Approximately 1,000 Occupy Wall Street protesters marched to Foley Square at around 3 p.m. this afternoon to protest the Obama administration's role in a settlement that would indemnify banks who were directly involved with creating the mortgage crisis. Though the NYPD could not confirm the number of arrests, a DCPI officer noted that "they would be in the family of 20 or so," more than the four that the movement claims were arrested on the steps of the Supreme Court building. Eyewitnesses wrote that the NYPD began arresting protesters after they blocked pedestrian traffic in front of the courthouse, and one claims that video will surface of a NYPD officer punching a protester in the face. more ›

In addition to being Guy Fawkes Day on Knifecrime Island, today has been dubbed Bank Transfer Day for Americans who are fed up with storing their money in financial institutions that took their bailout money but won't loan it back, forced people from their homes after exploiting them with predatory loans, and tack on fees despite overall poor customer service. Representatives from New York City's four major credit unions will be at the Occupy Wall Street camp in Zuccotti Park until 6 p.m. tonight to help ease customers through the transition. more ›

It appears that yesterday's rumors are true: Bank of America is dropping their plans for a $5 monthly debit card fee. A spokesperson for BOA declined to tell the AP whether or not the fee's announcement caused an increase in account closures or flaming bags of dog poop found inside BOA ATM vestibules. The flack noted that the decision to scrap the fee was based on a "changing competitive marketplace," and said, "Over the past couple of weeks, customer sentiment changed." more ›

Remember how Bank of America said that they were going to charge their customers $5/month for using their debit cards? And everyone hated the huge company even more? Well, now other banks are deciding to learn from BoA's mistake and deciding against charging customers debit card usage fees. more ›

While President Obama has recently tried taking a more populist, "left-leaning" bent with his new tax proposals, one New York politician has rarely strayed from those roots: Attorney General Eric Schneiderman. Thanks to his refusal to back down on his investigation of a $20 billion dollar bank settlement, Schneiderman has been the subject of a raft of articles hailing him as one of the few leaders who practice their professed affinity with the left, along with Massachusetts senatorial candidate Elizabeth Warren and Senator Bernie Sanders of Vermont. "Honestly, my day-to-day life hasn't changed," he tells the Times. "I'm doing my job as a prosecutor." more ›

If you bank with Bank of America, the privilege of using your debit card will cost you $5 a month starting next year. The new fee has something to do with a change in banking regulations; banks had previously charged retailers an average 44 cents when a customer pays with a debit card. But the Dodd-Frank Act's Durbin amendment, which takes effect Saturday, caps fees at 21 cents per transaction. Banks will lose billions and fees, and these poor bankers need to recover that lost revenue somehow—so they're turning to you, reliable consumer, for help. more ›

In a conference with investors earlier today, Bank of America CEO Brian Moynihan announced that the company would cut $5 billion in annual costs by the year 2014. This means that the bank will lay off "at least" 30,000 jobs out of BOA's 288,000 current employees. "It's taking out work we don't need to do any more, and getting it out of the company," Moynihan tells the Times. The layoffs will occur over the next few years, giving BOA employees on the chopping block plenty of time to steal as many office supplies that they possibly can. more ›

Hey, remember how our economy got/still is totally screwed by mortgage-backed securities? Now it looks like the U.S. government is getting ready to sue the banks that issued them! The NY Times reports, "The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation." more ›

Bank of America says that Berkshire Hathaway, headed by tax-loving billionaire Warren Buffett, will invest $5 billion as the company tries to emerge from its disastrous, economy-wrecking involvement with subprime mortgages. BoA's shares have recently fallen to two-year lows, so this news has helped: An analyst told Bloomberg News, "This is a tremendous vote of confidence in the U.S. banking industry as well as Bank of America. Bank of America was being punished or victimized as one of the weakest U.S. banks that could be in financial distress. For Buffett to step up like this for BofA has implications for all the other banks." more ›

Like a truffle hog rooting for delicious evil, New York State Attorney General Eric Schneiderman has been ordering thorough investigations of the five largest mortgage services in the US robo-signing and forging documents to kick Americans out of their homes. Bank of America (among others) and even the Obama administration are pushing for a settlement deal that they say would help homeowners, but would preclude any further litigation related to robo-signing and other odious aspects of the toxic mortgage-backed securities business. Now, because they mean business, Schneiderman's opponents have removed him from the group of Attorneys General charged with negotiating the foreclosure settlement. more ›

