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Opinions and views from expert CFOZone members.

Tag >> Bank of America
Oct 20

Top 10 SBA lenders

Posted by annearf in SBAloansJP Morgan ChaseCashBank of America


The SBA 's annual ranking of small-business lenders was just made available--and it reveals some interesting insights.

First, to clarify, the list isn't really a ranking. It includes all the lenders that made SBA-based loans in fiscal 2010, arranged alphabetically. But the information includes the number of loans each institutions made, along with the gross total amount of loans and the portion that was SBA-approved. So you can easily figure out which lenders are on top and which ones aren't.

Sep 21

New portal to help suppliers bid large corporate contracts

Posted by dbedell in web portal, UPSTechnologysupply chainsmall and medium-sized businessPfizer, large-cap company, IBMcontract managementCitiCashbiztechBank of AmericaAT&T;


Small suppliers in the US will soon have an easier mechanism to bid for large corporate contracts, as a consortium of firms have announced the launch of Supplier Connection—a portal geared at simplifying and standardizing the application process for large corporate contracts.

The site, which is expected to launch early next year, is being set up by IBM, AT&T, Pfizer, UPS, Bank of America and Citi. To begin with, it will host applications for bids on their business, but will also open to other companies that want to sign up and participate as it grows.

May 08

Think US populism is a bit much?

Posted by Ron F in JP Morgan ChaseGoldman Sachsexecutive payexecutive compensationcomplianceCitigroupCareers/ManagementBanksbanking reformBank of America

Ron F

To follow up on Steve Taub's blog from the other day, more companies are running into resistance from shareholders to what they see as excessive executive compensation.

True, the latest rebellions are occurring in the UK, but governance practices increasingly know few boundaries, or at least find the pond not much of one.

Apr 21

Goldman's other disclosure problem

Posted by Ron F in Wells NoticeSecurities and Exchange CommissionRegulationJP Morgan ChaseGoldman SachsGeneral Electricfinancial crisisfinanacial reportingcredit-default swapCongresscomplianceBanksbanking reformBankingBank of AmericaauditingauditAIG

Ron F

This is seriously speculative stuff on my part. But I wonder if the other shoe that Carl Levin says is about to drop on Goldman has to do with its failure to disclose the fact that it received a Wells Notice from the SEC last July about the Abacus deal.

Yes, the bank claims it was immaterial, just as it claims was its lack of disclosure of hedgie John Paulson's role in helping to design the CDO to go south so he could profit by shorting the deal was immaterial.

Apr 07

Bank Of America is giving small businesses added credit card protection

Posted by annearf in small businessIn compliancecredit card billCredit Card Accounability Responsibility and DisclBank of America


 Small businesses were left out of the credit card reform bill because that was a step too far for Congress.  But Bank of America has announced it's going to grant its small-business accounts many of the protections given only to consumers by the legislation, otherwise known as the Credit Card Accountability Responsibility and Disclosure Act of 2009 .

Specifically, B of A announced plans, starting in May, to introduce a policy for its two million small-business credit-card customers that would freeze interest rates on existing balances, provide at least 45 days notice of rate changes on future balances, get rid of the fee for going over the credit limit, and set a minimum period of 25 days from the closing date of statements to the due date for payment.

Mar 18

First private lawsuit filed against BofA

Posted by Stephen Taub in Securities and Exchange CommissionsecRakoffMerrill LynchlawsuitsBank of America

Stephen Taub

Besides death and taxes, one thing you can always count on is a lawsuit filed after a governmental regulatory action.

So, surprise, surprise, a major pension fund has filed a lawsuit against Bank of America stemming from its merger with Merrill Lynch.

Mar 11

Second-mortgage losses may require big banks to raise more capital

Posted by Ron F in Wells Fargo, Timothy GeithnerRegulationJP Morgan ChaseGeithnerFederal ReservecomplianceCitigroupBarney FrankBanksBank of Americabank failuresbailouts

Ron F

Bank of America claims it's comfortable with the amount of losses on second mortgages it would have to absorb if it complied with Barney Frank's request that it write them off so as reduce principal on first mortgages and thus help stem foreclosures.

But an analysis by financial blogger Mike Konzcal suggests such a view may be based rosy assumptions about the value of the second liens, and that the bank may have to raise more capital as a result. So might Citigroup and Wells Fargo, Konzcal finds.

Feb 09

The real issue underlying the B of A case

Posted by Ron F in Securities and Exchange CommissionRegulationObama AdministrationKen LewisHenry PaulsonFederal ReserveFedCongresscomplianceBernankeBanksbanking reformBank of AmericabailoutsAndrew CuomoAIG

Ron F

We've obviously got Bank of America on the brain around here, but the case raises one more issue that I don't think we or anyone else has fully addressed.

Charles Gasparino hints at it when he points out that Ken Lewis is likely to call Ben Bernanke and Hank Paulson to testify on his behalf.

Feb 09

The CFO Nightmare Before Easter

Posted by kcates in RakoffMerrill LynchKen Lewis, kcates, Joe Price, complianceBank of AmericaAndrew Cuomo



As professional horrors go, they probably don't get a whole lot more unsettling than Joe L. Price's.

Feb 08

BofA settlement: Where’s the beef?

Posted by Stephen Taub in shareholdersshareholder acttivismSecurities and Exchange CommissionSarbanes-OxleyMerrill Lynchexecutive payexecutive compensationdirectorscomplianceCFOCEOsbonusesBank of America

Stephen Taub

Bank of America's agreement to pay $150 million to settle SEC charges also includes a bunch of corporate governance goodies designed to satisfy the activist shareholder set.

Matt Quinn , of course, told you all about the settlement when it broke last week. The deal stems from charges that the financial giant failed to properly disclose employee bonuses and financial losses at Merrill Lynch before shareholders approved the merger of the companies in December 2008. Bank of America also said it entered into an agreement to settle charges with the Office of the Attorney General for the State of North Carolina related to the Merrill Lynch merger.

Of course, the proposed settlement will be submitted for approval to the Honorable Jed S. Rakoff of the United States District Court for the Southern District of New York. This is the same judge who last year rejected the original $33 million settlement.

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