Bank of America

  • 19 Dec 2014 at 3:53 PM

Bonus Watch ’14: Countrywide Whistleblowers

angelo_moziloThe total payouts to whistle-blowers in the federal government’s $16.65 billion settlement with Bank of America over its mortgage business may approach $170 million. Edward O’Donnell, a former executive at Countrywide Financial, and Robert Madsen, a former property appraiser for the bank already have been identified as two of the whistle-blowers that federal prosecutors gave credit to in the settlement agreement with Bank of America. The other two whistle-blowers entitled to a share of the settlement dollars being paid out by Bank of America are Shareef Abdou, an executive in the bank’s operations group, and the firm Mortgage Now, a New Jersey mortgage lender, according to court filings. The filings did not disclose the value of the settlement payouts, but the whistle-blowers, all of whom filed complaints under the Federal False Claims Act, are collecting payments equal to 16 percent to 17 percent of specific portions of the $16.65 billion, according to court filings and people briefed on the matter but not authorized to speak publicly. [Dealbook]

  • 24 Nov 2014 at 2:55 PM

Jesus Has A Bone To Pick With Brian Moynihan

legitimately scared right nowHe’s letting his gal-pals be the messengers. Read more »

brianmoynihanbofa2It’s a great day in Moynihan Land. Read more »

  • 11 Nov 2014 at 2:52 PM

Pay Hike Watch ’14: Bank of America

money-showerThe House of Moynihan is said to have gone the way of Credit Suisse, Jefferies, Goldman Sachs, JP Morgan, and Morgan Stanley, and given its tiniest bankers a little something extra. Read more »

  • 07 Nov 2014 at 6:33 PM
  • Banks

Currency Manipulation = Loss Of Currency For BofA

This face finally stuck.Wondering where that $400 million went? You know, the $400 million that was the difference between a third-quarter profit and third-quarter loss for Bank of America? Well, it went exactly where you’d expect it to have gone. Read more »

brian_moynihan_bofaBank of America Corp. reduced third-quarter profit by $400 million because of higher litigation expenses related to probes of the firm’s foreign-exchange business. The lender adjusted results for the three months ended Sept. 30 to a net loss of $232 million, or 4 cents a share, Charlotte, North Carolina-based Bank of America said today in a statement…Bank of America, the second-largest U.S. lender, previously said it had $5.6 billion in third-quarter legal expenses, according to an Oct. 15 presentation, with almost 90 percent attributed to the mortgage settlement. The firm had posted a surprise quarterly profit before today’s disclosure. [Bloomberg]

Charlie Gasparino At WorkCharlie Gasparino is an old school kind of guy. He picks up the phone to chase down stories. He keeps in shape with wind sprints and pounding the speed bag. He types with two fingers and celebrates scoops by eating steaks with his hands. He describes public company CEOs looking “like the kind of guy[s] you’d beat the hell out of,” and he has zero qualms about calling people who question his reporting “friggen jerk[s]” and “dope[s],” in addition to telling them to fetch his dry cleaning. In short, he comes from another era, when men were men and women were referred to as broads. He has little time for sensitivity or a workplace that frowns upon pinching secretaries on the ass and so it should probably come as little surprise that a BofA Merrill exec’s new way of doing things at the once-vaunted brokerage does not sit right with CG. Read more »

An automated e-mail reply from the Bank of America Corp. account of Rurik Jutting yesterday said he was out of the office “indefinitely” and recommended contacting someone who’s not “an insane psychopath.” Calls to the work and mobile phones of Jutting weren’t answered yesterday outside of office hours, and Paul Scanlon, a spokesman for Bank of America in Hong Kong, declined to comment when contacted by Bloomberg News. A Rurik Jutting who is 29 and until recently worked for Bank of America has been named by the South China Morning Post, the U.K.’s Telegraph newspaper and Sky News as the suspect in the murder of two women in Hong Kong’s Wan Chai district…The automated reply also said: “For escalation please contact God, though suspect the devil will have custody. [Last line only really worked if I had followed through..]” [Bloomberg]