Friday, March 16, 2012

Rolling Stone: Bank of America 'too crooked to fail'

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Rolling Stone slams BofA. In an anticipated long-form piece, Rolling Stone magazine's Matt Taibbi calls Bank of America "too crooked to fail," saying the bank used lies and deception to take advantage of nearly every class of customer the bank has.

Buffett gives multi-million packages. Warren Buffett, who has made public statements condemning banker greed, gave executives in his organization multi-million dollar packages last year, Bloomberg reports. Critics say they make more than most bankers.

Stock up, bank quiet. Bank of America's stock crossed $9 Thursday for the first time since August. The Wall Street Journal says the bank has been aided by flying under the radar this week, a big week for banking news.

Whistleblower gets $18 million. A Florida attorney who uncovered mortgage fraud in a number of districts, including Charlotte, got an $18 million payday in the $25 billion mortgage settlement. Bloomberg tells more of her story, and counts up six whistleblowers who will receive $46.5 million total.

Living 'dead' man makes documentary. A man that Bank of America allegedly asked for his death certificate along with other mortgage modification documents has made a documentary about his experience, according to a press release from PR Web.

Wall Street's recruiting problem. Wall Street firms, long a staple on college campuses in spring, now has a recruiting problem, The New York Times says. This week's op-ed from a departing Goldman Sach's vice president, which reverberated across the financial world, didn't help.


John said...

Rolling Stone magazine... long-standing, noted authority on financial management.

alan williams said...

and John, you get your information from what sources?? Independent magazines like RS and Playboy have always done much more truthful, unbiased and more detailed articles on such matters than any traditional news source. but then, i'm sure you will be fine with your local news stations wonderful, in-depth reporting on such matters.

Dolley said...

You make a great point, Alan. The mighty Observer did not break the John Edwards story, the lowly National Enquirer did. If you want to catch the pigs, you gotta get into the mud. The Observer is too busy trying to keep their hands clean...and their silence keeps the pig's trough full.