BofA Staff Might Face Fraud Charges, Blackstone Loves Asia: Financial Business Wrap

It is possible that Bank of America Corporation (NYSE:BAC) employees might be subject to civil fraud charges as part of a lawsuit brought by the government, which claims that the bank misrepresented the quality of the home loans its Countrywide division sold to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), resulting in losses of more than $1 billion to taxpayers. However, such would constitute an unusual move, given the few cases actually brought against individuals in regards to the financial crisis.

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The Blackstone Group (NYSE:BX) Chairman Stephen Schwarzman said that “We believe in the basic prospects of this area,” as he described why the stalling of growth in Asia, along with lower asset prices, has his firm ready to deploy cash there. The company has recently closed a property fund and is sitting on a cool $13.3 billion.

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