Wells Fargo locks out Richmond CA mayor at San Francisco headquarters
Wells Fargo locked its San Francisco headquarters branch at noon Thursday when Richmond Mayor Gayle McLaughlinand fellow protesters arrived to speak with CEO John Stumpf over the bank’s lawsuit fighting the California city’s plans to useeminent domain to seize underwater mortgages.
Wells Fargo filed suit last week against Richmond in its role as a bond trustee, representing investors holding the securities backed by the Richmond mortgages. The bank argues that Richmond’s plan to use eminent domain in this fashion is unconstitutional.
As McLaughlin stood before Wells Fargo’s locked doors today, she captured the frustration many feel today about the foreclosure crisis that persists even as San Francisco and other markets see a recovery in home prices.
JPMorgan Chase to pay $23M to settle dispute of mishandling pension fund money by investing with Lehman Brothers
PMorgan Chase & Co. has agreed to pay $23 million to settle claims that it mishandled pension fund money by investing with Lehman Brothers.
A court document filed Friday shows that the New York bank denies any wrongdoing but agreed to settle the lawsuit to avoid the burden, expense and distraction of litigation. A U.S. District Court must approve the settlement before it is final.
The lawsuit was filed by the Operating Engineers Pension Trust in 2009. They claim JPMorgan handled its funds recklessly by investing in notes issued by failed investment firm Lehman Brothers Holdings Inc.
JPMorgan Chase: “Super Jamie” down from his pedestal
Financial history repeat itself willingly, even though they hung. With the announcement, Wednesday, August 14, the opening of criminal proceedings in the United States against two former traders for JPMorgan Chase hidden losses of more than $ 6 billion (4.5 billion euros) made by the French trader Bruno Iksil says“London Whale”, you’d think the world of finance undergoing a repeat of the financial crisis of 2007-2208.
The same murky atmosphere, the same scandals hints nauseating, disturbing the same practices … Except that the main character has changed. Today is Jamie Dimon, aka “Super Jamie,” the CEO of JPMorgan, who knows a descent into hell after being praised to the skies.
US files appeal to block Bernanke from testifying in AIG case
The U.S. Justice Department on Friday asked an appeals court to reverse a judge’s ruling last month that Federal Reserve Chairman Ben Bernanke must testify in a lawsuit about American International Group‘s 2008 bailout.
JPMorgan Suit With Bear Stearns Liquidators Is Ended
A lawsuit against JPMorgan Chase & Co. (JPM) by liquidators of two Bear Stearns Cos. hedge funds seeking $1.5 billion over their collapse formally ended today after the parties reached a settlement in June, according to court records.
Bear Stearns Cos., two of its former managers, and auditor Deloitte & Touche were accused of misleading investors in two hedge funds with holdings in subprime mortgages that imploded and filed for bankruptcy in July 2007.
Bank of America to merge Merrill into parent company
- Four years after purchasing the brokerage, Bank of America (BAC +1%) will merge Merrill Lynch into the parent company as soon as Q4 in an effort to reduce complexity and costs. The Merrill name is going nowhere.
- Dissolving the separate entity means BofA assumes all of Merrill’s obligations and debt and removes the need for filing another set of regulatory disclosures. It should also make the planning of the bank’s “living will” a simpler exercise, suggests analyst David Hendler.
- Bank of America 10-Q.
BAC price at time of publication: $14.46. Check BAC price now »
It’s called moving the books and manipulation.