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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Pre-Marketing: Should Goldman Sachs stop underwriting debt?

Category : Stocks

Also: Angelo Mozilo says Countrywide was “world-class company.”

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While BofA (BAC) paid just $2.5B to buy Countrywide four years ago, the deal has since cost the bank over $40B in real-estate losses, legal expenses and settlements with state and federal agencies, the WSJ reported on Friday. BofA could face further…

Category : World News

While BofA (BAC) paid just $2.5B to buy Countrywide four years ago, the deal has since cost the bank over $40B in real-estate losses, legal expenses and settlements with state and federal agencies, the WSJ reported on Friday. BofA could face further legal liabilities $5B as lawsuits rage across the country.
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Go here to see the original: While BofA (BAC) paid just $2.5B to buy Countrywide four years ago, the deal has since cost the bank over $40B in real-estate losses, legal expenses and settlements with state and federal agencies, the WSJ reported on Friday. BofA could face further…

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Bank of America’s Moynihan May Head Back for Countrywide Testimony

Category : Stocks

NEW YORK (TheStreet) — Bank of America CEO Brian Moynihan had so much fun giving sworn testimony about the bank’s disastrous 2008 acquisition of Countrywide Financial to attorneys for MBIA, he appears to be angling for a chance to do it again.

MBIA is suing Countrywide for fraud and breach of contract related to 15 mortgage securities, a case that is being watched closely since Bank of America still has untold billions on the line in related cases. Bank of America CEO Brian Moynihan has repressed his memories of the disastrous acquisition of Countrywide

New York State Supreme Court Judge Eileen Bransten ruled in April that Moynihan would have to give testimony to attorneys for MBIA. Though Moynihan became Bank of America’s CEO after the Countrywide deal had been completed, he played an important role in overseeing the integration of the two companies. …

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3 Questions Bank of America Needs to Answer

Category : Business

NEW YORK (TheStreet) — Now that the company’s survival seems assured, Bank of America CEO Brian Moynihan is on the hot seat, as investors wonder how the company will grow its revenue and earnings.

Over the past few years, Bank of America has been rightly concerned with shoring up its capital by shrinking its balance sheet, while cutting expenses and working through its legacy mortgage expenses from former CEO Ken Lewis’s disastrous decision to by Countrywide Financial in 2008. The company must also worry about meeting the Basel III capital requirements, which won’t be fully phased-in until the end of 2018, although there is plenty of market and regulatory pressure to meet the full requirements years earlier. Bank of America CEO Moynihan must testify about the bank’s integration of Countrywide Financial by May 18

Bank of America reported a Basel I Tier 1 common equity ratio of 10.78% as of March 31. The Basel III requirement is for large bank holding companies to have Tier 1 common equity ratios of at least 7 %, along with an additional buffer of up to 3.5% for “systemically important financial institutions.” …

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Read this article: 3 Questions Bank of America Needs to Answer

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Spain unveils deep budget cuts

Category : World News

Government announces $36bn in cuts and taxes intended to “stop Spain being a problem”, a day after countrywide strikes.

More: Spain unveils deep budget cuts

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Bove Says Bank of America Will Hit $30 in 4 Years … Seriously

Category : Business

NEW YORK (TheStreet) — Bank of America bull Dick Bove has tripped up a couple of times with calls he has made on the stock, but he’s still sticking to his guns.

The bank’s shares are about three to four years away from $30, according to the veteran analyst.

Dick Bove

“I think there’s $3 in earnings power there and this stock can easily sell at 10 times earnings, once you recognize that the company is two companies: its Countrywide and its Bank of America and once you get Countrywide taken out of Bank of America, which is the lawsuits are paid, the bad loans are paid the foreclosures are done, all of a sudden Bank of America is there and Bank of America can earn three bucks,” Bove said in an interview on Tuesday.

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Read the original post: Bove Says Bank of America Will Hit $30 in 4 Years … Seriously

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