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What made you finally want to get off the grid? I got a letter from the U.K. government in 2007, saying they had lost my daughter's details. It was pretty stressful experience - they lost her name, her date of birth, my name, my bank account details, our address. It really freaked me out and made me think that if that type of data can be lost with a kid that age, what risk are the rest of us at? (See the top 10 British open moments...
Then in late March, the bank became the first major lender to say it would reduce loan balances of homeowners who owe more than their property is worth. Most other banks have only been willing to lower interest rates. Writing down loan balances for such "underwater" homeowners, while costly for the bank, gives borrowers more incentive to stay current on their mortgage. The Bank of America program, which has won praise from consumer advocates, could help as many as 45,000 borrowers reduce what they owe by $3 billion. "Bank of America is to be commended for launching a program...
...Bank of America employees say Moynihan has been been able to lift morale at the bank, which was battered by the financial crisis. After Bank of America struck a deal to buy Merrill Lynch in late 2008, many of Merrill's employees fled. Now some are coming back. Recently, two top Merrill veterans Todd Kaplan and Sam Chapin rejoined the firm. "When I left it was chaotic around here," says Kaplan, an executive vice chairman at Merrill. "Now the place feels like Merrill did in the 1990s. There's none of the infighting. It's terrific...
...Ironically, Moynihan almost didn't stick around long enough at the bank to become its CEO. In late 2008, former CEO Ken Lewis reportedly considering firing Moynihan, who had joined the bank after its 2004 acquisition of FleetBoston Financial, after the executive turned down the post of head of the bank's card division. Lewis even had a press release drafted announcing Moynihan's departure. The bank's board of directors, however, convinced Lewis to keep Moynihan, who was made the bank's chief legal officer and then the head of its retail operations before becoming...
...Moynihan seems to have a deep understanding of the numbers that are key to each one of his bank's divisions," says analyst Bove. "He is really extraordinarily impressive...