The Democratic National Committee is withdrawing its funds from the Bank of America to Amalgamated Bank, a union-0wned bank. What do they know that we don’t?
Union-Based Bank Draws Democrats
WASHINGTON—Some prominent Democratic and progressive organizations are scaling back financial ties with Bank of America Corp. and switching accounts to the nation’s largest union-owned financial-services firm.
The latest convert [...]
Yesterday DoctoRx and I were discussing his banking problems with BofA. As you may have heard, their web site had been down since last Friday. The Doc reports that he couldn’t get in to do any online banking. He went to the branch office and was told they couldn’t [...]
I’ll bet that this statement is something that BofA and Ken Lewis regrets mightily (press release from January 11, 2008):
Bank of America Corporation today announced a definitive agreement to purchase Countrywide Financial Corp. in an all-stock transaction worth approximately $4 billion.
The purchase will make Bank of America the nation’s [...]
What countervailing forces exist to break the trend that is apparent in the charts below? Note that these charts reflect the same trend.
When a bank robber named Willie Sutton kept getting caught, he explained why he did it. “Because that’s where the money is”, he said. That’s Sutton’s Law.
In that vein, many market-watchers watch the financials for clues to the economy as a whole. In this credit-dependent economy, that tends to mean the banks rather than [...]
Don’t expect a thank you note from Goldman Sachs or any of the other banks that had perfect trading days in Q1. “Perfect” means that they had no days of trading losses for 63 trading days.
Goldman Sachs, which makes more money from sales and trading than any Wall Street firm, reported yesterday that it [...]
By Jeff Harding
Ken Lewis, the CEO at Bank of America, is now being hailed as “a master at playing the government.” The article in the NY Times DealBook column suggested that Lewis needed to be good at government relations in order to save him from the bad deals he negotiated for the acquisitions of [...]