Bank of America is America’s biggest bank, but you wouldn’t have thought so after its stunning slide on Wall Street overnight.
Bank of America
The multimillion dollar corporate plan to destroy WikiLeaks
Anonymous’s attack on an American cyber-security company was for the lulz, until it revealed a multimillion dollar plan to attack WikiLeaks.
US banks clean dirty Mexican drug money
US banks — including Bank of America and Wachovia — have blatantly laundered illicit funds from the Mexican drug war for years, helping to cleanse the dirty cash.
Are the Big Banks cheating?
Goldman Sachs, Citigroup, JP Morgan, and Bank of America have all scored “perfect quarters” — making money on all 61 trading days this year. Are they really that good — or is the system rigged?
US banking basket case: not much left in the Citi kitty
Lumbering banking giant Citibank lost $US1.6 billion last year — peanuts really compared to the still-shocking $US27.7 billion lost in 2008.
Wall St bankers explain their stuff ups
The NY Times has a nifty interactive feature on the four big bankers who headed to Capitol Hill to testify at the Financial Crisis Inquiry Commission. Hear in their own words how hurricanes, regulators, risk and overspending of mortgages all contributed to causing the GFC.
Bailed-out execs face 90% pay-cut
The US government is set to order the companies that received the most money in last year’s Wall St bailout to slash compensation for their top executives.
Krugman: Big Banks are still buggered
Don’t be fooled by their cash splashing bonuses and reported “record profits”, says Paul Krugman: the big banks are still in deep poo; they’re just really good at pretending they’re not.
US banks still world’s best practice in failure
Most American economists and the big end of Wall Street are ignoring the increasing failure rate among American banks.
Does Ben Bernanke hate the Bank of America?
Bernanke didn’t railroad the Bank of America into buying Merrill Lynch, says Morgan Housel.
Wall St relaxes as stress tests loom
The lunatics running the asylum have concluded the dull days have gone and it’s up, up, up from now on.
Bank profits appear out of thin air
Goldman Sachs et al all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers. No-one was buying it.
Sharemarket boomlet will end in tears
The rising sharemarket is ignoring the shaky fundamentals that continue to haunt the global economy, writes Glenn Dyer.
US back fiddling the books on GFC
As the G20 were preening and congratulating themselves, US regulators were hard at work changing their accounting standards to placate the likes of Citigroup, writes Glenn Dyer.
Gottliebsen: Banks play battleships
America’s two biggest banks, Bank of America and Citibank, are engaged in a titanic struggle to avoid nationalisation, writes Robert Gottliebsen.
Bank DeathWatch: US lenders go to the wall
Three small regional US banks were shut over the weekend, taking to six the number of failures in January, writes Glenn Dyer.
Merrill raids the cookie jar
There been nothing as offensive as the way Merrill Lynch bankers raided their company’s accounts in the days before its takevoer, writes Glenn Dyer.
$8 billion loser Jerome Kerviel is just a scapegoat
There’s a large dollop of hypocrisy in much of the reporting about the losses at Societe Generale, the big French bank, because of unauthorised trading, writes Glenn Dyer.
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
Florida state fund joins the sub-prime hit list
It may not be Citigroup, Bank of America or Merrill Lynch but, in terms of impact, Florida’s Local Government Investment Pool has become one of the biggest casualties of the subprime disaster so far, writes Glenn Dyer.
Perpetual’s “boring” cash funds now $18m lighter
Blue chip investment giant Perpetual Ltd’s flirtation with trying to enhance the return on its boring cash funds has come home to bite it badly with a sharp rise in losses in the past few weeks to $18 million, writes Jeff Wall.
Citigroup goes to junk
The $US7.5 billion bail out of Citigroup by the Abu Dhabi Investment Authority reveals that America’s biggest bank by assets is the world’s first major bank to be valued at junk bond status.
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
