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As of minutes ago, Norway's Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM, the auditor on the Countrywide transaction, and, drumroll, ole' Agent Orange himself. If US bank analysts were busy quantifying the damages from every bank in the US suing BofA, just wait until the calculation is expanded to included every firm that bought mortgages from Bank of America... ever...in the entire world.
And just like the US lawsuit spigot opened ever so slowly at first, it is now gushing, and is absolutely certain that every company (ahem insolvent German banks) that ever bought a mortgage from Countrywide, Merrill and Bank of America will serve the local branch of the bank with a summons over the next month.
Originally posted by freetree64
Bank of America to split into two units
by NewsChannel 36 Staff
Posted on September 8, 2011 at 7:21 AM
Updated today at 8:07 AM
CHARLOTTE, N.C. -- Even more changes are coming for Charlotte's biggest bank.
NewsChannel 36 has learned Bank of America is splitting itself into two units -- consumer and commercial.
That means as many as 600 branches will be shut down.
Analysts say the move by Bank of America CEO Brian Moynihan signals that broader and deeper layoffs than those previously announced could be around the corner.
This announcement comes just days after Bank of America shook up its management ranks on Tuesday, announcing that two key officers will leave and promoting two others to share the chief operating officer role.
Sallie Krawcheck, head of global wealth and investment management, is leaving. A Citigroup veteran, she was hired in late 2009 toward the end of Lewis' tenure.
Joe Price, president of the consumer bank, will also leave. He was the chief financial officer under Lewis.
Moynihan moved him to run the retail bank, Moynihan's old job, in 2010, and Moynihan at the time said the change represented his confidence in Price.
David Darnell, a longtime Bank of America veteran who was elevated to the top ranks by Lewis, will become co-chief operating officer.
He will share the newly created position with Tom Montag, who joined Bank of America when it bought his employer, Merrill Lynch, at the start of 2009
B of A to close 600 branches
www.wcnc.com..." target="_blank" class="postlink">www.wcnc.com... ew-changes-at-Bank-of-America-could-lead-to-more-job-cuts--129443373.html
This politicians still doesn't get it, we need industries no temp jobs.
What a joke, we still on 100% unemployment in the town after losing 6 big production companies.
Saab bankruptcy 'likely in days'
The carmaker Saab's application for protection from its creditors to help it avoid being pushed into bankruptcy has been rejected by a Swedish court.
In response, Swedish trade unions said they could demand that Saab be declared bankrupt within days.
Saab had applied for protection while trying to secure additional funding...
...On Wednesday, Victor Muller, chief executive of Saab's owner, Swedish Automobile, said Saab's suppliers were owed some 150m euros ($210m; £131m)...
Message sent by Ford opening new plant in India?
Here's just one more example of where the jobs have gone: Ford motor company says it's broken ground on a $1 billion manufacturing and engineering plant - in India. It will employ 5,000 people when fully operational. In India.
Translation: That's 5,000 additional jobs in India while America struggles under 9.1% unemployment.
The Ford plant is expected to open in 2014 and produce 240,000 vehicles and 270,000 engines a year.