New York's attorney general, Eric Schneiderman is investigating a sweetheart deal being pushed by Bank of America to settle claims from the toxic mortgages they peddled to investors before the real estate bubble. It's understandable that he'd experience some pressure from the banks involved to just let it slide, but members of President Obama's administration are reportedly badgering Schneiderman to lie down and accept the terms. more ›

Bank of America really just wants to move past the whole toxic mortgage misunderstanding, and is hoping that by shelling out $20 billion to clean up the mess, their investors and the public will let bygones be bygones. $8.5 billion of that money is for a settlement specifically tied to large investment firms, including BlackRock, MetLife, and Goldman Sachs, who invested in BOA's worthless mortgages (thanks, Countrywide!) and the terms are extremely favorable to the bank: they're paying 5 cents on the dollar and the investors waive their right to sue. Every thing was going according to plan until that meddling New York Attorney General had to get involved. more ›

Bank of America is expecting to eat $20 billion in losses stemming from the bank's dealings in the subprime mortgage crisis several years ago. Investment firms, who bought portions of debt based on a raft of dubious mortgages thanks in part to BOA's acquisition of shady lender Countrywide, had demanded reparations after the bubble burst. Last fall, CEO Brian Moynihan challenged the investors' attitude of, "I bought a Chevy Vega but I want it to be a Mercedes," and told shareholders that he was going to "protect" them and engage the investors in "hand-to-hand combat." Sure, BOA might have lost $20 billion, but you shoulda seen BlackRock Financial's shiner! more ›

The New York skyline got a little brighter recently. We can't say we'd noticed, but it seems that the Dursts have started lighting up the spire that caps the Bank of America tower off Bryant Park. more ›

Possible Senate candidate Harold Ford has been bashed by his likely rival for not disclosing whether or not he received a "taxpayer-backed bonus" from his job at Merrill Lynch. Turns out he didn't really need a bonus, because his unusual Wall Street contract promised him at least $2 million per year, regardless of his performance. more ›

Sen. Kirsten Gillibrand wants her likely Democratic rival to tell voters if he received a "taxpayer-backed" bonus from his Wall Street job. Gillibrand is pushing former Tennessee lawmaker, current Merrill Lynch employee, and possible Senate candidate Harold Ford Jr. to say whether or not he received cash during a controversial round of bonuses at the end of 2008 from companies that were bailed out with TARP funds. more ›

Now that Bank of America has agreed to a $150 million settlement with the Securities and Exchange Commission, NY Attorney General Andrew Cuomo has filed a lawsuit against the bank and its former CEO and CFO, accusing it of misleading the government and investors in its purchase of Merrill Lynch. Cuomo said, "This merger is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system. Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large..." more ›

Watch out for those ATM skimmers! The Post reports, "Cops are looking for two high-tech thieves who hacked into at least four people's bank accounts after installing a 'skimmer' at an East Village ATM. The bandits on Dec. 9 placed the device -- which grabs electronic info off bank cards -- over the card-reader slot at a Bank of America cash machine on Lafayette Street, police said. The thieves used the info to clone bank cards and withdraw customers' cash. It wasn't clear how much money was looted." more ›

The NY Times looks at how Lehman Brothers head Dick Fuld tried to save the firm, with the help of government officials, based on reporter Andrew Ross Sorkin's book, Too Big To Fail. A choice quote: Then-Treasury Secretary Hank Paulson telling Fuld he won't call Bank of America's CEO, "I think it’s a hard sell, but I think the only way you’re going to do it is go to him directly. I’m not going to call Ken Lewis and tell him to buy Lehman Brothers." Of course, Paulson did pressure BoA to buy Merrill Lynch—and now Lewis is on his way out. more ›

Bank of America, which had posted a $3.2 billion profit last quarter, announced a $2.2 billion loss—$1 billion due to consumer defaults (CNN Money: "more and more Americans found themselves out of work and unable to keep up with their loan obligations") and paying the government and another $1.2 billion due to shareholder dividends. Departing CEO Ken Lewis said, "Obviously, credit costs remain high, and that is our major financial challenge going forward." more ›

The fallout of its Merrill Lynch deal continues: Today, Bank of America agreed to reveal private documents about its Merrill takeover. A spokesman said, "We don’t have anything to hide... Attorney-client privilege is an important business principle, but the pressure in multiple inquiries to provide additional insight convinced us it is appropriate to waive in this instance to get the issue behind us." Someone eager for these documents: AG Andrew Cuomo, who blasted the company for letting Merrill give $3.6 billion in bonuses even though it had a $9 billion 4th quarter loss. more ›

