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CHARLOTTE, North Carolina (Reuters) - The Federal Reserve objected to Bank of America Corp's (BAC.N) plans to boost the dividend and told the bank to revise its proposal, sending its shares down 2.7 percent in morning trading.
Originally posted by Raelsatu
Give me your lunch money.... Sorry had to do that. I'm always gonna remember you as the guy who started the bully thread.
Now on topic, I need to read more into the article so I don't have to pretend I understand. As far as I know the Fed does anything and everything in and of their own interest. Also, isn't the "siege" supposed to begin tomorrow?
It posted losses in each of the last two quarters and has projected lower revenue due to new industry regulations.
In the 2010 fourth quarter, BofA recorded a charge of $4.1 billion related to the settlement of mortgage repurchases with government-owned mortgage finance companies Fannie Mae and Freddie Mac.
The charge was paired with a $2 billion writedown in the value of its home loans business. That followed a $10 billion third-quarter writedown in the value of its card business after new regulations curbed certain kinds of fees charged to customers.