Ken Lewis, Bank of America CEO, continues his public relations campaign to convince people/investors that BofA is not insolvent. He is now claiming that it was a tactical mistake for BofA to take TARP money to purchase Merrill Lynch. What a crock!
The only reason why this guy still has a job is because no one else wants to command a sinking ship.
For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even as they're collecting unemployment benefits, they're paying bank fees just to get access to their money.
Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JPMorgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 — even though they could decline charges for more than what's on the card.
Last week ago, Institutional Risk Analytics interviewed Josh Rosner of Graham Fisher & Co and David Kotok of Cumberland Advisors, and the discussion is one of the most direct and revealing of the true political nature of the financial collapse I have yet seen. As I have written before, using reports from the Fed, FDIC, and Comptroller of the Currency, the financial problems are very tightly concentrated in a handful of the largest banks, with over 8,000 plus smaller and regional banks having declined to participate in Wall Street’s derivatives madness.
A Settlement of $8.6 Billion was reached today on a lawsuit by 9 states.
Maybe more people and states need to plain sue to be able to restructure their mortgages and principles so they might have a prayer's chance of staying in their homes.
Some details:
Bank of America, which bought Countrywide in July, reached a deal with attorneys general representing 11 states in which it will offer more affordable and sustainable mortgage payments for borrowers who had financed their homes with subprime loans or adjustable-rate mortgages serviced by Countrywide.
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