March 13, 2009 |
Bank of America Corp. shares rose Thursday for a fourth consecutive day after Chief Executive Ken Lewis said he expected the company to earn "close to $50 billion" this year, before taxes and new provisions for loan losses. "That kind of cash flow can solve a lot of problems, given time and an improving U.S. economy," Lewis said in a speech in Boston. Of course, future loan losses are the wild card.
April 29, 2009 |
California's biggest pension fund turned up the heat on Bank of America Corp.'s board Tuesday, saying it would vote its 22.7 million shares against all 18 directors at today's annual meeting. The California Public Employees' Retirement System joined with other activist shareholders irritated by the company's failure to tell shareholders about the financial woes of Merrill Lynch & Co. before the bank bought the brokerage last year.
October 17, 2012 |
Bank of America Corp. eked out a $340-million profit for the third quarter after earmarking another $1.6 billion for legal costs, but revenue fell by 28%. The Charlotte, N.C., bank, sent reeling by its 2008 acquisition of Calabasas mortgage lender Countrywide Financial Corp., said the latest charges were for settling lawsuits stemming from its other big takeover target that year: Merrill Lynch & Co. Former BofA Chief Executive Ken Lewis engineered...
March 28, 2009 |
Top executives of the nation's biggest banks said Friday after meeting with President Obama that they would work with the administration on its economic recovery plans but want more specifics from the White House. Bankers said an administration proposal to jump-start lending, a problem at the heart of the industry's crisis, was encouraging. "People are looking at that. It's positive," Morgan Stanley's John Mack told the Associated Press in an interview.
April 8, 2013 |
WASHINGTON -- The Senate on Monday confirmed Mary Jo White to chair the Securities and Exchange Commission, placing a tough former prosecutor in the role as Wall Street's top watchdog. White was confirmed by a unanimous voice vote in the Senate, an indication of broad bipartisan support. The Senate Banking Committee voted 22-1 to approve her nomination last month, with the only no vote coming from Sen. Sherrod Brown (D-Ohio). Brown has been critical of federal officials in general for not being tougher on Wall Street.
CALIFORNIA | LOCAL
April 27, 2004 |
An innovative program that seeks to reduce violence among maximum-security inmates is being severely tested at the state prison in Lancaster, where a population squeeze is forcing officials to house dangerous criminals with others who have vowed to remain peaceful. Since 2000, Lancaster's honor yard program has created a special housing area for prisoners who have promised to stay away from gangs, drugs and violence.
May 4, 2007 |
Eager to fill one of the few holes in its coast-to-coast business, Bank of America Corp. hinted Thursday that it wasn't likely to back down without a fight after a Dutch court blocked its purchase of LaSalle Bank Corp.
CALIFORNIA | LOCAL
March 17, 2005 |
A California prison guard has won a $10-million judgment against two inmates who attacked him at the state prison in Lancaster -- a major victory for a group of guards that has taken up targeting violent inmates in civil court. The judgment was entered by a Los Angeles Superior Court judge this month after the two defendants -- Gregory P. Gaines and Harold X. Wesley -- failed to adequately file formal responses with the court, said R. Rex Parris, an attorney for prison guard Demond Blunt.
July 11, 2008
The precipitous decline in the housing market handed Countrywide Financial to Bank of America on a platter, allowing the latter to buy more than $200 billion worth of Countrywide assets for $2.5 billion in stock. Still, skeptical investors have pummeled the bank's shares since the deal was announced in January, driving it down 43%. The bank's situation is a microcosm of the entire industry, which is struggling to keep mortgages from going bad.