- Tools for Investors
- Stock News
- Investing Ideas
- Econ & Policy
- Personal Finance
Bank of America Corporation (NYSE:BAC) reported Thursday that has received requests for information from authorities in both the United States and the United Kingdom concerning the setting of Libor and other inter-bank rates. Additionally, the company is a defendant, along with other banks, in lawsuits brought by investors concerning the matter. Bank of America will take a third quarter charge of $800 million linked to a drop in the United Kingdom tax rate, and it will contribute $738 million to the credit-card price-fixing resolution in the United States (10-Q). Separately, the company is in discussions with Fannie Mae (FNMA.OB) regarding the agency’s request that it repurchase billions of dollars worth of bad mortgages have recently become more constructive, according to Reuters.
Former JPMorgan Chase & Co. (NYSE:JPM) executive Javier Martin-Artajo is said to have repeatedly talked “London whale” Bruno Iksil into posting higher valuations on some trades than might have been received in the market at the time, which is the reason that mounting losses were discovered so late, says the Wall Street Journal. However, those valuations were within a wide band that was set by JPM’s oversight group, so they were duly okayed.
Fallout from the now-infamous Knight Capital Group, Inc. (NYSE:KCG) tech glitch keeps coming, as the New York Stock Exchange Chief Executive Duncan Neiderauer remarks that “Nobody rational would look at this (market) and say it isn’t broken, Speed is not always better.” On the other hand, Neiderauer says that the exchange strictly followed the rules when it cancelled erroneous trades in 6 of the 150 affected stocks. Knight Capital shares are moving up mid-afternoon, but are considerably below pre-glitch levels.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
There's always a bull market in some sector! Find the best opportunities in commodities.