LaSalle Bank executives begin jumping ship. Save yourselves! [Chicago Tribune]
you can run but you can’t hide
You can’t keep a good CEO down! Or something. Robert “Big Bob” Nardelli, the CEO who famously ran Home Depot into the ground by deemphasizing customer service in favor of the “business supply” division and then ran away with over $200 million in severance pay and other bonuses, has been named CEO of the Chrysler Group.
US PIRG says they’ve obtained legitimate documentation that says Bank of America will be raising their ATM surcharges for non-customers to $3 at most locations. The change will take place on July 31st.
Regarding this morning’s “Bank Of America Wins, Buys Chicago’s LaSalle Bank,” commenter “Stankwell,” whose first and only comment went up today, wrote:
LaSalle customers should be happy. Among other things, they’re gaining access to world-class online banking and a coast-to-coast branch and ATM network.
Bank of American managed to fight off a hostile take over by the Royal Bank of Scotland to acquire LaSalle Bank from its parent company ABN Amro. The Dutch Supreme court has cleared the way for Bank of America and conversion seems all but inevitable for all of you LaSalle Bank customers.
There’s a law in this country that prevents any one bank from holding over 10% of the insured deposits. If Bank of America manages to hold on to its deal to buy Chicago’s LaSalle Bank, Bank of America would hold approximately 10.7% of deposits—about 5.1 billion dollars too much.