Poor Bank of America. Six years ago it scooped up mortgage-battered Countrywide Financial and Merrill Lynch at bargain prices. It’s been paying ever since. Including last week’s deal with the U.S. Justice Department, the cost to BofA shareholders from regulatory settlements tops $50 billion. That figure doesn’t count the damage to the BofA brand, which […]
There’s something to be said for surprise. It keeps us on our toes and makes life interesting. That’s especially true in financial markets, where we’ve grown accustomed to apparent certainties – from “consensus” earnings estimates to interest-rate forecasts. So it was good to see Fed Chairman Ben Bernanke remind everyone on Wall Street that Fed […]
Poor AIG. It was just starting to get its mojo back, launching a new ad campaign to thank taxpayers for rescuing the firm in the darkest days of the financial crisis. Then came the awkward news that it might sue taxpayers for driving too hard a bargain. Now the ad campaign seems dishonest and AIG […]
One of the serious misjudgments by Barclays CEO Bob Diamond in the Libor scandal was his belief that regulators’ praise for the bank’s cooperation during the investigation would shield it from criticism. It did not. Diamond should have learned from Ken Lewis that you can’t count on regulators’ goodwill to protect you when things get […]
John Thain, the CEO of CIT Group, recently was honored by a Manhattan charity and had some interesting things to say about public perceptions of the financial sector.
The bull – the iconic image long associated with Merrill Lynch – reappeared in advertisements for the firm over the past week. It is a widely recognized symbol associated with values that hold appeal in troubled times – growth, strength, optimism.