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Keyword: merrilllynch

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  • Merrill Lynch to pay $160 million to settle racial bias lawsuit: NYT

    08/28/2013 8:42:18 AM PDT · by Olog-hai · 12 replies
    Reuters ^ | Wed Aug 28, 2013 2:17am EDT | Sakthi Prasad
    Bank of America Corp’s Merrill Lynch unit agreed to pay $160 million to settle a racial bias lawsuit that went through two appeals at the United States Supreme Court, the New York Times reported, citing the plaintiff’s lawyer. … The payout in the suit, which was filed on behalf of 700 black brokers who worked for Merrill, would be the largest sum ever distributed to plaintiffs in a racial discrimination suit against an American employer, according to the New York Times. …
  • Judge approves $2.43B Bank of America settlement

    04/07/2013 8:25:19 PM PDT · by haffast · 2 replies
    Associated Press ^ | Fri, Apr 5, 2013 | Associated Press
    NEW YORK (AP) — A New York judge has approved Bank of America's $2.43 billion settlement of a class action lawsuit brought by shareholders over the company's acquisition of former competitor Merrill Lynch. A judge for the U.S. District Court for the Southern District of Manhattan approved the settlement Friday. The bank proposed the settlement in late September. The agreement resolves allegations that Bank of America did not disclose the state of its finances or those of Merrill Lynch when it agreed to buy Merrill in September 2008. Judge Kevin Castel said the settlement was "hard fought," but called the...
  • SolarCity US DOE loan approval fails

    09/26/2011 9:12:48 AM PDT · by martin_fierro · 9 replies
    PVTech ^ | 9/26/11 | Mark Osborne
    SolarCity US DOE loan approval fails According to news reports, US-based solar installation firm, SolarCity will not be able to complete and comply with documentation deadlines of September 30th to be considered for a US Department of Energy loan, previously announced. Earlier this month, the DOE had made a conditional commitment for a partial loan guarantee to SolarCity for PV system installations on residential and other buildings at US military bases. The US$344 million loan would go towards 371MW of new solar power generation capacity. The project, code named SolarStrong, will be led by SolarCity, with USRG Renewable Finance acting...
  • Things At Bank Of America Are So Bad, Merrill Lynch Brokers Want To Join... Wells Fargo

    02/18/2012 1:34:46 PM PST · by SeekAndFind · 3 replies · 1+ views
    Business Insider ^ | 02/18/2012 | Ben Walsh
    Earlier in the week, we posted the criticisms leveled at Bank of America by the former head of their Merrill Lynch brokerage unit, Lyle LaMothe. LaMothe said he grew weary of the emphasis on the "goals of the bank rather than specific needs of Merrill's brokers and clients" and that many brokers were dissatisfied. Following that post, we received a series of emails from a source close to the company backing up LaMothe's claims that Merrill Lynch brokers are increasingly unhappy at Bank of America. The source said that "many brokers are saying they are not happy with management and...
  • Banks Build Contingency for Breakup of the Euro

    11/26/2011 9:58:19 PM PST · by DeaconBenjamin · 60 replies
    NY Times ^ | November 25, 2011 | By LIZ ALDERMAN
    For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen. But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability. On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week...
  • Sleight of hand: BofA moves dodgy Merrill derivatives to bank (U.S. taxpayer on the hook for $55+T?)

    10/22/2011 9:43:11 AM PDT · by rabscuttle385 · 63 replies
    The New York Post ^ | 2011-10-21 | Mark Decambre
    A plan by beleaguered Bank of America to foist trillions of dollars of funky Merrill Lynch derivatives onto its depositors is raising eyebrows on Wall Street. The rarely used move will likely save the bank millions of dollars in collateral but could put depositors’ cash behind the eight ball. The move also brought to light fissures between the nation’s top banking regulators, the Federal Deposit Insurance Corp. and the Federal Reserve, in the wake of new regulations meant to curb the free-wheeling habits that fostered the worst crisis in a generation back in 2008. At issue is BofA’s decision to...
  • Burt Reynolds to lose his Florida mansion after falling £700,000 behind on his mortgage

