Word: banking
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...William J. Clinton Foundation and the Bill and Melinda Gates Foundation. It will be formally announced in New York City on Sept. 23 on the fringes of the U.N. General Assembly, and accompanied by a marketing blitz. British Prime Minister Gordon Brown and the head of the World Bank, Robert Zoellick, are expected to participate in the launch, as well as the chief executives of the three companies that have made it technically possible: Amadeus, Sabre and Travelport/Galileo, who run the reservation and ticketing systems for most of the world's airlines. Barring any last-minute technical or legal hitches...
...looks likely that probes into statements about the Merrill deal made by Bank of America officials could lead to charges against Lewis. On Sept. 16 New York attorney general Andrew Cuomo issued subpoenas for five Bank of America directors, reportedly including members of the audit committee. Cuomo is also said to be weighing whether to file civil charges against Lewis...
...Bank of America CEO Kenneth Lewis may be in for much more than a trip to the woodshed. Ever since Bank of America completed its deal to buy Merrill Lynch, questions have lingered about whether the chief executive was completely honest with shareholders about the state of Merrill - specifically about the year-end bonuses paid out to Merrill employees despite the investment bank's huge 2008 losses. Bank of America shareholders have already voted to remove Lewis from the post of chairman in part because losses at Merrill turned out to be worse than Lewis let on. But that...
...issue of Lewis' honesty resurfaced this week when a judge in U.S. district court rejected a proposed settlement struck between Bank of America and the Securities and Exchange Commission (SEC) over Merrill bonuses. The SEC and Bank of America had earlier agreed that the bank would pay a $33 million penalty to settle an investigation into whether it misled shareholders about year-end payouts on the eve of a vote to approve the merger. As part of the proposed settlement, Bank of America neither admitted nor denied that it had done anything wrong...
...have any hope that the recession will jolt Americans out of this funk? I think it's profoundly deeper than greed. I don't think it's hugely surprising that people who go into investment banking are greedy. People who went into investment banking in the '20s weren't altruistic. They wanted to get rich too. Nonetheless, their ambitions was much more tempered by the Protestant work ethic. It was more rooted in a moralistic view of the world and in community. At any investment bank, there are hundreds of people who work there who live thousands of miles from...