbyists, aided and abetted by Fox News.
Lawrence Summers is Living Large and in ChargeNot surprisingly, Lawrence Summers is convinced that he deserved every penny of the $8 million that Wall Street firms paid him last year.
Merrill Lynch's Bonuses 22 Times The Size Of AIG's - Represent More Than 1/3 of Company's TARP FundsDennis Kucinich sent out a round of letters to top Treasury officials Monday morning, questioning how much they knew about bonuses paid to Merrill Lynch executives that totaled $3.62 billion, nearly 22 times the total bonuses paid to AIG executives.
Bank of America May Raise Investment Banker Salaries Bank of America Corp. plans to increase some investment bankers' salaries by as much as 70 percent following the takeover earlier this year of Merrill Lynch & Co., people familiar with the proposal said.
Standard & Poors, Moody's, and Credit Rating Agencies contribution to the financial fiascoThis book is the story of my journey through the gluttony and dysfunctionality of 1990s Wall Street. But it also is a story about the roots of the 2008 market crisis.
Lewis: BofA may pay back bailout by 2010Bank of America Corp. could pay back its $45 billion in government capital by late this year or early next year depending on the economy, chief executive Ken Lewis said in an interview Tuesday with the Observer.
"...the equivalent of three levels of dog @!$%# "...The End of Wall Street's BoomA superb piece by someone who saw it coming 2 decades ago. Michael Lewis was somone who was at the nexus of the game a long time ago, and has managed to find another group of people for whom this crisis was vindication of what the corruption of free enterprise can lead to.
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