All Posts Tagged With: "Securities and Exchange Commission"

Judge Approves Bank Of America (NYSE: BAC), SEC Settlment Over Merrill Lynch Merger

February 22nd, 2010 • View Comments • Filed Under • by mitch
After months of deliberating and a growing dollar figure, Bank of America (NYSE: BAC) received approval from a U.S. District Judge on a $150 million settlement with the Securities and Exchange Commission, ending a drawn out lawsuit over actions during the Merrill Lynch acquisitions. Judge Jed Rakoff, who previously shot down a $33 million settlement [...]

Judge To Rule On Bank Of America (NYSE: BAC), SEC Settlement

February 9th, 2010 • View Comments • Filed Under • by mitch
U.S. District Judge Jed Rakoff said Monday that he will decide by the end of next week whether or not to reject the latest settlement between Bank of America (NYSE: BAC) and the Securities and Exchange Commission in regard to its 2009 acquisition of Merrill Lynch.  The settlement calls for Bank of America to pay [...]

SEC Admits It’s Investigating Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS)

January 15th, 2010 • View Comments • Filed Under • by John
The head of the Securities and Exchange Commission (SEC), Mary Schapiro, admitted today that it is investigating the sales practices of Collateralized Debt Obligations (CDOs) of Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS).  The admission came before the Federal Crisis Inquiry Commission on Thursday and was the most direct [...]

SEC Files Additional Charges Against Bank of America (NYSE: BAC) In Merrill Lynch Merger

January 12th, 2010 • View Comments • Filed Under • by mitch
The Securities and Exchange Commission (SEC) announced Monday that it is expanding charges against Bank of America (NYSE: BAC) for the lack of financial disclosures to shareholders when seeking approval of Merrill Lynch merger. The commission wants to charge the bank for failing to disclose extraordinary financial losses at Merrill Lynch prior to the shareholder [...]

Editorial: Financial Crisis Theater Starring – Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), and Morgan Stanley (NYSE:MS)

January 11th, 2010 • View Comments • Filed Under • by John
The next production of government sponsored financial crisis theater is set to open this week in Washington DC, and has assembled an all star ensemble cast of Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), and Morgan Stanley (NYSE:MS).  The play stars the Federal Crisis Inquiry Commission in the lead role as [...]

Citigroup Inc. (NYSE: C) Set To Spin Off Primerica Unit in IPO

November 6th, 2009 • View Comments • Filed Under • by John
Citigroup Inc. (NYSE: C) filed paperwork with the Securities and Exchange Commission late Thursday to spin off its successful Primerica life insurance unit in an Initial Public Offering (IPO). The IPO is part of a perceived effort by Citigroup to divest of certain operations, as well as streamline and simplify its operations, and could. Citigroup is hoping to raise as much as $100 million through the sale of Primerica.

SEC Targeting Hedge Funds in Insider-Trading Crackdown

October 20th, 2009 • View Comments • Filed Under • by Gary
The insider-trading case against billionaire hedge-fund manager Raj Rajaratnam underscores the emphasis by the SEC to put the brakes on what may be prolific insider trading by hedge funds. Normally these types of cases are extremely difficult to win because evidence presented in the past has been largely circumstantial. In order to build stronger cases, [...]

Feds Knew About Merrill Lynch Bonuses Says Court Documents in Bank of America (NYSE:BAC) Case

October 14th, 2009 • View Comments • Filed Under • by Gary
It doesn’t come as a surprise that court documents in the Bank of America (NYSE:BAC) case alleging the institution withheld information from the government about bonuses awarded to executives at Merrill Lynch before they took them over, state in fact that Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson were made aware [...]

Bank of America (NYSE:BAC) Board Ready to Cast Net for New CEO

October 2nd, 2009 • View Comments • Filed Under • by Gary
After the announced resignation of Bank of America (NYSE:BAC) Chief Executive Officer Kenneth D. Lewis yesterday, the board of the Bank of America is moving quickly to put together a nominating committee in order to begin a search for a new CEO for the banking giant. Depending on how long it’ll take to siphon through [...]

Bank Of America (NYSE: BAC) Fails To Meet Merrill Disclosure Deadline, SEC Targets Trial

September 22nd, 2009 • View Comments • Filed Under • by mitch
Bank of America (NYSE: BAC) failed to satisfy a deadline on Monday lawmakers had set for the bank to hand over additional information in regard to its Merrill Lynch acquisition.  The deadline was set after a federal judge shot down a $33 million settlement the bank reached with the Securities and Exchange Commission. Bank of [...]

SEC To Increase Oversight Of Credit Rating Agencies

September 17th, 2009 • View Comments • Filed Under • by mitch
The Securities and Exchange Commission voted unanimously to adopt rules that will increase oversight of credit rating agencies and improve transparency.  The rules will require greater disclosure, address conflicts of interest and promote competition for an industry that is dominated by three firms. Credit ratings agencies generally provide a given financial product or company with [...]

Commercial and Alt-A Loans Next Major Bank Problems

September 16th, 2009 • View Comments • Filed Under • by Gary
While the subprime and prime home mortgage loan problem is still far from being solved, there is the continual loan failures coming from commercial and Alt-A loans that will continue to put tremendous pressure on the banking industry for the next couple of years, and possibly longer. Interestingly, at this time the Federal Reserve is [...]

Money Market Guarantee Program To Expire Next Week

September 12th, 2009 • View Comments • Filed Under • by mitch
The U.S. Treasury Department announced last week that it will end a program which provided a temporary guarantee for money market funds.  The program was installed about a year ago when the nation’s financial crisis was near its peak.  The government essentially backed about $3 trillion in the money market space after a large fund [...]

Defiant Bank of America Lawsuit Could Bring Transparency We’ve Been Looking For

September 9th, 2009 • View Comments • Filed Under • by Gary
Bank of America Corp. (NYSE:BAC) is refusing to cave in to threats and allegations from New York Atty. Gen. Andrew M. Cuomo, and is ready to go to legal battle if the $33 million settlement agreed upon with the Securities and Exchange Commission (SEC) is disallowed by a federal judge. What this is all about, [...]

Vantus Bank Will Be First Bank Failure in Iowa Since 2000

August 25th, 2009 • View Comments • Filed Under • by Gary
Vantas Bank in Iowa could become the first banking casualty in the state as a result of this recession, and the first since 2000. The bank was founded in 1923. Bad loans are the primary culprit with Vantas Bank, and those loans are mostly related to loans made to homebuilders Regency Homes as well as [...]