Bank of America

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Bank of America Posts 77% Dive on $6B in Writedowns
Bank of America Posts 77% Dive on $6B in Writedowns
Earnings Report
Apr 21, 2008 8:00 AM CDT

Bank of America Posts 77% Dive on $6B in Writedowns

Writedowns pack bigger punch than analysts expected

(Newser) - More than $6 billion in subprime writedowns sent Bank of America profits skidding for the third straight quarter today, as the nation's second-largest bank posted a 77% decline in net income for the first quarter. Earnings were $1.21 billion, down from $5.26 billion a year ago, reports Bloomberg....

Stocks Flat After Day in Red
 Stocks Flat After Day in Red 
MARKETS
Apr 17, 2008 3:27 PM CDT

Stocks Flat After Day in Red

Mixed data leads to seesaw after Wednesday's rally

(Newser) - The Dow ticked up 1.22 points to close at 12,620.49 today, after a flood of mixed earning reports mostly kept stocks down during the session. One analyst was impressed the market didn’t dip, saying it “seems to be holding up relatively well, especially after yesterday’...

Bear Bailout Invites the Bears
 Bear Bailout Invites the Bears 
MARKETS
Mar 14, 2008 3:40 PM CDT

Bear Bailout Invites the Bears

Financial sell-off follows Fed's move, sends markets plummeting

(Newser) - News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65...

Morgan Stanley Boss Faces Shareholder Pressure

Mack lambasted for taking excessive risk, accumulating debt

(Newser) - With $11 billion in writedowns already on the books and a history of making risky trades and building debt, Morgan Stanley CEO and chairman John Mack is facing scrutiny from some shareholders, the New York Times reports. He has substantial support, but at least one activist group is pushing for...

FBI Probes Countrywide for Fraud
FBI Probes Countrywide
for Fraud
Mar 9, 2008 5:00 AM CDT

FBI Probes Countrywide for Fraud

Feds seek evidence that subprime lender lied about quality of loans

(Newser) - The FBI has launched a securities fraud investigation against subprime mortgage lender Countrywide Financial for allegedly lying to investors about its financial status and the quality of its mortgage loans, reports the Wall Street Journal. The probe could extend to Wall Street firms that helped package more than $100 billion...

Subprime Lender CEOs Defend Exec Pay

Merrill, Citi and Countrywide honchos cashed in as companies foundered

(Newser) - Banking executives who took home huge paychecks even as the subprime mortgage crisis battered their companies appeared before Congress today to defend their actions. Democrats on the House Oversight Committee grilled them about their enormous pay packages as Republicans apologized to them and questioned the premise of the hearing, the...

Sprint, AT&T, BofA Faves of Identity Thieves

Half of all complaints in 2006 months came from 25 companies

(Newser) - Bank of America led as a target for identity thieves in a 2006 sample of FTC complaints, followed closely by AT&T and Sprint. The survey by Berkeley researchers found that half of all complaints involved 25 organizations, mainly banks and telecom companies, reports PC World. There were 88,000...

Dow Falls as Nasdaq Posts Gains
Dow Falls as Nasdaq Posts Gains
MARKETS
Feb 8, 2008 3:57 PM CST

Dow Falls as Nasdaq Posts Gains

Wholesale inventories, financials struggle, but tech holds its ground

(Newser) - Stocks showed mixed results today, as the Dow rallied and then teetered to a loss off lingering fears of recession. Meanwhile, the Nasdaq posted moderate gains buoyed by strong showings by Amazon, Google, Apple, and Research in Motion, Marketwatch reports. The Nasdaq gained 11.82 to end at 2,304....

Sallie Mae Drops $900M Lawsuit
Sallie Mae Drops $900M Lawsuit
Jan 29, 2008 9:31 AM CST

Sallie Mae Drops $900M Lawsuit

Move helps struggling student loan provider obtain $31B in financing

(Newser) - Beleaguered student loan provider Sallie Mae yesterday dropped its $900 million lawsuit against the onetime suitors who bailed on a $25.3 billion buyout after the credit crunch caused would-be investors to walk away, reports the Washington Post. By agreeing not to seek the penalty from investment firm JC Flowers...

