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Dow Surges 275 Points, Closes Back Above 10,000
By David Knowles - AOL NewsFollowing more modest gains Tuesday, the Dow Jones industrial average climbed a whopping 275 points today. As a result, the U.S. market closed above the 10,000-point mark for the first time since June 28. According to Daily Finance, for every stock that fell on the New York Stock Exchange today, another six stocks rose. The Dow rose by 2.82 percent of its total volume, closing at 10,018.28, while the S&P index did even better, rising by 3.13 percent. Financial-sector companies like American Express, JPMorgan Chase and Bank of America were all up more than 4 percent, The Wall Street ...
Praise for BofA's Mortgage Modification Plan
By Broderick Perkins - AOL News(March 26) -- Even critics of the mortgage-lending industry's efforts to help struggling homeowners keep their homes are lauding Bank of America's reduced-principal approach to mortgage modifications for some 45,000 of its customers. The much-encouraged but little-used reduced-principal approach to mortgage modifications has long been championed by federal officials and consumer advocates as the most effective type of modification. Craig Ruttle, AP Bank of America's mortgage modification program is being praised by consumer advocates. A mortgage modification, used to make mortgage ...
Citigroup, Bank of America Credit Ratings Could Take a Hit
By Christopher Weber - Politics DailyA major financial services firm has revised its rating outlooks of Citigroup and Bank of America from "stable" to "negative," saying it's unclear the government will bail out the companies again in the event of another crisis. The negative outlook by Standard & Poors means there's a higher chance it will downgrade the banks' credit ratings over the next two years, Reuters reported. S&P said this week's revision "reflects our increased uncertainty about the U.S. government's willingness to provide additional extraordinary support to highly systemically important financial institutions in a ...
Obama Presses Banks to Lend, Accept New Regulations
By David Sessions - Politics DailyIn an hour-long meeting Monday, President Obama pressed executives from Wall Street banks to increase their lending to small businesses and stop fighting financial regulation efforts, the New York Times reports. "America's banks received extraordinary assistance from American taxpayers to rebuild their industry," Obama said in remarks after the meeting. "Now that they're back on their feet, we expect an extraordinary commitment from them to help rebuild our economy." The president hoped to use the meeting to capitalize on public outrage at the banks' dependence on taxpayers for bailouts, and ...
Bank of America Ready to Pay Back $45 Billion in Bailout Money
By David Sessions - Politics DailyBank of America announced Wednesday that it will pay back the $45 billion it received from the Troubled Assets Relief Program, or TARP. The U.S. dollar and euro both rose in response to the positive news from America's largest bank. "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest," Bank of America CEO Ken Lewis said in a statement. The announcement underscored the speedy recovery of U.S. banks that received bailout funds. Treasury Secretary Timothy ...
Bank of America CEO Tells of Fed Threats to Buy Merrill Lynch
By Patricia Murphy - Politics DailyTestifying before the House Oversight Committee today, the CEO of Bank of America, Ken Lewis, said that federal regulators threatened to fire him and the bank's board of directors if the bank failed to complete a planned acquisition of then-teetering investment bank, Merrill Lynch. Lewis testified that during Bank of America's purchase of Merrill in December 2008, a last-minute report of massive losses at the investment bank raised enough red flags for the bank's leadership that it began a legal process to back out of the purchase, but federal officials objected. "If we went through with the ...
Bernanke Demands Bank Exec Lie to His Shareholders
By Dave - Politics DailyFrom the Wall Street Journal, this morning, a shocking revelation. At least this is shocking to me, something I thought would be impossible. The setup is this, Bank of America as part of something called a "Material Adverse Clause" needed to tell their shareholders that merging with Merrill Lynch would damage Bank of America and cause a loss. Anyway this is from testimony from Bank of America CEO Ken Lewis before the New York Attorney General as part of an investigation: Mr. Lewis: I remember, for some reason, we wanted to follow up and see if any progress -- as I recall, we actually, had not ...
Bank of America Wants to Give Taxpayer Money to the Yankees
By Matt Watson - AOL NewsBank of America accepted a $45 billion bailout this winter, so you'd think they'd be a little careful about how they spend that money, right? Common sense would suggest as much -- but then again, if common sense prevailed, perhaps the financial industry wouldn't be in ruins in the first place. Anthony Rieber of Newsday reports that Bank of America has quietly resumed negotiations on a sponsorship deal with the Yankees. The two sides were close to an agreement back in September that would have "approached the $20 million per year the Mets are getting from Citigroup."Those talks presumably ...
Teeth a Requirement for Washington's Rotten Apples
By tallglassofmilk - AOL NewsWashington may have produced two of today's top NASCAR drivers in Kasey Kahne and Greg Biffle, but the Evergreen State doesn't want them back in their 'hood racing with their fellow competitors anytime soon: State House Speaker Frank Chopp did follow up on his comment about the Petty DUI: "... I personally apologized to Richard Petty for a comment I made yesterday. It was inappropriate and wrong."Ya think? Maybe he was confusing the King of NASCAR with the Boss of NASCAR. Not only does the King not drink - he won't even take money from alcohol sponsors and won't let his team accept awards ...
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