Sheila Bair
Bank of America agrees to $8.5 billion mortgage securities settlementPosted by RJ and Makay on Jun 30, 2011 |
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Bank of America (BAC) announced Wednesday an agreement to pay $8.5 billion to settle claims by large investors who lost money on mortgage-backed securities purchased before the 2008 housing collapse. It would be the largest settlement to date by any financial services firm tied to the subprime mortgage boom and subsequent bust.
Top bank execs may have to wait longer for bonusesPosted by RJ and Makay on Feb 08, 2011 |
If federal regulators get their way, top executives at large financial firms will have to wait at least three years to be paid half of their annual bonuses. The proposal is intended to help prevent another financial crisis by limiting risk-taking for short-term gain on the part of top financial company executives.
The Federal Deposit Insurance Corporation (FDIC) voted Monday to advance the proposed rule, which builds on more general requirements in last year's financial regulatory law to curtail risk-taking. The rule targets firms with $50 billion or more in assets and would apply to major financial institutions like Bank of America, JPMorgan Chase, Citigroup, Goldman Sachs, and Wells Fargo.
Daniel J. Boorstin (American social historian and educator, 1914)
