Tag Archive for bank of america

Banks Coming Back To Profit

bank-of-americaBanks will be in the S&P’s 500 spotlight this week as they release their quarterly earnings one by one. The question of the various analysts is whether the surviving financial institutions will repeat the performance of the first quarter, when they surprisingly posted profits. Read more

Bank of America Executives – “A Bunch of Idiots”

In a recent ABC interview, Virginia Hamerness, one of the descendants of the Bank of America founders, named the executives of BOA “a bunch of idiots”. Why

Well, let’s start with the fact that they agreed to buy Merrill Lynch last fall, even after learning that the outgoing CEO paid lavish bonuses to the same executives who oversaw Merrill’s downward spiral. In her opinion, this was more than stupid – it was playing around with shareholders’ money (she among themselves). When they were given those bonuses,” Hammerness says, “I think Bank of America should have said, ‘Go drown. Go drown yourselves.’ I’m sure he and my father are turning over in their graves. I’m sure they are.” Read more

Shares update – Dow Jones on the rise on September 11

 It seems that Sept 11, 2008 was not so bad a day for shares, after all. U.S. stocks rose on Thursday as a report that major U.S. investment bank Lehman Brothers is shopping itself to possible owners, including Bank of America, drove a last-minute increase in financial shares. Read more