Word: lynch
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While the battle between Bank of America CEO Ken Lewis and former Merrill Lynch CEO John Thain goes on over who knew about large bonuses and large losses and when they knew it, recent news that the bank will get $20 billion from the federal government along with $108 billion in loss guarantees has almost been forgotten. Much of the paper being supported by the government came from the Merrill acquisition...
...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...
...seven first-place finishes, winning the 500-yard and 1650-yard freestyle with times of 4:22.83 and 15:00.13, respectively. These times were good enough to earn Meyer NCAA “B” cut in both events. Sophomore Blake Lewkowitz and senior co-captain Eric Lynch also posted NCAA “B” times in the 1650 freestyle. Lynch recorded two additional NCAA “B” times throughout the two-day contest, finishing second in the 200-yard freestyle and fourth in the 500-yard freestyle. Senior co-captain David Guernsey also...
...That is, until the fourth quarter. In mid-September 2008, in a deal pushed by regulators, BofA agreed to buy Merrill Lynch. The acquisition actually boosted BofA's capital ratios, but it also added losses to an already fragile capital structure; Merrill Lynch lost $15 billion in the fourth quarter alone. Knowledge of the impending losses forced BofA CEO Ken Lewis to ask the government for an additional $20 billion in TARP funds - on top of the $25 billion it had already received - as well as about $100 billion in loan guarantees. Without the government assistance, BofA says, it couldn...
...matter what happens, things have definitely changed for Lewis and other former titans of the banking business. A few months ago, BofA's CEO was hailed for running a bank so prosperous that it was able to swallow mortgage lender Countrywide Financial and investment bank Merrill Lynch in the depths of the worst banking crisis in recent history. The trade magazine American Banker named Lewis Banker of the Year in December. Now he's fighting to keep his job. And even if he succeeds, he's got a new partner. The government already has a large stake in his bank...