Word: monday
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...Monday, the bank agreed to pay $33 million to settle Securities and Exchange Commission charges that Lewis and other executives misled the bank's investors prior to its $50 billion purchase last year of brokerage firm Merrill Lynch. In a separate development on Monday, the bank also announced that it had hired Sallie Krawcheck, a former top Citigroup executive, to run the Merrill Lynch brokerage division as part of a management shake-up. Observers say the move frees up Brian Moynihan, who had been in charge of Merrill's divisions and has long been thought to be Lewis' successor...
...complaint, which was filed Monday, alleges that Lewis misled shareholders in advance of the Merrill acquisition, withholding information that might have caused investors to vote against the acquisition he wanted. In a proxy statement sent to shareholders prior to the vote on the deal, Bank of America stated that Merrill had agreed not to pay bonuses to its top executives until after the acquisition was closed. Shortly after completing the acquisition, Lewis fired Merrill's top executive John Thain for, among other things, paying out $3.6 billion in bonuses to Merrill's top executives just days before the Bank...
...program and pressed for its continuation. "The government's program is doing what it is designed to do - spur consumers to trade in older gas guzzlers for new, fuel-efficient vehicles," said Mark LaNeve, GM vice president for sales. The Department of Transportation confirmed the fuel-efficiency gains on Monday, Aug. 3, noting that of the 120,000 rebate applications processed so far, the cars purchased have been far more fuel-efficient than the minimum requirements to qualify for the highest rebates. But GM's July news wasn't all good: though sales were up month to month, they...
...third suspect arrested in connection with the fatal May shooting in Kirkland House pleaded not guilty Monday to first degree murder and three other charges...
...highest number of troops in Afghanistan behind the U.S.; while other European countries have sent troops only for nation-building exercises in stable parts of the country, the Brits (along with the Canadians) have taken heavy casualties. In his first speech as the new head of the alliance on Monday, Secretary General Anders Fogh Rasmussen reiterated that NATO's priority must be the war in Afghanistan. "NATO is a strong military alliance, and we need a strong military effort in Afghanistan," he said. (See TIME's photos of the new U.S. Marine offensive in Afghanistan...