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...What does the B. stand for in Rutherford B. Hayes? KGB: The letter B in the name stands for Birchard. His complete name is Rutherford Birchard Hayes. (Response time: 4 minutes...
...latest chapter in the blood sport between the two executives is a report that Bank of America was aware of $5.8 billion in bonuses going B of A and Merrill employees. Lewis had hinted that he was a bit in the dark about the arrangement. (See pictures of the global financial crisis...
...other important issue which has been raised is whether Merrill Lynch hid any of the problems on its balance sheet from B of A. According to Reuters, "New York Attorney General Andrew Cuomo is reportedly looking into whether federal bailout loans to BofA were used appropriately, and if shareholders of both companies were given all the necessary information about Merrill's finances...
...battling between the heads of Merrill and B of A is bound to take the combined company's eye off the ball of fixing the big bank. Even the board is bound to get tied up in the drama. So far it has supported Lewis. There is no way to know how long that will go on and who might replace him if he is forced to step down...
Having the several government authorities in the mix of parsing how the Merrill merger went down puts too many cooks in the kitchen. The B of A board was not paying attention to management when it invested in risky assets and lost billions of dollars. Perhaps its members can earn their fees...