Naval enthusiast Paul Singer of Elliott Management and secretive Mexican financier David Martinez are still battling in court, according to The New York Times. Mr. Martinez is said to have a $140 million painting by Jackson Pollock in his Time Warner Center apartment, but no one is willing to stake their name on it. Also Read More
Sixty Minutes and Vanity Fair asked a bunch of Americans who Jamie Dimon is—two-thirds didn’t know, and another 20 percent of respondents believed him to be either an X-Games skateboarder, daredevil motorcyclist or Texas congressman. This is a funny and sad if not unsurprising thing about Americans, but more importantly a potential point of embarrassment for he of the salt-and-peppery good looks and formerly gold-standard risk management chops. (“What kind of trading losses do I need to suffer before they know me!”) Well, Mr. Dimon can rest easy: Americans don’t know the names of the leaders of any of the country’s biggest banks*, and to prove it, we conducted our own informal survey**: Read More
In response to vague threats by Wikileaks founder Julian Assange, Bank of America is working scrupulously to try to figure out how the heck anyone could have gotten their hands on the company’s secret documents. BofA’s chief risk officer, Bruce Thompson, and 15 to 20 employees of the bank are checking through records to Read More
Bank of America appears to be renegging on its vows to engage in “day-to-day, hand-to-hand combat” with its clients over so-called putbacks of allegedly faulty mortgage securities. The Wall Street Journal reports that rather than engage in legal jiu jitsu with heavy hitters like BlackRock, Pimco and Freddie Mac, Bank of America Read More
Wells Fargo and Bank of America’s CEOs are so eager to free themselves from their short regulatory leash and raise some gosh darn dividends already. Wells CEO John Stumpf made the sentiment abundantly clear. From The Wall Street Journal‘s report on today’s Goldman Sachs U.S. Financial Services Conference in New York:
“It’s high Read More
It was only two months ago that Lloyd Blankfein, in one of the all time great Wall Street communication goofs, tried to argue that his firm Goldman Sachs was doing “God’s work.” He didn’t learn his lesson. At the Financial Crisis Inquiry Commission’s magnificently testy first public hearing today, Mr. Blankfein blamed Read More
After months of being rebuffed by big-name outsiders, Bank of America was forced to settle on an internal candidate yesterday, announcing that its consumer banking chief, Brian Moynihan, will succeed outgoing C.E.O. Ken Lewis. Mr. Moynihan might have Attorney General Andrew Cuomo—and his endless probe into the bank’s merger with Merrill Lynch—to Read More
Whoever is lucky enough to get the top job running the beleaguered Bank of America might have Andrew Cuomo to thank.
The big bank announced today that it’s retained headhunter Russell Reynolds Associates to help the company find a new C.E.O., according to the Wall Street Journal.
It comes one day after Bank Read More
