Bank Of America Warned By U.S. Regulators It Must Get Stronger

[onehandle]

Source: Reuters

U.S. regulators have informed Bank of America's (BAC.N) board that the company could face public enforcement action if they are not satisfied with recent steps taken to strengthen the bank, the Wall Street Journal said, citing people familiar with the situation.

BofA has been operating under a memorandum of understanding since May 2009. The memorandum, which is not public, identified governance, risk and liquidity management as problems that had to be fixed, the paper said, citing people familiar with the document.

In recent months, regulators met with BofA's board and said they wanted to see more progress on the bank's compliance with the memorandum, the Journal said.

In the absence of progress, the informal order could turn into a formal and public action, which would likely mean intensified scrutiny and greater restrictions, the paper said.


Read more: http://www.huffingtonpost.com/2011/11/22/bank-of-america-warned-by_n_1107270.html

[valerief]

1. Tax breaks and more money for the CEO. That's the usual way, isn't it?

It doesn't have to make sense or work. It just has to be something Fox can sell to viewers.

[Turbineguy]

2. Hmmm.......

looks like they'll have to come up with a new plan to send customers away.

[durablend]

3. Need more nonsense fees, sounds like! n/t

[rhett o rick]

4. HOw draconian!! "intensified scrutiny and greater restrictions". How can this be? nm

[Hugin]

7. The next step after that is the dreaded, "Sternly Worded Letter"! n/t

[sarcasmo]

8. NO!

not the letter.

[OhioChick]

5. Oooh......"warned" n/t

[sarcasmo]

6. I'M warning you

[pinniped]

9. Time for the Stress Test.

.

[dipsydoodle]

10. Is it possible for it to get any stronger

smelling.

[sarcasmo]

11. Keep pulling money from these greedy fuckers and they will die.

[SOS]

12. BofA Swaps Soar to Record

http://www.businessweek.com/news/2011-11-24/bofa-swaps-soar-to-record-as-u-s-company-credit-risk-increases.html

Uh-oh.....

Wall Street gamblers are starting to place their casino chips on a BofA collapse.

Too big to bail.

[and-justice-for-all]

13. Sounds like a good time to have a run on that bank...nt

[Devil_Fish]

14. to bad for them I'm closing my account next week. NT

[sarcasmo]

16. +1

[Rex]

15. I smell a bailout!

[JackRiddler]

17. Medics put a sheet / over the corpse, expecting / full recovery.