Bank of America Set to Repay TARP Debt

Staff / Truthdig Dec 3, 2009 Bank of America has been cleared by the U.S. government to repay the $45 billion in TARP funds it received last year at the height of the banking crisis, and BofA may be preparing to do so before 2009 comes to a close. That said, it's not a foregone conclusion that the transaction will take place this month, even though the company has some built-in motivation to quickly make good on its payback promise. Dig deeper ( 1 Min. Read )

TARP Turns Its Attention to Small Banks

Staff / Truthdig Oct 23, 2009 The government-run TARP program is preparing to shift its focus from large banks -- such as Citigroup, JPMorgan Chase and Bank of America -- to smaller banks, noting that small businesses are still struggling to get access to credit. Dig deeper ( 1 Min. Read )

Bank of America CEO to Pack It In at Year’s End

Staff / Truthdig Oct 1, 2009 Another head of another big bank is rolling all the way out the door On Wednesday, Bank of America CEO Kenneth Lewis made the startling announcement that he was opting to take early retirement, effective the last day of this calendar year. Dig deeper ( 2 Min. Read )

Too Big to Jail

Mike Luckovich / Truthdig Sep 26, 2009 Dig deeper

A Graphic Look at the State of Our Economy

Staff / Truthdig Sep 14, 2009 It's been a year since the U.S. economy practically went to Hades in a handbasket, and since then the federal government sure has been busy trying to figure out where to allocate (read: throw) money to sort out the whole mess. Dig deeper ( 1 Min. Read )

Letting the Banking Rats Out of the Bag

Robert Scheer / Truthdig Aug 12, 2009 “Was there some sort of ghost that performed these actions?” New York federal Judge Jed S. Rakoff demanded to know Monday in rejecting a deal that would let Bank of America off the hook in yet another banker bonus scandal.The average American is paying for the banking debacle not only in taxes for the bailout but with lost jobs and homes. Dig deeper ( 4 Min. Read )

SEC Fines B of A $33M for Bonus Bust

Staff / Truthdig Aug 4, 2009 It's baffling how $33 million can seem like a relatively small sum lately, but given that it's all that Bank of America will have to pay the SEC for failing to inform investors about the billions in bonuses the bank paid Merrill Lynch executives during B of A's acquisition of Merrill last year, it seems more like a light knuckle-rap than a full-on spanking. Dig deeper ( 1 Min. Read )

Our Loss Is BlackRock’s Gain

Robert Scheer / Truthdig May 20, 2009 How much do you know about BlackRock and the hedge funds they manage? Better bone up fast, now that the folks at BlackRock are calling the shots in the government’s trillion-dollar bailout program. BlackRock execs are now directing key elements of the government program at a time when they stand to reap great profits from the fallout of a problem they helped create. Dig deeper ( 4 Min. Read )

Got Good Credit? Too Bad

Staff / Truthdig May 19, 2009 Those credit card holders who pride themselves on paying their bills on time, and who have enjoyed rewards in the past for so doing, are in for an unpleasant surprise: They may soon be targeted by the very companies that used to ply them with perks. Dig deeper ( 1 Min. Read )

B of A Chairman Dethroned

Staff / Truthdig Apr 30, 2009 Kenneth D. Lewis was relieved of the Bank of America chairmanship by shareholders Wednesday in a backlash from the highly criticized Merrill Lynch acquisition. He does, however, retain his two other titles, president and CEO. Dig deeper ( 1 Min. Read )

You Can’t Teach an Old Predatory Lender New Tricks

Staff / Truthdig Apr 14, 2009 Like an abused spouse, America continues to stand by the banks, hoping they'll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending. Dig deeper ( 1 Min. Read )

New York’s A.G. Subpoenas Bank Execs Over Bonuses

Staff / Truthdig Jan 28, 2009 New York Attorney General Andrew Cuomo sent out subpoenas to Bank of America's Chief Administrative Officer J. Steele Alphin and recently ousted Merrill Lynch Chief Executive John Thain on Tuesday to look into hefty bonuses paid to Merrill Lynch higher-ups late last year -- even as the company was bleeding billions in losses. Dig deeper ( 1 Min. Read )