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Keyword: merrilllynch

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  • Merrill Lynch to Pay $415 Million

    06/24/2016 4:45:54 AM PDT · by ConservativeWarrior · 10 replies
    Washington D.C., June 23, 2016 — The Securities and Exchange Commission today announced that Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges that it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors.
  • Bank of America Merrill Lynch is firing traders worldwide

    03/08/2016 8:43:30 AM PST · by SeekAndFind · 20 replies
    Business Insider ^ | 03/08/2016 | Matt Turner
    Bank of America Merrill Lynch is cutting jobs in its global banking and markets business on Tuesday. The job cuts have already taken place in Asia, and they are working their way across time zones to Europe and now the US, according to people familiar with the matter. Arnaud Droitcourt, head of equity trading in Asia Pacific, and Robert Grillo, head of fixed income e-sales, are among those to have left, according to Bloomberg. A spokesman for Bank of America declined to comment. Business Insider reported last month that the bank had asked senior executives some weeks ago to draw...
  • Washington Post Article Compares Ted Cruz's Wife to Hillary Clinton

    01/09/2016 4:48:19 PM PST · by jimbo123 · 19 replies
    Breitbart ^ | 1/8/16 | CHARLIE SPIERING
    The Washington Post published a glowing profile Friday morning about Heidi Cruz - highlighting her professional accomplishments - beyond the fact that she is Sen. Ted Cruz (R-TX)'s wife. The profile was mostly flattering, pointing to her career at Goldman Sachs in Houston before she stepped down when her husband decided to run for president. Curiously, however, the article began pointing out the similarities between Heidi and Hillary Clinton: -snip- Is that a compliment?
  • Google Is Being Forced To Censor The History Of Merrill Lynch — And That Should Terrify You

    07/03/2014 7:10:15 AM PDT · by EBH · 25 replies
    Business Insider ^ | 7/3/2014 | Jim Edwards
    The European Union's new law giving people a "right to be forgotten," which requires Google to remove links to information about them, is having exactly the effect its critics predicted: It is censoring the internet, giving new tools that help the rich and powerful (and ordinary folk) hide negative information about them, and letting criminals make their histories disappear. Exhibit A: Google was required to delete a link to this BBC article about Stan O'Neal, the former CEO of Merrill Lynch. O'Neal led the bank in the mid-2000s, a period when it became dangerously over-exposed to the looming mortgage crisis....
  • 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...