Thu, Jul 2nd, 2009
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Bank of America Corp. set the tone for the banking industry's response to California's decision to issue IOUs. And if we can paraphrase the message from BofA and other major banks, it's this: "We'll help you for a week. If you can’t get your act together and nail down a budget by then, you're on your own."
BofA announced late Wednesday that it would redeem in full the state’s IOUs (formally, "registered warrants") from current BofA customers who want to cash them in. But the bank set a cut-off date of July 10.
Related stories from top sites:
BofA to accept California IOUs
Jun 24th, 2009 - bizjournals
Bank of America said Wednesday that it will accept IOUs from the state of California from its customers through July 10. “To support our customers, while giving the government additional time to pass a budget...
bofa wealth head: Bank must grow in Boston
Jun 24th, 2009 - bizjournals
A top Bank of America Corp. executive said Friday the bank’s wealth management business in Boston needs to grow. “It has to be bigger than it is now,” said Brian Moynihan...
Bernanke says he didn't bully BofA to buy Merrill
Jun 24th, 2009 - Houston Chronicle
WASHINGTON — Federal Reserve Chairman Ben Bernanke faced an unusual political trial Thursday and disputed accusations that he pressured Bank of America to acquire Merrill Lynch in a deal that cost taxpayers $20 billion.
Bernanke's Prepared Remarks to House Panel Regarding bofa-Merrill Deal
Jun 24th, 2009 - Wall Street Journal
The following is the text of Federal Reserve Chairman Ben Bernanke's prepared testimony on Bank of America's acquisition of Merrill Lynch before the House Committee on Oversight and Government Reform on Thursday...
Lawmaker accuses Fed of "cover-up" in BofA deal
Jun 24th, 2009 - Reuters
* Republican accuses Fed of "cover-up" over Merrill deal * Fed's Bernanke to testify Thursday at panel hearing * Democrat says Republicans distorting picture * Ex-Treasury...
Related videos from YouTube:
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- Dollar Collapse - America...Peter Schiff tells Australians to sell their American investments. Great Depression is here. NEW YORK - A stunning makeover of the Wall Street landscape sent stocks falling precipitously Monday ...
- California Hands Out IOUs...The Golden State is in a financial mess thats anything but golden. Things are so bad, the state has begun issuing IOU's to some unlucky parties. Jared explains how banks are handling them, as well as which companies may be affected.
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