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In what has to be a move to help them stave off some state attorneys general, as well as boost up some good publicity for a change, Bank of America is forgiving around $3 billion in debt owed them via bad home loans and people who are going through foreclosures. The amount comes to 30% [...]
Everyone might not see it this way, but I think this is a pleasant surprise. Bank of America has taken the proactive step of saying that they’re eliminating overdraft fees on debit card purchases. Well, that’s kind of a misnomer, but it works for the moment. What they’re going to do if you use your [...]
Last August I wrote a post talking about this study that said 416 banks were in trouble. It seems that the news is much worse about six months later, as the prediction now is that 702 banks, which is one out of every 11 banks in the country, are in trouble. That also includes a [...]
Once again, no one can be surprised by this move, after so much bad financial news and negative press. Citigroup and Bank of America got more bad news last week when their bond rating was downgraded from “stable” to “negative” by Standard & Poor. The initial outlook on both banks is that they’re still shaky, [...]
Man, when it’s time to pile on… On Thursday the Attorney General of New York, Andrew Cuomo, who might be running for governor of the state later in the year, charged former CEO Ken Lewis with fraud as it regards Bank of America’s purchase of Merrill Lynch at a time when the banking industry was [...]
What’s the fallout of paying off TARP money when you’re really not ready? Citigroup ended up losing $7.6 billion in the 4th quarter of 2009, and Bank of America ended up reporting a loss of around $5.2 billion for the same time period. They stated that their loss was due to having to pay back [...]
I know that some people believed I was sounding a very negative death knell against the credit card industry last year. I went fairly easy on American Express because, after all, it’s not associated with any banks and their practices, for the most part, have been pretty fair. But for everyone else who has a [...]
