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Bank of America (BAC)

B of A Announces Global Capital Markets Leaders

Bank of America Merrill Lynch today announced that Alastair Borthwick and Lisa Carnoy have been named co-heads of the company's Global Capital Markets business. This move follows the recent announcement that Bruce Thompson, former head of Global Capital Markets, has been appointed chief risk officer for Bank of America.

Feb 10 · 10:58:00 AM · Source: Company Press Release
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by Larry Etter

Morgan Stanley (MS)

Morgan Stanley Sued for Fraud by Investors in CDO

Morgan Stanley was accused in a lawsuit, filed by the public employees' retirement system of the Virgin Islands, of defrauding investors in a collateralized debt obligation, called the Libertas CDO, by collaborating with ratings companies to place triple-A ratings on the notes.
Morgan Stanley, the sixth-biggest U.S. lender by assets, arranged the offering as it was short-selling almost the entire $1.2 billion worth of assets in the CDO, according to a complaint filed today in federal court in New York. Morgan Stanley was betting the entire investment it was promoting would fail, the public employees' retirement system of the Virgin Islands said in the complaint. The firm achieved its objective.

Jan 1 · 3:26:00 PM · Source: Business Week
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by Michael Oliveto

Goldman Sachs (GS)

Goldman Takes Biggest Share of $923 Mil IPO Fees

Goldman Sachs won the biggest share of the $923 million in fees from U.S. initial public offerings in 2009, while Citigroup Inc. fell out of the top five after its revenue plummeted more than 50%.
Goldman Sachs made $191.6 million helping take 16 companies from Hyatt Hotels Corp. to Cobalt International Energy Inc. public in 2009, an increase of more than 60 percent from 2008, preliminary data compiled by Bloomberg show. Citigroup’s share of fees dropped to $68.3 million, making the New York-based lender the only underwriter that participated in at least $1 billion worth of sales to suffer a decline in revenue.

Jan 1 · 2:28:00 PM · Source: Bloomberg
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by Michael Oliveto

Citigroup (C)

Citigroup Sells BELLSYSTEM24 for $1.1 Billion

Bain Capital Partners LLC announced that it has completed the acquisition of BELLSYSTEM24, Japan's call center operator, from Citigroup Capital Partners Japan Ltd., a subsidiary of Citi.
On November 14, 2009, Citigroup Capital Partners Japan Ltd. had entered into a tender offer agreement with an affiliate of Bain Capital under which it received cash consideration for its 93.5% stake in BELLSYSTEM24. The total transaction was valued at approximately JPY100 billion (equivalent to USD1.1 billion).

Dec 31 · 3:10:00 PM · Source: Reuters
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by Michael Oliveto

Bank of America (BAC)

Bank of America Slammed with Class Action Lawsuit

Kendall Law Group, led by a former federal judge, announced that a lawsuit has been filed against Bank of America for possible securities violations related to public statements made between September 15, 2008 and January 21, 2009. Independently, Coughlin Stoia Geller Rudman & Robbins LLP announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of certain Bank of America Corporation debt securities (the Securities) during the same Class Period.
The complaint, filed in the Southern District of New York, charges Bank of America and certain of its officers and directors with violations of the federal securities laws concerning statements made concealing Bank of America’s agreement that Merrill Lynch employees would receive up to $5.8 billion in bonuses before the merger was consummated. Also, Merrill Lynch had suffered massive losses that were inherited by Bank of America in the merger. The complaint alleges that due to these misleading statements, BAC stock traded at artificially inflated prices during the relevant time period. While the prices were artificially inflated, the Company sold certain debt and equity securities, including 455 million shares of its common stock at $22 per share on October 10, 2008, raising approximately $10 billion capital.

Dec 29 · 1:20:00 PM · Source: Business Wire
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by Michael Oliveto

Bank of America (BAC)

Bank of America Names Moynihan CEO

The Bank of America Board of Directors late Wednesday elected Brian T. Moynihan as CEO and president of the company. He will assume the office and join the Board of Directors following the retirement of Kenneth D. Lewis on December 31, 2009. Moynihan, 50, has held senior leadership positions at Bank of America representing experience across virtually all business lines. He currently is president of Consumer and Small Business Banking.
The naming of Moynihan takes the shroud of uncertainty off BofA.

Dec 17 · 10:21:00 AM · Source: Company News
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by Larry Etter

Citigroup (C)

Citigroup's Plan to Repay $20 Billion in TARP

CNBC is reporting that Citigroup laid out a plan to repay the money it owes the U.S. government, including issuing $17 billion of stock immediately, as the bank looks to end the pay restrictions that came with the funds.

Dec 14 · 1:35:00 PM · Source: CNBC
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by Rich Pike

Goldman Sachs (GS)

Goldman Bonuses To Be in Stock

Market Watch is reporting that Goldman Sachs' management committee will be receiving bonuses in the form of "shares at risk" in 2009 instead of cash. The shares cannot be sold for five years. Shareholders will also have an advisory vote on the compensation package at the firm's annual meeting in 2010.

Dec 10 · 1:05:00 PM · Source: Market Watch
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by Rich Pike


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