BoA Writes Down $5.28B; 4Q Net Income Drops 95%

Writedowns had been estimated at $3B

(Newser) - Bank of America said today its net income plummeted 95% in the fourth quarter, and it wrote down $5.28 billion in collateralized debt obligation. Net income for the largest retail bank and credit-card issuer was $268 million, or 5 cents per share, compared to $5.26 billion, or $1....

BofA Faces Big Risks With Countrywide

CEO Lewis confident of his bet on mortgage lender

(Newser) - For Bank of America CEO Kenneth Lewis, buying beleaguered mortgage lender Countrywide Financial fits into his retail strategy to offer customers full-service banking and, in the process, sell additional services, reports the New York Times. But, whether BofA can cross-sell Countrywide’s customers aggressively enough to offset potential losses from...

Bank of America Buys Countrywide for $4B

Stock package saves nation's largest mortgage lender

(Newser) - Bank of America, five months after throwing a $2 billion lifeline to rapidly sinking Countrywide Financial, will pay nearly $4 billion in stock to save the damaged mortgage lender. The deal makes BofA the nation's largest mortgage lender and loan servicer and should help build a bulwark against the still-spreading...

BofA May Buy Ailing Countrywide
BofA May
Buy Ailing Countrywide
Jan 10, 2008 3:21 PM CST

BofA May Buy Ailing Countrywide

Talks between bank and troubled mortgage giant well advanced

(Newser) - Bank of America is in advanced talks to buy troubled Countrywide, the Wall Street Journal reports. The Charlotte-based bank could be on the brink of acquiring the US' largest mortgage lender, whose market value has plummeted to $3 billion—about 2 months' profit for BofA—as foreclosures continue to dent...

Stocks Soar After Bumpy Ride
Stocks Soar After Bumpy Ride
MARKETS
Jan 10, 2008 3:19 PM CST

Stocks Soar After Bumpy Ride

Streeters pleased with Bernanke speech, BofA news

(Newser) - The Dow finished up 117.78 points today, closing at 12,853.09 on signals from Fed chairman Ben Bernanke of interest-rate cuts to come and reports that Bank of America is in talks to buy home-loan giant Countrywide. It was a bumpy ride, though, as the key index was...

Friendly Service Cuts Bank Robberies

FBI finds personal attention unnerves would-be felons

(Newser) - Bank employees are thwarting robbers in Washington state, not with steel bars or alarms—but with broad smiles and enthusiastic handshakes, reports the Seattle Times. The number of bank robberies in the state reached a 20-year low thanks to FBI training program "Safecatch," which teaches bank personnel to...

Americans Falling Behind on Credit Cards

Amount overdue on US accounts surged 26% in October

(Newser) - It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in...

Banks Scuttle SIV Bailout
Banks Scuttle SIV Bailout
Dec 21, 2007 3:56 PM CST

Banks Scuttle SIV Bailout

BoA, Citi and JP Morgan drop subprime fix over lack of interest

(Newser) - The three banks charged by Treasury with setting up a fund to bail out investments threatened by the subprime mess are abandoning the project, the Wall Street Journal reports. Citigroup, Bank of America and JP Morgan Chase had been working since September on the plan to rescue structured investment vehicles,...

Credit, Economy Bring M&A Action to a Crawl

After a golden year for LBOs, experts see a chilling of a once-hot market

(Newser) - The slowing economy and financing costs that have more than doubled since June because of the subprime collapse could ice the pace of mergers and acquisitions in 2008, Bloomberg reports. After a record $3.9 trillion in deals in 2007, analysts predict transaction value could plummet 20%. "The mega-LBO...

Credit Card Execs Grilled Over Rate Hikes

Lawmaker threatens legislation to stop sudden increases

(Newser) - Lawmakers grilled credit card execs today over the practice of hiking interest rates on customers who pay on time, the AP reports. Senator Carl Levin called it unfair, but Bank of America and Discovery execs said that factors like credit scores also affect rates. "It's important criteria for how...

Banks Seeking Cash Spur New Merger Round

Citigroup blows off BoA for Abu Dhabi, but it's just the beginning

(Newser) - An informal merger overture from Bank of America to cash-starved Citigroup was recently rejected, the Wall Street Journal reports, in favor of a smaller, $7.5 billion infusion from the Abu Dhabi government, approved by the bank today. But the offer, quickly disavowed by BoA, underscores the fact that a...

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