Bank of America Names Moynihan CEO (WSJ)
In an interview Wednesday night, Mr. Moynihan said he doesn’t intend to exit any of the company’s current businesses. He also doesn’t foresee any “big changes” in the strategy of the nation’s largest bank by assets. “We just have to execute,” he said.
Moynihan Pick Breaks BofA’s “Charlotte-based Mafia” (Deal Journal)
“This is a guy who is a tentative leader,” adds Plath. “I watched him testify in front of Congress (last month). He didn’t know who the bank’s largest investor was. That scares me. He has to look over at Gifford (a BofA board) member looking for approval to answer the questions. He has to be in the same league now as Jamie Dimon. I don’t know if he’s there yet. I don’t know if he’s even in the same league as Vikram Pandit.”
Tudor Jones Turns Away Investors as Hedge-Fund Industry Outflows Persist (Bloomberg)
BVI Global Fund Ltd., Jones’s biggest, stopped taking new investments after bringing in $1.3 billion from March to July.
Citi to Suspend Foreclosures for 30 Days (AP)
Citi will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season. ”We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes,” Sanjiv Das, head of the company’s mortgage division, said in an interview.
Most Finance Job – Seekers Open to Pay Cuts (Reuters)
Breaking: people who are unemployed are willing to accept less money.
Judge Accepts Galleon Witness’s Guilty Plea (WSJ)
At a hearing Wednesday, U.S. District Judge Richard Berman in Manhattan accepted the guilty plea of Roomy Khan to charges of conspiracy, securities fraud and obstruction of justice.
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In other news, RBS Sucks
"I don't know if he's even in the same league as Vikram Pandit"
burn
"We just have to execute,” he said.
Is Bank of America now run by the Chinese?
~Nervous Investment Banker Concerned About Brutal Chinese Way of Punishing Investment Bankers
@2 yeah, that "even" thrown in there was cold.
When Vikram does Bikram Yoga, is it then called Vikram Yoga…although who really cares, the point is, we know it would never be called Moynihan Yoga.
-Vikram Fanboi
She looks so regal in this pic:
http://www.nypost.com/rw/nypost/2009/10/22/news/p...
I know I am not alone in wondering what Anal_yst thinks about all of this.
If Moynihan's name was Cohen, everyone would claim he was a genius.
@3 / 5 amazing comments. I actually LOL'd at both.
@7 – No you're not. Come on O wise one. Enlighten…
Citi suspending evictions for Holidays .. and will resume kickin' yo arse to the curb on Jan 5! So enjoy it – should make the holidays so much more enjoyable! Mr. Potter would be appalled by appeasing the rabble who use Bailey Building and Loan!
Moynihan is near universally hated by all the ib's and investment side people within BoA. He is respected only for his ladder-climbing skills, but is commonly thought to be a tool and dumb at building anything. It will only be a matter of time before Montag and he buck heads and Brian destroy's that arm.
More likely all of the folks that are in charge of the evictions for Citi are on vacation, so why not spin that into goodwill.
Poor Shazbot, trolling around London, mucking up the names streets, trying to find his rasion d'etre, while Bess is now a household name. Just goes to show, there's justice in the world:
http://www.thisislondon.co.uk/standard-business/a...
"Tiger gal is a Bloomberg ex
AT last. City Spy can justify printing a picture of a bikini-clad Tiger Woods mistress. Rachel Uchitel, perhaps the most fragrant of Tiger's putting pals, was, it emerges, a producer for the financial channel Bloomberg TV before entering the… nightlife industry. Dealbreaker's Bess Levin suggests that as Bloomberg is fighting CNBC to see which presenter displays the most cleavage could Rachel soon be fronting the business news at her former employer?"
Note to traders… delete the "Edit and Forward" part before hitting "send"…..
http://www.thisislondon.co.uk/standard-business/a...
"FSA fines bank £7m over rogue trader"
"The Canadian bank was forced to admit a senior trader had lost it C$96 million (£56 million) before his sudden departure last summer.
He had had almost sole control of the bank's complex product trading desk. At the end of each month he had to send a supposedly independent valuation of his positions to Toronto. But when he was made redundant his book was handed on to another trader who discovered massive mismarking of prices to make it appear he had traded better than he had actually done.
One key giveaway in the former trader's book was that a quote taken from Bloomberg had the header "edit and forward" which implied he could easily have altered the price before sending it to his superiors."
I'm not going to see the movie now. I was only going to go to see him….
http://www.dailymail.co.uk/tvshowbiz/article-1236...
-A Transformers fan