Bank of America CEO Kenneth Lewis announced he would resign at the end of the year. One analyst tells Bloomberg News that Lewis had become a "distraction" after taking over Merrill Lynch and buying subprime mortgage company Countrywide, "He’s drifting out to sea like a dying Eskimo, knowing the company can do better and thrive without him." more ›

A disgruntled New Yorker is suing the Bank of America for "1,784 billion, trillion dollars." It gets weirder: The suit, filed by Dalton Chiscolm last month, is being reviewed by the same federal judge who sentenced Bernard Madoff to a 150-year prison sentence. Judge Denny Chin has called the lawsuit "incomprehensible" and demanded that Chiscolm explain his claims, and elaborate on charges that he received "inconsistent information from a 'Spanish womn" reached by phone at the bank. more ›

Federal Judge Jed S. Rakoff rejected the $33 million settlement that the Securities and Exchange Commission accepted from Bank of America over the $3.6 billion in bonuses paid to Merrill Lynch employees. BoA, which acquired Merrill, knew Merill was about to post $9 billion in fourth quarter losses yet went ahead with the bonuses; Rakoff found that BoA "materially lied" to shareholders about the losses. more ›

Attorney General Andrew Cuomo is continuing to investigate Bank of America's acquisition of Merrill Lynch—and he's not very happy with BoA's uncooperative, client-lawyer confidentiality stance! His office sent a letter (PDF) saying that they found four instances where the company failed to disclose "material non-public information to shareholders" (such as Merrill's $9 billion 4th quarter losses, $3.6 billion accelerated bonus payments), "The facts of the cascading losses and bonus payments -- and the facts of Bank of America's senior executives' knowledge of these events -- are straightforward. However ... the decision-making process by which Bank of America and its executives decided not to disclose these material facts to Bank of America's shareholders has been hidden from our investigation by Bank of America's repeated invocation of the attorney-client privilege." Additionally, there are questions surrounding the dismissal of BoA's general counsel: "[Timothy] Mayopoulos was let go the day the bank informed its board that Merrill was bleeding money at an unexpected pace," just days after he discussed the "mounting losses at Merrill Lynch, which were not disclosed to shareholders before the deal closed" with BoA's CFO. Yeah, that's not fishy at all! more ›

Merrill Lynch's decision to hand out extravagant bonuses last year— as it was about to lose $15 billion in the final quarter—continues to cause problems for Bank of America, which acquired Merrill. Even though the Securities and Exchange Commission (you know, the agency that was supposed to keep tabs on Madoff) settled a lawsuit against BoA for the bonuses, to the tune of BoA paying $33 million, a federal judge has refused to approve the settlement! The SEC complaint said that BoA lied about letting Merrill pay as much as $5.8 billion in bonuses (Merill paid out $3.6 billIon), leading Rakoff to point out that if BoA did in fact break the law, then there's "something strangely askew in a fine of $33 million." He added that both companies "effectively lied to their shareholders... Do Wall Street people expect to be paid large bonuses in years when their company lost $27 billion?"—$27 billion is the amount that Merrill lost. And when a BoA lawyer pointed out that much of the bonus money was shared by people making an average of $91,000/year, Rakoff said, "I’m glad you think that $91,000 is not a lot of money. I wish the average American was making $91,000." more ›

Today's not a good day for Bank of America. In the Wall Street Journal, there was a report saying CEO Ken Lewis told investors that BoA will "shrink the company's 6,100-branch network by about 10%, a pullback from the two-decade expansion that took the bank from coast to coast. The driving force for the closings is changing customer preferences...as online and mobile banking take transactions away from traditional branches," according to sources. more ›

According to the Wall Street Journal, "Regulators have told Bank of America Corp. and Citigroup Inc. that the banks may need to raise more capital based on early results of the government's so-called stress tests of lenders, according to people familiar with the situation." The extra capital would be a "buffer" in case the banks' losses continue to grow. Apparently both banks are trying to develop arguments disputing the findings (for instance, BoA's shortfall is in the billions). The AP points out that, for the Treasury, "the easiest way to bolster bank balance sheets is to convert the government's existing stake from preferred shares — a form of debt — into common shares that carry voting rights." Last week, the federal government said capital needs weren't necessariy a measure of "current solvency or viability of the firm," but worries, coupled with swine flu concerns, have sent stock futures down. more ›