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Mutual-fund manager Bruce Berkowitz of Fairholme Capital Management, one of Bank of America’s biggest shareholders, is hosting a conference call to pepper Moynihan with questions collected from investors. Berkowitz pledged to “ask the toughest questions submitted to firstname.lastname@example.org.”
Deal Journal will LIVE BLOG the conference call with Moynihan beginning at 1 p.m. ET.
The conference call comes at a crucial juncture for Bank of America. The bank’s stock price is sinking about 7% Wednesday, and shares have lost nearly half their value so far this year. Some regulators and financial firms are challenging Bank of America’s $8.5 billion mortgage-security settlement, which is Bank of America’s biggest effort to put to rest the bank’s mortgage headaches. Bank of America also has been forced to deny speculation the bank will need to sell more stock to pad its capital.
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.
Trimming the glut of unsold foreclosed homes on the market is "worth looking at," said Federal Reserve Chairman Ben Bernanke in testimony to Congress last week.
SAN FRANCISCO (MarketWatch) — Gold futures rose to a record Wednesday as concerns about a global economy slowdown and a slump in equities kept anxious investors in investments perceived as safer.
The DAX is what worries me the most, down 24% since may. They're all tanking though, Germany faster it seems.
LONDON—Greece's ambitious reform program suffered a double setback Wednesday after it emerged that talks with the country's creditors on a bond swap plan have stumbled and fresh data showed a sharp increase in the budget deficit.
Citing poor private sector participation, officials said that a plan to swap Greek government debt maturing by 2020 into new, longer-dated securities, might be extended to include bonds falling due in 2022 or even 2024.
This could be a further blow to European banks and insurers, which have been hit by their exposure to Greek sovereign debt following an agreed bailout package last month
Originally posted by majesticgent
I will give them an A+ for effort, but too bad it will not work. Why does one want their innocent children to suffer for their shortcomings by passing the buck and prolonging the inevitable?
Originally posted by wisintel
This is probably the best and simplest explanation of the current economic situation the world finds itself in and why the eventual total collapse of the current economic paradigm is completely unavoidable. And best of all, its animated.