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Bank Of America Warned By U.S. Regulators It Must Get Stronger

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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 12:51 PM
Original message
Bank Of America Warned By U.S. Regulators It Must Get Stronger
Source: Reuters

U.S. regulators have informed Bank of America's (BAC.N) board that the company could face public enforcement action if they are not satisfied with recent steps taken to strengthen the bank, the Wall Street Journal said, citing people familiar with the situation.

BofA has been operating under a memorandum of understanding since May 2009. The memorandum, which is not public, identified governance, risk and liquidity management as problems that had to be fixed, the paper said, citing people familiar with the document.

In recent months, regulators met with BofA's board and said they wanted to see more progress on the bank's compliance with the memorandum, the Journal said.

In the absence of progress, the informal order could turn into a formal and public action, which would likely mean intensified scrutiny and greater restrictions, the paper said.


Read more: http://www.huffingtonpost.com/2011/11/22/bank-of-americ...
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 01:05 PM
Response to Original message
1. Tax breaks and more money for the CEO. That's the usual way, isn't it?
It doesn't have to make sense or work. It just has to be something Fox can sell to viewers.
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Turbineguy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 01:49 PM
Response to Original message
2. Hmmm.......
looks like they'll have to come up with a new plan to send customers away.
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durablend Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 01:52 PM
Response to Original message
3. Need more nonsense fees, sounds like! n/t
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rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 06:14 PM
Response to Original message
4. HOw draconian!! "intensified scrutiny and greater restrictions". How can this be? nm
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 08:13 AM
Response to Reply #4
7. The next step after that is the dreaded, "Sternly Worded Letter"! n/t
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 03:31 PM
Response to Reply #4
8. NO!
not the letter.
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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 06:37 PM
Response to Original message
5. Oooh......"warned" n/t
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 08:08 AM
Response to Reply #5
6. I'M warning you
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pinniped Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-24-11 06:05 AM
Response to Original message
9. Time for the Stress Test.
.
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-24-11 06:11 AM
Response to Original message
10. Is it possible for it to get any stronger
smelling.
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-24-11 08:31 AM
Response to Original message
11. Keep pulling money from these greedy fuckers and they will die.
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SOS Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-24-11 03:23 PM
Response to Original message
12. BofA Swaps Soar to Record
http://www.businessweek.com/news/2011-11-24/bofa-swaps-...

Uh-oh.....

Wall Street gamblers are starting to place their casino chips on a BofA collapse.

Too big to bail.
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and-justice-for-all Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-24-11 09:21 PM
Response to Original message
13. Sounds like a good time to have a run on that bank...nt
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Devil_Fish Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-25-11 02:02 AM
Response to Original message
14. to bad for them I'm closing my account next week. NT
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-25-11 12:12 PM
Response to Reply #14
16. +1
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Rex Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-25-11 02:40 AM
Response to Original message
15. I smell a bailout!
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JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-25-11 12:40 PM
Response to Original message
17. Medics put a sheet / over the corpse, expecting / full recovery.
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