Former BofA CEO To Pay $10 Million, Is Barred From Being An Exec For 3 Years

Former BofA CEO To Pay $10 Million, Is Barred From Being An Exec For 3 Years

It’s been a long time since we’ve heard from former Bank of America CEO Ken Lewis, the acquisition-happy buffoon who thought it would be a grand idea to buy Countrywide without doing any due diligence on all those worthless loans written by the failing company. And it will be another few years before he’s allowed to climb back to the top of the corporate ladder, as he’s agreed to a 3-year ban from serving as an officer or director of any public company. [More]

Don't worry about former Bank of America CEO Ken Lewis, because he probably doesn't worry about you.

On 5-Year Anniversary Of Mortgage Meltdown, Those Responsible Are Doing Just Fine

On Sept. 15, 2008, Lehman Brothers became the largest bankruptcy filing in the history of this country. It was the first domino of many to fall, followed by the likes of Bear Stearns, Merrill Lynch, Countrywide, Wachovia, Washington Mutual, and many other banks and investment firms that had bet too much money on the subprime mortgage market, only to have it collapse when people realized many of those bad loans would never be repaid. These events ripped apart the American economy and left people out of work for extended periods of time. But not most of the bankers responsible for the mess. [More]

Bank Of America Settles For $315 Million Over Bad Merrill Lynch Investments

Bank Of America Settles For $315 Million Over Bad Merrill Lynch Investments

Another day, another settlement for reigning Worst Company In America runner-up Bank of America. This time, BofA has agreed to pay $315 to plaintiffs in a class-action suit over mortgage-backed investments sold by Merrill Lynch, the once-great financial institution that BofA swooped in to save when it collapsed in 2008. [More]

Judge In Bank Of America Case Calls Settlement "Half-Baked Justice"

Judge In Bank Of America Case Calls Settlement "Half-Baked Justice"

A U.S. District Court Judge signed off on the $150 million settlement between Bank of America Corp. and the Securities and Exchange Commission over allegations of making misleading statements during BofA’s purchase of Merrill Lynch & Co., but he wasn’t exactly happy about doing it. [More]

Ex-Merrill Lynch Boss John Thain Is A CEO Again

Ex-Merrill Lynch Boss John Thain Is A CEO Again

After successfully redecorating his office, merging Merrill Lynch with Bank of America, and then getting fired — John Thain is once again a CEO. This time he’ll be heading up a recently-bankrupt commercial and consumer finance company, CIT. [More]

Oh Snap: NY AG Sues EX-Bank Of America CEO For Fraud

Oh Snap: NY AG Sues EX-Bank Of America CEO For Fraud

Andrew Cuomo has announced a lawsuit against Bank of America’s former CEO Kenneth D. Lewis, its former CFO Joseph L. Price, and the company itself, for “duping shareholders and the federal government in order to complete a merger with Merrill Lynch.” Uh oh! [More]

Ex-Merrill Lynch CEO: Whoops, I Should Have Gone To IKEA

Ex-Merrill Lynch CEO: Whoops, I Should Have Gone To IKEA

Former Merrill Lynch CEO John Thain is famous for, among other things, spending $1.2 million to redecorate his office as the company was going down in flames. For some reason, Thain’s shopping spree of $87,000 area rugs, a $18,000 desk, and a $35,000 chest of drawers didn’t go over well.

Bank Of America Board Members Subpoenaed

Bank Of America Board Members Subpoenaed

New York Attorney General Andrew Cuomo’s office is gathering information in order to file fraud charges against some BoA executives over what they knew, and what they hid, when they acquired Merrill Lynch & Co. a year ago. Earlier this week, his office subpoenaed 5 board members to find out “what they knew regarding the mounting losses and bonus payments at Merrill before the deal closed on Jan. 1 and what role they played in deciding whether to disclose that information to shareholders,” according to the Associated Press.

Judge: BoA SEC Deal Violates "Most Elementary Notions Of Justice And Morality"

Judge: BoA SEC Deal Violates "Most Elementary Notions Of Justice And Morality"

Judge Jed Rakoff, our favorite crusading curmudgeon of the court, is at it again. And once again, he’s turned his ire to the backroom deal that Bank of America tried to cut with the Securities and Exchange Commission to settle a complaint about outsize bonuses paid at Merrill Lynch before BofA took it over last year. The $33 million settlement, Rakoff wrote in his decision, “does not comport with the most elementary notions of justice and morality.”

Judge To BoA: "I'm Glad You Think $91,000 Is Not A Lot Of Money"

Judge To BoA: "I'm Glad You Think $91,000 Is Not A Lot Of Money"

Recently, the SEC settled with Bank of America over charges that the company mislead its investors about the $3.6 billion in bonuses paid by Merrill as the brokerage was being taken over. U.S. District Judge Jed Rakoff, however, isn’t buying it. He’s refusing to approve the settlement until it can be shown that the $33 million Bank of America agreed to pay is adequate. That’s nice, but he best part is that the judge is being hilariously sarcastic during the hearings.

Financial Advertising Through The Years

Financial Advertising Through The Years

Slate has put together a sarcastic look at financial-type commercials through the years. We like the one with Samuel L. Jackson and the centaur.

NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income

NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income

New York Attorney General Andrew Cuomo’s report on the bonus structures of the banking industry is out and — oh my— it’s damning. The AG says that 3 banks, Goldman Sachs, Morgan Stanley, and JP. Morgan Chase, paid out bonuses that ” were substantially greater than the banks’ net income.”

Frontline Examines The Bank Of America/ Merrill Lynch Merger

Frontline Examines The Bank Of America/ Merrill Lynch Merger

The merger between Merrill Lynch and Bank of America was sold to us as a marriage made in heaven that would save the financial system. It wasn’t, and it didn’t. Now Frontline takes a closer look at the now-infamous debacle that cost tax payers billions — and CEO Ken Lewis his chairmanship.

Worst Company In America: FINAL FOUR Comcast VS Bank Of America

Worst Company In America: FINAL FOUR Comcast VS Bank Of America

A big cable company vs a big bank. A repeat of our final match-up of 2008. Last year Countrywide (now part of Bank of America) prevailed. Which one will you choose?

Bank Of America CEO: The Bush Administration Made Me Do It!

Bank Of America CEO: The Bush Administration Made Me Do It!

New York Attorney General Andrew Cuomo’s office is at it again. They’ve been investigating the circumstances that led to the merger of Bank of America and Merrill Lynch and the subsequent bonus payments to executives. In a letter to Senator Chris Dodd (D-CT), chairman of the Senate Banking Committee, Cuomo quotes Bank of America CEO Ken Lewis as saying that former Treasury Secretary Hank Paulson threatened him with removal from his position and mass firing of the board and senior management if he didn’t allow the merger to go through.

Worst Company In America: Starbucks VS Bank of America

Worst Company In America: Starbucks VS Bank of America

Expensive coffee that “tastes burnt”? Or the owners of Merrill Lynch and Countrywide?

Merrill Lynch Bonus Recipients May Be Revealed Next Week

Merrill Lynch Bonus Recipients May Be Revealed Next Week

Well, it looks like the whole Merrill Lynch bonus scandal may have a Scooby Doo ending — with a judge unmasking the executives by the end of next week.

B of A Heiress Says Bank Is "Repulsive", Run By "Idiots"

B of A Heiress Says Bank Is "Repulsive", Run By "Idiots"

Virginia Hammerness, the 75-year-old heiress to A.P. Giannini’s family fortune and a significant stockholder in Bank of America, the bank her grandfather founded in San Francisco in 1904, has harsh words for the people in charge.