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Monetary System
Ken Lewis is out as Chairman of Bank of America
This is from BofA's website:
Bank of America Corporation today announced the results of management and shareholder proposals at the company's 2009 annual meeting...
All 18 directors were elected to the board by comfortable margins. In…
Live-blogging BofA shareholder meeting via Twitter
This individual is live-blogging BofA's annual shareholder meeting via Twitter. Hat tip Deal Breaker.
At least six banks need more capital under stress tests
This comes via Bloomberg:
At least six of the 19 largest U.S. banks require additional capital, according to preliminary results of government stress tests, people briefed on the matter said.
While some of the lenders may need extra…
Sheila Bair speaks out to CNBC
CNBC's Trish Regan talks about banks and the economy with FDIC Chair Sheila Bair.
What is going on with Ponta Negra?
A friend passed me a URL now which led me to a few posts over at Bronte Capital and at Felix Salmon's blog at Reuters about a firm connected to the Biden family called Ponta Negra. T here may be a connection here to the alleged Stanford…
Bof A’s MAC clause was as porous as swiss cheese
Over the past few days, I have written two posts regarding the increasingly acrimonious sparring surrounding Bank of America's acquisition of Merrill Lynch.
The horrible self-dealing of Ken Lewis and the principal-agent problem
BofA…
Stress tests reveal Citi and BofA need more capital, but you knew that already
The leaks about who failed the stress tests are already starting. Who got a big fat 'F'? Apparently, Citi and BofA for starters. But is that any surprise?
Regulators have told Bank of America Corp. and Citigroup Inc. that the banks may…
Ackman and Stigliz talk Stress Tests with Charlie Rose
In this much-talked about Charlie Rose roundtable with Nobel Laureate Joseph Stiglitz joined by Bill Ackman of Pershing Square, Andrew Ross Sorkin of the New York Times and Kate Kelly of the Wall Street Journal, these experts discuss the…
The Age of the Fiat Currency: A 38-year experiment in inflation
When the United States closed the gold window in 1971, the world entered a new era in which nearly all money was supported by nothing more than the full faith and credit of the governments issuing it. If one looks back to the history of…
BofA saga continues as John Thain calls Lewis a liar
The Wall Street Journal is running a front-page story about John Thain today in which he accuses Bank of America CEO Ken Lewis of lying about events surrounding the Bank of America - Merrill transaction and the ouster of Thain as a top…