    08/16/2011 9:26:46 PM PDT · by Justaham · 67 replies
    dailymail.co.uk ^ | 8-16-11 | Tom Leonard
    Burt Reynolds, once one of Hollywood's highest-paid stars, faces eviction from his Florida home after failing to pay the mortgage. The 75-year-old actor is being taken to court after claims he has failed to make a payment on his waterfront mansion for almost a year. Lawyers for Merrill Lynch have asked a judge to sell the £1.4million house, set in 4.5 acres, so they can recover the £700,000 the bank says it is owed In a sign of the scale of his financial hardship, property records show Reynolds has a second £455,000 mortgage on the property with another bank. He...
  • My Merrill Lynch Broker Screwed Me So I Fired Him And Switched To Schwab

    02/03/2011 8:27:25 AM PST · by SeekAndFind · 14 replies
    Business Insider ^ | 02/03/2011 | Dan Gross
    We had Michael Lewis on TechTicker yesterday. He told the story of how his Merrill broker sold him Lehman preferred and auction-rate securities just before the financial crisis. Lewis has since fired Merrill and moved to Schwab. Best-selling author Michael Lewis knows his way around Wall Street and the world of money. His first book, Liar’s Poker, chronicled his misadventures as a bond trader in the go-go 1980s. In Moneyball, he explored the way economic analysis is applied to baseball. And in The Big Short, which has just come out in paperback, he chronicled how a few shrewd investors managed...
  • Bank Of America Has A Team Of 15 People Feverishly Preparing For The Wikileaks Torpedo

    01/03/2011 8:10:39 AM PST · by SeekAndFind · 36 replies
    Business Insider ^ | 01/03/2010 | Katya Wachtel
    The next big Wikileaks doc drop is supposed to happen early this year. It's supposed to "bring down a bank or two." And that bank's supposed to be Bank of America. A 3% drop in BofA's share price after everyone more or less decided that the bank in question is Brian Moynihan's was the catalyst for a team of executives taking action, according to the New York Times. We already know that one of their methods was to buy up abusive domain names like brianmoynihansucks.com, and that they set up a so-called "SWAT team" to prepare their defenses. And this...
  • Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

    12/02/2010 9:30:51 AM PST · by FromLori · 49 replies
    Huffingtonpost.com ^ | 12/1/2010 | Marcus Baram
    NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....
  • Is Anything Real? Trillions in Secret Fed Payments Revealed

    12/02/2010 4:08:11 PM PST · by Nachum · 45 replies
    RushLimbaugh.com ^ | 12/2/10 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Let's go back, audio sound bite-wise, to me on my program, this program. This is March 12th of this year... RUSH ARCHIVE: The TARP money was not used for its original purpose. There's something else out there, Jordan, you need to know. The Federal Reserve, before the TARP bailout, made loans totaling $2 trillion and they will not tell us to whom. We don't know who got the money. Whether the Fed loans it or the government prints it, it's our money. So you can talk about the $700 billion TARP. You can talk about the $787...
  • Merrill staffers reportedly warned SEC over Lehman

    03/19/2010 3:18:05 PM PDT · by TigerLikesRooster · 4 replies · 216+ views
    Market Watch ^ | 03/19/10 | Simon Kennedy
    March 19, 2010, 7:05 a.m. EDT Merrill staffers reportedly warned SEC over Lehman By Simon Kennedy, MarketWatch LONDON (MarketWatch) -- Former Merrill Lynch officials warned the Securities and Exchange Commission and Federal Reserve that Lehman Brothers was incorrectly calculating its liquidity position months before its collapse, according to a published media report. Separately, Lehman also reportedly renewed its efforts to have the sale of assets to Barclays (LSE:UK:BARC) (NYSE:BCS) reexamined by a court, claiming that the U.K. bank had earned a windfall of over $11 billion from the deal. Former staffers at Merrill, which was later acquired by Bank of...
  • Ex-BofA chief Lewis charged with fraud

    02/04/2010 1:31:17 PM PST · by lbryce · 50 replies · 1,739+ views
    CNN Money ^ | February 4, 2010 | David Ellis
    New York Attorney General Andrew Cuomo said Thursday it was bringing civil charges against senior Bank of America executives, including former company CEO Ken Lewis, for their role in the company's controversial purchase of Merrill Lynch. Separately, the Securities and Exchange Commission said it had struck a $150 million settlement agreement with BofA over its decision to pay billions of dollars in bonuses to former Merrill employees. The lawsuit contends that the bank's management team understated the losses at Merrill in order to get shareholders to approve the deal, then subsequently overstated the firm's willingness to terminate the merger to...
  • Carbon trading a tug of war

