Survival News Network

Treasuries headed for the worst year in at least three decades as the U.S. stepped up debt sales to help spur growth in an economy recovering from the biggest slump since the Great Depression.
The current seven-year note was little changed after a $32 billion of sale of the debt drew a yield of 3.345 percent, [...]

Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
The lawsuit, filed by the Sacramento Municipal Utility District, is based on federal and state antitrust claims. It alleges Charlotte, North Carolina-based Bank of [...]

The US government is preparing to order bailed-out banks and car companies to slash the cash salaries of their top executives by an average of 90% in an effort to quell outrage over multimillion-dollar boardroom excess.
Kenneth Feinberg, the US treasury’s so-called pay tsar charged with vetting remuneration, intends to tell seven struggling firms still dependant [...]

President Barack Obama has “tremendous confidence” in Timothy Geithner, the US Treasury Secretary, even though he has spoken to executives from Citigroup, Goldman Sachs and other banks more than 80 times in his first seven months in office, the President’s spokesman Robert Gibbs said last night
A Freedom of Information request by Associated Press revealed that [...]

Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.
“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The [...]

Citigroup and Merrill Lynch, which lost $55bn in 2008, between them paid 1,400 employees bonuses of $1m or more each, according to a New York state report, released on Thursday, on banks propped up with taxpayer funds.

The study, compiled by Andrew Cuomo, New York attorney-general, showed that JPMorgan Chase and Goldman Sachs, which both finished [...]

The New York Stock Exchange said on Friday it had restored connectivity that halted trades in about 240 companies, including Dow components General Electric, Exxon Mobil Corp, Bank of America and Merck.
Ray Pellecchia, spokesman for NYSE Euronext , the world’s top exchange operator, said the exchange was not planning on canceling trades in the affected [...]

Ten of America’s largest 19 banks need a combined $74.6bn (£50bn) of extra funds to boost their cash reserves.
That is the main finding of the so-called “stress tests” to see if the banks have sufficient capital to cope should the recession worsen.
Bank of America is the most at risk, needing an additional $33.9bn.
Other banks that [...]

Asian stockmarkets fell sharply today after Bank of America pummelled hopes that the world economy had moved closer to a recovery.
Traders in Japan and Hong Kong were keen to offload shares, sending the Nikkei index dropping by more than 200 points, or 2.3%, to 8711.33, and the Hang Seng down by almost 600 points, a [...]

Source: Bloomberg.com
Bank of America Corp., the largest U.S. bank by assets, posted its first loss since 1991 and cut the dividend after receiving emergency funds from the government to support the acquisition of Merrill Lynch & Co.
The fourth-quarter loss of $1.79 billion, or 48 cents a share, compared with net income of $268 million, [...]

Source: Yahoo! News
Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years after it completes its purchase of Merrill Lynch & Co.
The cuts could affect about 11 percent of the combined companies’ roughly 308,000-person workforce. Bank of America employs about 247,000 people and Merrill about 61,000.
Bank [...]