BofA & Citi Praised by Top Analyst, TheStreet Charged by SEC: Financial Business Review
Bank of America Corporation (NYSE:BAC) and Citigroup (NYSE:C) get the thumbs-up from Meredith Whitney who is currently advising the purchase of banks stocks — quickly — according to CNBC. Whitney successfully called the subprime mortgage crisis and has been bearish on banks for awhile, saying back in the summer that Wall Street would lose some 50,000 jobs in future months. However, things have changed in her eyes as she looks towards March when the Federal Reserve will post the results of its CCAR stress tests which she believes will indicate that the banks are adequately capitalized.
JPMorgan Chase & Co. (NYSE:JPM) said Tuesday that Kevin Watters would be appointed chief executive of Mortgage Banking. Prior to this, Watters ran Mortgage Origination and headed Customer Experience across Mortgage Banking, having been with Chase and its predecessor firms for 13 years.
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On Tuesday, the Securities and Exchange Commission charged TheStreet, which operates the website TheStreet.com (NASDAQ:TST), with filing false financial reports throughout the year 2008 by posting revenue from fraudulent transactions at a subsidiary it had bought the previous year. Gregg Alwine and David Barnett, co-presidents of the subsidiary, are alleged to have entered into sham transactions with friendly counterparties that had little or no economic substance.
American International Group (NYSE:AIG) has raised $6.45 billion from the divestiture of its remaining interest in AIA Group, pricing shares in the top half of the range. On Tuesday, AIA reported that AIG sold 1.65 billion shares at HK$30.30 each.
Investing Insights: Is Bank of America’s Stock a Buy Now?