    12/18/2009 2:04:35 PM PST · by george76 · 16 replies · 588+ views
    The Globe and Mail ^ | December 16, 2009
    Wall Street sees carbon trading and related derivative products as the next big thing in financial innovation. Critics say it's the next big financial mess. Carbon trading provides a way for companies to stimulate green energy and carbon reduction projects by financing them through the purchase of carbon credits. Such trading has slowed over the past year or so amid uncertainty about regulations and global emissions targets. Eventually, though, many expect carbon trading to balloon into a multitrillion-dollar business. FOE and other environmental groups have been pressing the Senate to pass legislation that puts strict limits on banks' involvement in...
  • Chinese official raps US banks on derivatives

    12/04/2009 3:12:48 PM PST · by Mr. Jeeves · 4 replies · 273+ views
    AsiaLynx.com (ChinaDaily.com) ^ | 12/4/2009 | Agencies
    A senior Chinese official criticized foreign banks for selling derivatives with “fraudulent characteristics” that led to heavy losses for state-owned airlines and other companies. “Some international investment banks are the biggest villains,” said Li Wei, deputy chairman of the agency that oversees China’s biggest state companies, in a commentary in this week’s edition of the Study Times, a newspaper published by the school of the Communist Party’s Central Committee. The comments were the Chinese government’s most pointed public criticism yet of foreign institutions. Li’s agency said in September it would support companies that want to challenge the contracts in court....
  • U.S. threatened to oust BofA execs over Merrill deal

    10/20/2009 12:53:59 PM PDT · by Jim Robinson · 17 replies · 1,103+ views
    Washington Times ^ | Oct 20, 2009 | By Kara Rowland
    Government regulators threatened to remove top Bank of America executives in December if they didn't acquire Merrill Lynch, but also agreed to provide taxpayer funds to compensate for Merrill's poor performance, according to company records obtained by The Washington Times. The documents -- e-mails between bank executives and their outside lawyers as well as board-meeting talking points prepared for then-Chief Executive Ken Lewis -- indicate that former Treasury Secretary Henry Mr. Paulson Jr. and Federal Reserve Board Chairman Ben S. Bernanke promised to give the bank taxpayer bailout funds to compensate them for Merrill's poor performance. Summaries written by the...
  • The Merger That Ruined Bank of America's Ken Lewis

    10/01/2009 1:16:06 PM PDT · by SeekAndFind · 11 replies · 759+ views
    The Daily Beast ^ | 10/1/2009 | Nomi Prins
    Bank of America CEO Ken Lewis was the classic American success story. But he had a weakness for big deals—and his resignation was inevitable from the second he agreed to take on Merrill Lynch. On Wall Street, one man’s exit strategy is another man’s demise. In a world where enough is never enough, nabbing that last career-capping acquisition can kill you. Bank of America’s soon to be former CEO, Ken Lewis, knows that all too well. He was ruined by his personal nemesis—the drive to bigness. And bad timing. As the old gambling song says, “You got to know when...
  • The Final Days of Merrill Lynch

    08/11/2009 7:49:47 AM PDT · by BGHater · 3 replies · 460+ views
    The Atlantic ^ | September 2009 | William D. Cohan
    Last September, as Wall Street turned to rubble and panic threatened to come unleashed, Ken Lewis, the CEO of Bank of America, agreed to swallow one of the country’s most toxic investment houses. The deal was not altogether voluntary; as details have slowly emerged, the coercive role of the Fed and Treasury has loomed larger. What exactly happened in the weeks leading up to the merger? Did the deal save us all from economic apocalypse? And what does the government’s unprecedented role in it portend for the future of our economy? It’s been almost a year since Bank of America...
  • Lawmakers Spread Blame on Bank of America-Merrill Deal

    07/16/2009 3:30:39 PM PDT · by FromLori · 3 replies · 263+ views
    WSJ ^ | 7/17/09
    WASHINGTON -- Former Treasury Secretary Henry Paulson misled Congress and along with Federal Reserve Chairman Ben Bernanke looked the other way as major mistakes were made at Bank of America Corp. even as the government was preparing a $20 billion aid package for the firm, U.S. lawmakers charged Thursday. Mr. Paulson, making his first appearance on Capitol Hill since leaving office in January at a hearing before House Committee on Oversight and Government Reform, defended the government's response to the financial crisis and his role in ensuring Bank of America closed its transaction for Merrill Lynch & Co. But lawmakers,...
  • Lawmakers hit out at Paulson over BofA-Merrill ( They got very personal...with flogging)

