Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘BofA’

Four Ways to Fix Banks

Posted by hkarner - 4. Juni 2012

aus der Harvard Business Review June 2012

by Sallie Krawcheck

It is tempting to view the financial downturn as a closed chapter whose primary causes have been resolved—perhaps not perfectly, but fairly comprehensively—by the Dodd-Frank Act’s reregulation of the financial services industry. But big banks continue to have a governance problem, which poses significant risks not just to them but potentially to the entire economy during the next downturn.

It is well-known that many banks were nearly wiped out in 2008 by a global financial crisis they helped cause. Since then most of them have been nursed back to health, with lots of help from taxpayers and central bankers. Yet despite the reregulation, they remain complex, opaque institutions in the business of taking enormous risks. Figuring out how to oversee them successfully—to keep their risks in check while allowing them to be profitable and economically productive—is a continuing unmet challenge for boards, regulators, and society as a whole.

Upgrading bank boards is one way to take on the challenge. Since the crisis, boards at major banks have revamped their membership and substantially increased their time commitments. This movement could be taken even further: Robert C. Pozen has suggested (“The Case for Professional Boards,” HBR December 2010) that board membership at a big bank should be a full-time job. Den Rest des Beitrags lesen »


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Why the Bank Numbers are Meaningless: More on the Opacity of Bank of America’s Financial Statements

Posted by hkarner - 25. August 2011

 ‎24. ‎August ‎2011, ‏‎| Yves Smith, Naked Capitalism Blog

Yesterday, I made a basic point about the financial statements of banks and other financial firms, citing Steve Waldman, who said it better than I could:

Bank capital cannot be measured. Think about that until you really get it. “Large complex financial institutions” report leverage ratios and “tier one” capital and all kinds of aromatic stuff. But those numbers are meaningless. For any large complex financial institution levered at the House-proposed limit of 15×, a reasonable confidence interval surrounding its estimate of bank capital would be greater than 100% of the reported value. In English, we cannot distinguish “well capitalized” from insolvent banks, even in good times, and regardless of their formal statements. Den Rest des Beitrags lesen »

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Lautere Praktiken verderben US-Instituten das Geschäft

Posted by stgara - 20. Oktober 2010

FTD, 20/10

10 Mrd. Dollar muss die Bank of Amerika abschreiben, da sie ihre US-Kunden bei Kreditkarten nicht mehr über den Tisch ziehen darf. Das ist bitter, lieben die US-Banken doch das Geschäft mit Subprime-Kunden.

Am Dienstag präsentierte die Bank of America  (BofA) ihr Quartalsergebnis, und was war? Richtig, es übertraf die Erwartungen. Übertreffen, das heißt wie stets, dass man sich die um Unangenehmes bereinigten Zahlen anguckt – bei der BofA also eine Firmenwertabschreibung in Höhe von 10,4 Mrd. Dollar. Kann man aber auch vergessen, denn die BofA stellt sofort klar, dass die Abschreibung „keinen Einfluss auf regulatorische oder handelbare Eigenkapitalquoten hat und die Liquidität nicht tangiert“, so weit, so selbstverständlich, „und darüber hinaus keinen Einfluss darauf hat, wie die Firma ihre Kunden weltweit bedienen kann“. Selbst das mag praktisch stimmen, trotzdem hinterlässt es wieder diesen schalen Nachgeschmack, wenn 10 Mrd. Dollar mehr oder weniger in der Bilanz keine Rolle spielen. Den Rest des Beitrags lesen »

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Congress Presses for Details From Bank of America on Talks

Posted by hkarner - 21. September 2009

September 21, 2009 NYT

WASHINGTON — For months, Bank of America has been trying to keep secret its legal conversations at the end of last year about its coming merger with Merrill Lynch. So far, it has succeeded, mainly by arguing that those conversations should remain confidential because they are protected by attorney-client privilege.

But now, the bank is facing questions from a House panel, the Committee on Oversight and Government Reform, whose chairman, Representative Edolphus Towns, has told the bank that it cannot use attorney-client privilege when dealing with Congress.

If Mr. Towns has his way, Bank of America would be forced to reveal information that would then affect a range of other investigations into the merger, including one by the attorney general of New York and another by the Securities and Exchange Commission.

In a sternly worded letter on Friday, Mr. Towns, a New York Democrat, said the bank must divulge when it became aware of the enormous losses at Merrill last year, when it received a commitment from the federal government for a second round of bailout money and what legal advice its management received about whether it had to disclose those developments to the bank’s shareholders. Den Rest des Beitrags lesen »

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oekom research über Bank of America

Posted by hkarner - 7. September 2009

Die Bank of America hat sich Anfang August 2009 wegen  Täuschung von Aktionären und Verletzung von Informationspflichten zu Bonuszahlungen an Manager auf einen Vergleich mit der US-Börsenaufsicht SEC verständigt. Die Bank willigte ein, ein Bußgeld von 33 Millionen US-Dollar zu bezahlen. Hintergrund sind Gehaltsprämien, welche die damals konkursbedrohte Investmentbank Merrill Lynch an ihre leitenden Angestellten kurz vor der Übernahme durch die Bank of America ausgeschüttet hatte. Die SEC wirft der Bank of America vor, den Aktionären gegenüber in den Abstimmungsunterlagen zur Übernahme behauptet zu haben, dass Merrill Lynch sich verpflichtet habe, vor Abschluss der Übernahme ohne die Zustimmung der Bank of America keinerlei Bonuszahlungen auszuschütten. Tatsächlich aber habe die Bank of America zu diesem Zeitpunkt Merrill Lynch bereits vertraglich autorisiert, Prämien in Höhe von bis zu 5,8 Milliarden S-Dollar für das Jahr 2008 auszuschütten.

Siehe das ganze Dokument: Adhoc_research0809

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