Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

How Bank Of America Lost Billions And Forgot To Tell Regulators

Tuesday, April 29, 2014 - 4:37 PMBank of America - Details
On Monday, Bank of America revealed that it may have hidden as much as $4 billion in losses from regulators over the past five years. The bank said it was an honest mistake. But this seemed like another "shame on you Wall Street" moment.   Making matters worse: Bank of America (BAC) asked and just received approval from the Federal Reserve to up its stock buyback plan by $4 billion, a figure that nicely matches up with the losses it was hiding. That is probably a coincidence, but it made the revelations even fishier. Regulators, unsurprisingly, have put Bank of America's buyback on hold for now.

How Bank of America lost billions and forgot to tell regulators - The Term Sheet: Fortune's deals blogTerm Sheet

ShorebreakShorebreak2,696 posts since
Apr 6, 2010
Rep Points: 14,620