    07/16/2009 1:40:59 PM PDT · by Ernest_at_the_Beach · 13 replies · 553+ views
    MarketWatch ^ | Thu Jul 16, 2009 3:49pm EDT | Mark Felsenthal and Alister Bull
    WASHINGTON (Reuters) - U.S. lawmakers on Thursday slammed former Treasury Secretary Henry Paulson over the government's role in Bank of America's merger with Merrill Lynch, saying authorities suppressed information about losses and bullied executives into going through with the deal. "The American people, investors, and the Congress were kept in the dark," Rep. Edolphus Towns told Paulson at a hearing. "There was no oversight to determine whether this arrangement made sense. In my view, this is unacceptable and must be prevented from happening again," said Towns, the New York Democrat who chairs the House of Representatives Oversight and Government Reform...
  • US Lawmakers Spread Blame On BOfA/Merrill Deal

    07/16/2009 1:50:27 PM PDT · by Kartographer · 3 replies · 301+ views
    CNNMoney.com ^ | 7/16/09 | Michael R. Crittenden
    Former Treasury Secretary Henry Paulson misled Congress and along with Federal Reserve Chairman Ben Bernanke looked the other way as major mistakes were made at Bank of America (BAC) even as the government was preparing a $20 billion aid package for the firm, U.S. lawmakers charged Thursday.
  • Paulson: No Evidence of Illegality at BofA/Merrill Deal

    07/16/2009 10:52:09 AM PDT · by Kartographer · 15 replies · 348+ views
    Fox Business News ^ | 7/16/09 | Dunstan Prial
    Former Treasury Secretary Henry Paulson on Thursday denied he and other government officials did anything improper or illegal when they put pressure on Bank of America (BAC: 13.2201, -0.2099, -1.56%) to complete a rushed merger with Merrill Lynch late last year. While admitting that pressure was applied, Paulson said every action taken at the time was made to fend off a potentially catastrophic collapse of the global financial system.
  • Paulson Justifies Threatening BofA's CEO

    07/16/2009 10:04:28 AM PDT · by Ben Mugged · 21 replies · 1,910+ views
    Fox News ^ | July 16, 2009 | Unattributed
    Former Treasury Secretary Henry Paulson says he was justified last year in suggesting that Bank of America Corp.'s chief executive could lose his job if the bank backed out on plans to buy troubled Merrill Lynch. His admission, included in written testimony for a House of Representatives hearing on Thursday, comes as Congress debates the government's role in managing financial firms that accept billions of dollars in aid. Bank of America Corp., which went through with the merger, ultimately accepted $45 billion in federal aid, including $20 billion to absorb the financial hit it took from acquiring Merrill Lynch &...
  • Paulson says he pressured Bank of America CEO

    07/16/2009 7:54:46 AM PDT · by Kartographer · 17 replies · 497+ views
    AP/YahooNews ^ | 7/16/09 | ANNE FLAHERTY
    Former Treasury Secretary Henry Paulson says he pressured Bank of America last year to go through with its plans to buy Merrill Lynch but didn't tell the bank's chief to hide losses from shareholders.
  • Paulson Defends Push for Merrill Lynch Merger

    07/16/2009 6:49:23 AM PDT · by kellynla · 4 replies · 234+ views
    Washington Times ^ | July 16, 2009 | Sean Lengell
    Former Treasury Secretary Henry M. Paulson Jr., in defending the federal government's push for a reluctant Bank of America to complete a planned takeover of Merrill Lynch late last year, said it would have been "unthinkable" and potentially illegal for the bank to scuttle the deal. Mr. Paulson, who is set to testify Thursday morning on the merger before the House Oversight and Government Reform Committee, said in a prepared statement submitted to the panel that he "intended to deliver a strong message" to Bank of American Chief Executive Ken Lewis that backing out of the deal would be a...
  • Paulson Admits Pressuring Bank of America

    07/15/2009 6:53:35 PM PDT · by FromLori · 17 replies · 589+ views
    ABC ^ | 7/15/09
    n prepared remarks for a Congressional hearing obtained today by ABC News, former Treasury Secretary Hank Paulson admits telling Bank of America CEO Ken Lewis that the Federal Reserve could remove the bank's board members if they backed out of their proposed merger with Merrill Lynch last December. In prepared remarks for a Congressional hearing obtained Wednesday by ABC News, former Treasury... (AP Graphics) On Thursday morning, Paulson will defend his actions before the House Oversight Committee in the last of three hearings that the panel has conducted on the controversial merger. When Bank of America considered scuttling the merger...
  • BofA and Merrill Rotten?

