Word: cards
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Moynihan, of course, still has a lot of work to do. He still has to turn around Bank of America's large credit-card business, which has consistently had higher loss rates than competitors. The bank has also been without a chief financial officer since mid-January, though people close to the search say Moynihan recently narrowed his choices down to three people. And Moynihan may have to answer recent claims that the bank used Lehman-like accounting maneuvers to hide assets. Bank of America has denied the allegations. (See the best business deals...
Nonetheless, for now, Moynihan seems to be making more friends than enemies. So far, his boldest moves have to do with consumers. First of all, in February, the bank stopped charging customers overdraft fees on debit-card purchases they couldn't afford. Instead, when someone doesn't have enough money in their account to cover the purchase, Bank of America simply declines the transaction...
...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 CEO. (See the top 10 bankruptcies...
...Although the card is being presented as existing solely for determining employment eligibility, "it will be almost impossible to say that this wealth of information is there, but you can only use it for this purpose," Coney says. "Privacy is pretty much hinged on the notion that if you collect data for one purpose, you can't use it for another." Calabrese expresses worries that this ID will become a "central identity document" that one will need in order to travel, vote or perhaps own a gun, which Melmed calls "mission creep...
...mounting accusations that his rival has a history of using political donations for less-than-transparent purposes. Investigations by the Miami Herald and St. Petersburg Times have found that while a state legislator and speaker, Rubio made thousands of dollars in personal purchases with a GOP-issued American Express card that was supposed to be used only for election-related costs (he says he has paid it all back). Among other apparent breaches, Rubio also failed to disclose $34,000 in expenses for one of his political-action committees while his wife and relatives got questionable fees from those PACs...