Financial Regulatory Forum

Bank of America-SEC bonus pact rejected; Cuomo eyes charges

September 15, 2009

Bank of America CEO Kenneth Lewis pauses as he speaks at the National Urban League Conference in Chicago July 30, 2009. REUTERS/John Gress By Jonathan Stempel and Grant McCool
NEW YORK, Sept 14 (Reuters) – A federal judge rejected Bank of America Corp’s $33 million settlement with the U.S. Securities and Exchange Commission over Merrill Lynch & Co bonuses as a contrivance, and New York’s top legal officer prepared to sue senior bank executives.

BofA says still in talks to exit government pact

September 11, 2009

FINANCIAL-BANKOFAMERICA/   WASHINGTON, Sept 10 (Reuters) – Bank of America <BAC.N> Chief Executive Ken Lewis said his company is still in talks with U.S. officials on how to compensate the government for a prior loss-sharing agreement, according to a letter released by a watchdog lawmaker on Thursday. (more…)

NY’s Cuomo may charge Bank of America executives over Merrill

September 8, 2009

New York State Attorney General Andrew Cuomo answers questions during a news conference held on Wall Street in New York October 15, 2008. NEW YORK, Sept 8 (Reuters) – New York Attorney General Andrew Cuomo threatened on Tuesday to file charges accusing top Bank of America Corp  executives of failing to disclose essential details about its takeover of Merrill Lynch & Co.

ANALYSIS-Fatter capital rules mean lean times for big banks

September 8, 2009

By Kevin Drawbaugh

WASHINGTON, Sept 9 (Reuters) – Banking is supposed to be boring.

That’s the quip that lobbyists and congressional aides use, only half-jokingly, to explain what’s in store for the banking industry as governments crack down with tighter regulation.

Obama’s “pay czar” says weighing power to claw back compensation

August 17, 2009

By Steve Eder

MARTHA’S VINEYARD, MASSACHUSETTS (Reuters) – Kenneth Feinberg, the Obama administration’s pay czar, said on Sunday he has broad and “binding” authority over executive compensation, including the ability to “claw back” money already paid, and he is weighing how and whether to use that power. (more…)

Bank of America to pay $33 million to settle charges over Merrill bonuses

August 3, 2009

Bank of America CEO Ken Lewis By Grant McCool
NEW YORK, Aug 3 (Reuters) – Bank of America Corp has agreed to pay $33 million to settle charges by the U.S. Securities and Exchange Commission that it made false and misleading statements to investors about bonuses when it took over Merrill Lynch & Co. (more…)

Bonuses topped profits at some U.S. bailout banks – NY attorney general

July 31, 2009

AIG/CUOMO By Grant McCool

NEW YORK (Reuters) – Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.

BofA operating under secret regulatory sanction – WSJ

July 16, 2009

    July 16 (Reuters) – Bank of America Corp is operating under a secret U.S. regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, The Wall Street Journal reported, citing people familiar with the situation.