    06/11/2009 10:52:26 AM PDT · by fiscon1 · 2 replies · 252+ views
    Politco ^ | 06/11/2009 | Pat O'Connor
    Capitol Hill Republicans investigating the fire sale purchase of Merrill Lynch by Bank of America last year are digging for evidence of improper behavior by two Bush appointees – former Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.
  • Why I Fired My Broker

    05/07/2009 9:42:23 AM PDT · by george76 · 31 replies · 1,198+ views
    The Atlantic Monthly ^ | May 2009 | Jeffrey Goldberg
    Right now, it’s unclear what rules apply. There is a new regime. What seemed prudent earlier has disappeared. I’m surprised Americans aren’t more panicked. Americans seem to accept a level of insecurity in their lives that Europeans wouldn’t tolerate. Paralysis is one response to this level of insecurity.” This might explain why my wife and I have taken no action to fix our finances. Although it’s also the case that we haven’t heard from our Merrill broker in nine months. The last time he called was well before the day in September when the government encouraged the shotgun sale of...
  • MBIA sues Merrill over CDO losses

    05/01/2009 4:36:59 AM PDT · by TigerLikesRooster · 10 replies · 536+ views
    Reuters ^ | 04/30/09 | Elinor Comlay
    MBIA sues Merrill over CDO losses Thu Apr 30, 5:16 pm ET NEW YORK (Reuters) – MBIA Inc (MBI.N), the world's largest bond insurer, sued Merrill Lynch & Co on Thursday seeking damages for losses from complex debt securities it insured for the bank. The lawsuit, filed in New York State Supreme Court in Manhattan, seeks to void certain credit default swaps and related insurance contracts that MBIA, through a special purpose vehicle, wrote on the securities held by Merrill. The insurer wrote $5.7 billion in guarantees on these securities, which were packages of mortgages known as collateralized debt obligations...
  • Bank of America reelects chief Kenneth Lewis to board

    04/29/2009 12:48:51 PM PDT · by La Enchiladita · 14 replies · 742+ views
    Los Angeles Times ^ | April 29, 2009 | Walter Hamilton
    Reporting from Charlotte, N.C. -- Amid the chorus of criticism that has descended on Kenneth Lewis, Bank of America Corp.'s embattled chief executive was re-elected to the company's board of directors today, but his fate as chairman remained unclear. Preliminary voting results from the company's annual meeting today showed that shareholders reelected Kenneth Lewis and 17 other directors who presided over the dramatic plunge in Bank of America's stock price during the financial crisis, according to a person familiar with the matter. However, it wasn't known yet whether Lewis will retain his position as board chairman, according to a person...
  • BofA's Lewis Confirms: Government Coerced the Merrill Deal

    04/25/2009 12:59:16 PM PDT · by SeekAndFind · 17 replies · 942+ views
    Seeking Alpha ^ | 4/25/2009 | Edward Harrison
    Bank of America (BAC) CEO Ken Lewis is fighting to keep his job because earnings at his company have plummeted. BofA's acquisition of Merrill Lynch has been a large part of the problem. Now, understanding that he is being made out to be the fall guy, he has fessed up that BofA was coerced into the deal. Federal Reserve Chairman Ben Bernanke and then-Treasury Department chief Henry Paulson pressured Bank of America Corp. to not discuss its increasingly troubled plan to buy Merrill Lynch & Co. -- a deal that later triggered a government bailout of BofA -- according to...
  • Fed Says Didn't Advise BofA's Lewis on Disclosure (Lewis told to keep quiet on Merrill deal )

    04/24/2009 5:45:22 AM PDT · by SeekAndFind · 7 replies · 409+ views
    CNBC ^ | 4/24/2009
    No one at the Federal Reserve advised Bank of America chief Kenneth Lewis on any disclosure issues, Fed spokeswoman Michelle Smith said on Thursday. "No one at the Federal Reserve advised Ken Lewis or Bank of America on any questions of disclosure," Smith said in an e-mail responding to a question. "It has long been the Federal Reserve's view that questions of this nature are best addressed by individual institutions and their legal counsel, as they are in a position to understand clearly their obligations and responsibilities." New York Attorney General Andrew Cuomo said on Thursday that Lewis was pressured...
  • Did Bernanke Bully BofA?

