Word: bankes
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Dates: during 2000-2009
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...Moment (1987) A convicted bank robber, after serving nine years in prison, has become a rich and famous media celebrity. A TV producer decides to bring him together with the mousey clerk who foiled the robbery. This provocative and prescient satire of the distorting mirror of reality TV would seem made to order for American audiences. Alas, nothing doing...
...case of two men with the power to determine the fate of another man and the company he led by taking all of his responsibilities out of his hands. By the action, Bernanke and Paulson pushed Lewis to betray a trust to his shareholders, his customers, and his employees. Bank of America has been on many of the lists of mortally ill banks which may have to be broken up or nationalized since the Merrill buyout. This, in and of itself, has cost the firm's shareholders billions of dollars. If B of A had walked away from Merrill...
...case in point is the conversation that Ken Lewis, CEO of Bank of America (BAC), says that he had with former Treasury Secretary Henry Paulson. According to information released by NY State Attorney General and governor-in-waiting Andrew Cuomo, Lewis was threatened by Paulson who told him that the entire B of A board would be dumped if the bank backed out of a deal to buy Merrill Lynch. Passing the blame, Paulson claimed he was merely doing the dirty work of Fed chief Ben Bernanke. Bernanke has tried to distance himself from the event. The press has used...
...only approach to take in Paulson and Bernanke's views. The SEC may claim that the action was not legal because Lewis had an obligation to disclose the conversation to both his board and to his shareholders. He was being asked to act against the interests of the bank he runs in the name of the national interest...
...although Vargas enjoys conspicuous wealth in the U.S., his banking career in the country has met obstacles. In 1993 he paid the Federal Reserve Bank of New York $1.5 million in fines after it determined Vargas had lied about his knowledge of fraud that executives had committed at a bank he was in the process of acquiring. (As part of his settlement with the Reserve Bank, he didn't have to admit guilt.) Today, Vargas cannot invest in U.S. banks without government permission. Still, the incident doesn't seem to have put much of a dent in his personal worth...