    04/23/2009 10:33:44 PM PDT · by bruinbirdman · 13 replies · 755+ views
    Forbes ^ | 4/23/2009 | Brian Wingfield
    The integrity of the government's bailout actions are called into question by a new report. There's a lot at stake. A new report by the New York Attorney General says that government officials bullied Bank of America Chief Ken Lewis into accepting a merger with Merrill Lynch--then ordered him to keep mum about losses at Merrill. What's at stake? The integrity of the government's bailout actions, for one. Federal Reserve Chairman Ben Bernanke's reputation, for another. And of course Lewis' job. Thursday, New York Attorney General Andrew Cuomo released documents charging that in December former Treasury Secretary Henry Paulson pressured...
  • Home Decorating With the Obamas (They Reject $100k Alotted to Redecorate)

    03/30/2009 12:59:27 PM PDT · by nickcarraway · 38 replies · 1,588+ views
    New York Magazine ^ | Mar 29, 2009 | Erica Orden
    At a time when people are having trouble holding on to their houses, Barack and Michelle Obama have sensibly decided not to use taxpayers’ money to renovate theirs. New presidents are allotted $100,000 to overhaul the White House residence and the Oval Office, and the Obamas hired Hollywood decorator Michael S. Smith (known, per his site, for mixing “Old World classicism with very contemporary settings”). But the First Couple isn’t spending that money. They “are not using public funds or accepting donations of goods for redecorating their private quarters,” says Camille Johnston, director of communications for the First Lady. Nor...
  • Merrill Lynch currency trader investigated over $400m loss

    03/07/2009 8:49:46 AM PST · by TigerLikesRooster · 8 replies · 565+ views
    FT ^ | 03/07/09 | Adrian Cox, Peter Garnham and Greg Farrell
    Merrill Lynch currency trader investigated over $400m loss By Adrian Cox and Peter Garnham in London and Greg,Farrell in New York Published: March 7 2009 02:00 | Last updated: March 7 2009 02:00 A Merrill Lynch currency trader has been suspended after racking up more than $400m in undisclosed losses in recent months, raising further questions about the financial health of the investment bank bought by Bank of America last September. Merrill is poring over the books of Alexis Stenfors, a London currency trader, who was suspended after Norwegian and Swedish currency trades went wrong, according to people familiar with...
  • Merrill Lynch admits investigation of $120m 'rogue trades'

    03/06/2009 2:22:30 PM PST · by BGHater · 4 replies · 360+ views
    The Guardian ^ | 06 Mar 2009 | David Teather and Andrew Clark
    Merrill Lynch admitted today that it had uncovered a possible rogue currency trader in its London offices, in another blow to the reputation of the bank that was rescued from near-oblivion last year. Authorities in the UK and Ireland are investigating the foreign exchange trader Alexis Stenfors (right), who worked in the Merrill offices near St Paul's cathedral. He is still on the Merrill payroll but listed as inactive on the Financial Services Authority register, meaning he cannot work as a trader. The Irish Financial Regulator said it had been made aware of "matters relating to the mispricing of trades"...
  • If You Play Ball with the Government, Expect to Strike Out

    03/04/2009 8:00:35 AM PST · by Neil Peart · 4 replies · 383+ views
    Townhall ^ | 3/4/99 | Ben Shapiro
    This is the story of a bank. It wasn’t one of those irresponsible banks that rode the subprime boom until the bottom fell out. It was a bank that hedged its risks, a bank that made sure its balance sheets added up.
  • Merrill bonuses made 696 millionaires: probe

    02/11/2009 1:26:04 PM PST · by NormsRevenge · 46 replies · 837+ views
    AFP on Yahoo ^ | 2/11/09 | AFP
    WASHINGTON (AFP) – Merrill Lynch quietly paid out at least one million dollars bonus each to about 700 top executive even when the investment house was bleeding with losses last year, a probe has revealed. They were part of 3.6 billion dollars in the firm's bonus payments in December before the announcement of its fourth quarterly losses and takeover by Bank of America, the investigation by the New York state Attorney General's office showed. "696 individuals received bonuses of one million dollars or more," New York Attorney General Andrew Cuomo said of the Merrill scandal in a letter to a...
  • Gold prices could hit $1,500, fears Merrill Lynch CIO

    02/05/2009 12:55:21 AM PST · by TigerLikesRooster · 35 replies · 1,814+ views
    Business 24/7 ^ | Shashank Shekhar
    Gold prices could hit $1,500, fears Merrill Lynch CIO By Shashank Shekhar on Tuesday, February 03, 2009 Gold prices may hit $1,500 (Dh5,509) an ounce in the next 12 to 15 months, Gary Dugan, the Chief Investment Officer (CIO) of Merrill Lynch, said yesterday. Dugan termed his apprehensions of gold striking such a high as a "fear" that may come true. He reasoned that such a price would mean the other commodities and streams of investments have been shunned by investors. With confidence in currencies shaken to the core, the yellow metal is increasingly assuming the role of "the most...
  • Twenty-five people at the heart of the meltdown ...

    01/26/2009 10:00:29 AM PST · by BGHater · 53 replies · 1,955+ views
    Guardian ^ | 26 Jan 2009 | Julia Finch
    The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part.In the second part of a week-long series looking behind the slump,Guardian City editor Julia Finch picks out the individuals who have led us into the current crisis Alan Greenspan, chairman of US Federal Reserve 1987- 2006Only a couple of years ago the long-serving chairman of the Fed, a committed free marketeer who had steered the US economy through crises ranging from the 1987 stockmarket collapse through to the aftermath of the 9/11 attacks, was lauded with...
  • Merrill Lynch CEO Thain Spent $1.22 Million On Office

    01/22/2009 9:45:19 PM PST · by TigerLikesRooster · 33 replies · 1,103+ views
    CNBC ^ | 01/22/09
    Merrill Lynch CEO Thain Spent $1.22 Million On Office /snip The following is a list of the items in his suite: Area Rug $87,784 Mahogany Pedestal Table $25,713 19th Century Credenza $68,179 Pendant Light Furniture $19,751 4 Pairs of Curtains $28,091 Pair of Guest Chairs $87,784 George IV Chair $18,468 6 Wall Sconces $2,741 Parchment Waste Can $1,405 Roman Shade Fabric $10,967 Roman Shades $7,315 Coffee Table $5,852 Commode on Legs $35,115 /snip
  • Bank of America to receive $138bn lifeline from US

    01/15/2009 10:39:43 PM PST · by TigerLikesRooster · 32 replies · 867+ views
    Telegraph ^ | 01/16/09 | James Quinn
    Bank of America to receive $138bn lifeline from US Bank of America (BoA) has received an extra $20bn in US government funding and a guarantee back-stopping the losses on $118bn of its most toxic assets in the latest bail-out of a major US financial institution. By James Quinn, Wall Street Correspondent Last Updated: 6:31AM GMT 16 Jan 2009 The banking conglomerate had been in negotiations with the US Treasury about the fresh round of funding - which comes on top of $25bn received in October - since the middle of December, when it realised it woud have to brace itself...
  • BofA seen in push for further injection (Merrill loss bigger than expected)

    01/14/2009 7:40:43 PM PST · by TigerLikesRooster · 22 replies · 693+ views
    FT ^ | 01/15/09 | Greg Farrell and Francesco Guerrera and Krishna Guha
    BofA seen in push for further injection By Greg Farrell and Francesco Guerrera in New York and Krishna Guha in Washington Published: January 15 2009 00:56 | Last updated: January 15 2009 00:56 The US banking sector was shaken on Wednesday by deepening concerns over Citigroup’s financial health and the revelation that Bank of America is counting on a new multibillion-dollar capital injection from the government. Several people close to BofA said that it had told the government that it wanted to scrap its takeover of Merrill Lynch last month after realising the depth of the investment bank’s losses in...
  • Banker Buys $37 Million Apartment After Getting $25 Million Buyout -- for Doing Virtually Nothing

    12/30/2008 1:10:50 PM PST · by Red in Blue PA · 18 replies · 1,034+ views
    Fox ^ | 12/30/2008 | Staff
    <p>A former top executive at Merrill Lynch who received a $25 million golden parachute after just three months of work has purchased a $37 million Park Avenue palace.</p> <p>Peter Kraus, 55, paid the staggering sum for a five-bedroom co-op on New York's posh Park Avenue after getting a $25 million buyout from Merrill Lynch when the company was sold to Bank of America in September, the New York Post reported.</p>
  • FAT-CAT PALACE IS A 'CRA$H' PAD

    12/30/2008 4:38:48 AM PST · by ding_dong_daddy_from_dumas · 8 replies · 861+ views
    New York Post ^ | December 30, 2008 | CLEMENTE LISI
    Look what taxpayers' Wall Street rescue helped buy one former honcho! Peter Kraus - a former top executive at Merrill Lynch who received a $25 million golden parachute after only three months' work - has landed himself a $37 million Park Avenue pad.
  • MERRILL FLINCH (some at BoA want to scrap Merill-BoA deal)

    11/24/2008 6:37:21 AM PST · by TigerLikesRooster · 4 replies · 453+ views
    NY Post ^ | 11/24/08 | AJA WHITEHOUSE and MARK DECAMBRE
    MERRILL FLINCH By KAJA WHITEHOUSE and MARK DECAMBRE November 24, 2008 -- Some Bank of America shareholders are seeking to thwart the Charlotte-based financial giant's deal to buy beleaguered brokerage firm Merrill Lynch. While it looks like a long shot now, it could be less of one after today. So far, Proxy Governance Inc., a firm that advises shareholders, has come out in favor of the deal. But recommendations from two other leading proxy firms - RiskMetrics Group and Glass Lewis - are due today. What's rankled some shareholders is the growing size of the deal spread, or the difference...
  • Merrill Lynch posts $5.2 billion quarterly loss

    10/16/2008 10:11:50 AM PDT · by BGHater · 4 replies · 314+ views
    MarketWatch ^ | 16 Oct 2008 | Sam Mamudi
    Merrill Lynch & Co., the venerable Wall Street brokerage firm that agreed to a hasty marriage of convenience last month amid fears about its survival, said Thursday that it lost more than $5 billion. Issuing its final financial results as an independent company, Merrill Lynch reported a loss of $5.15 billion, or $5.58 a share, in the third quarter, compared to a loss of $2.24 billion, or $2.82 a share, a year ago. Merrill's net loss for the latest quarter excluded payments of $3.34 billion on preferred stock dividends, compared to $73 million of preferred dividends in the year-ago period....
  • Lehman Brothers, Merrill Lynch woes pile-up as Wall Street faces day of reckoning

    09/14/2008 8:05:20 PM PDT · by bruinbirdman · 59 replies · 478+ views
    The Telegraph ^ | 9/15/2008 | James Quinn, Wall Street Correspondent
    Three of the biggest names on Wall Street - Lehman Brothers, Merrill Lynch and AIG - poised to buckle under the seismatic credit crunch pressure. The global financial system faced its biggest test in at least half a century this morning after some of the world’s leading firms took drastic emergency action in America in the face of a worsening international economic crisis. Lehman Brothers, one of the world’s biggest investment banks, was on the verge of collapse after a weekend of talks to find a willing buyer ended without success. Hank Paulson, the US Treasury Secretary, led the efforts...
  • WSJ: Bank of America to Buy Merrill Lynch for $29/Share

    09/14/2008 7:37:16 PM PDT · by TigerLikesRooster · 32 replies · 237+ views
    Fox Business ^ | 09/14/08 | Ken Sweet
    WSJ: Bank of America to Buy Merrill Lynch for $29/Share Ken Sweet FOXBusiness Bank of America will purchase the iconic brokerage house Merrill Lynch for $29 per share, The Wall Street Journal reported on its Web site Sunday. The report comes on the heels of Bank of America (BAC: 33.74, +0.68, +2.05%) walking away from a purchase of barely-breathing Lehman Brothers (LEH: 3.65, -0.57, -13.50%) this weekend. The Journal reported that BofA would pay $44 billion, or $29 a share, for Merrill Lynch (MER: 17.05, -2.38, -12.24%). Both company's board of directors approved the deal. However, the merger is still...
  • Bank of America in Talks to Buy Merrill Lynch ($38.25B stock deal tonight?)

    09/14/2008 1:49:47 PM PDT · by jimbo123 · 13 replies · 214+ views
    NY Times ^ | 9/14/08 | NY Times
    Bank of America is in advanced talks to buy Merrill Lynch for at least $38.25 billion in stock, people briefed on the negotiations said on Sunday, as a means to preserve that investment bank while Lehman Brothers looks likely to collapse. A deal, at between $25 a share to $30 a share, could be announced as soon as Sunday night, these people said. Merrill shares closed at $17.05 on Friday.