"New York Fed told AIG to keep quiet on deals; Report gives fuel to Geithner critics" by Daniel Wagner, Associated Press | January 8, 2010
WASHINGTON - Controversial deals that sent billions of bailout dollars to Goldman Sachs and other banks were kept quiet under pressure from the Federal Reserve Bank of New York, then led by Treasury Secretary Timothy Geithner.
And then he was PROMOTED to Treasury Secretary by Obama?
E-mails between lawyers for the New York Fed and bailed-out insurance conglomerate American International Group Inc. show AIG wanted to disclose some details about payments it made to banks, including Goldman and Deutsche Bank, to cancel financial deals. But lawyers for the New York Fed, which engineered AIG’s bailout with the Bush administration’s Treasury Department, told AIG to remove the information from a draft.
Related: Lying Looters Large and Small: AIG's Excesses
A watchdog report has said Geithner and the New York Fed mismanaged the AIG rescue, potentially handing billions more than necessary to banks that have since recovered and are again paying record bonuses.
Yes, taxpayers, that is YOUR "billions more than necessary."
I call it LOOTING.
Related:
"The government has given AIG a bailout package worth up to $182.5 billion in exchange for an 80 percent stake in the New York-based company"
Also see: MSM Xmas Gifts: To AIG and GMAC
Yup, and you won't be seeing a damn dime back, America!
Breaking News: The Biggest Bonuses of All Time
Here Comes Santa Claus' Sleigh
Americans Not Doing Their Fair Share For Economy
Kind of a punch in the guy after all you did for banks, 'eh?
The New York Fed has countered that officials were focused on defusing the worst financial crisis in generations. It says officials were trying to protect the value of the taxpayer investment. And it says paying the banks less or sharing more information could have sparked a global financial collapse....
The ARROGANT LYING is really something to behold, isn't it?
*****************
The names of the banks that benefited from AIG’s bailouts earlier were kept secret by the Fed’s Board of Governors, which oversees the regional banks. Fed vice chairman Donald Kohn told lawmakers in March that identifying the banks could upend financial markets just as they were beginning to stabilize. But when the Fed did reveal which banks had gotten the money, and how much they got, there was little reaction in the markets.
Yeah, it is ONE AGENDA-PUSHING LIE after another from that CRIMINAL CLIQUE!!!
Representative Barney Frank called the New York Fed’s move “troubling’’ yesterday, saying he is in favor of hearings on the issue. But the Massachusetts Democrat and chairman of the House Financial Services Committee said he continues to support Geithner. “To the extent that there were problems in that AIG situation, we have taken steps to prevent their occurrence,’’ Frank said....
BULLS***, Barn! Your bill hasn't gone anywhere in the Senate!
See: Bankers' Best Friend
MSM Xmas Gifts: To OneUnited Bank
Fed Uses Frank to F*** America
Barney Frank Benefited From State Debts
Barney Frank Benefited From Bailout Bill
Barney Frank Goes Straight
Frankly Speaking
Sunday Globe Censorship: Barney Frank Tells Gays to Go F*** Themselves
Ron Paul Voted Against His Own Audit Bill
You should be ASHAMED, Massachusetts, of this turd.
--more--"
And speaking of GMAC:
"US boosts GMAC stake with $3.8b in new aid; Mortgage losses are taking big toll on lender" by Jeannine Aversa and Stephen Manning, Associated Press | December 31, 2009
WASHINGTON - The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit.
What a CAR COMPANY is doing in the HOUSING MARKET is beyond me, but.... it's YOUR MONEY, America!
Btw, WhereTF is OUR BAILOUT, huh?
The fresh infusion is on top of $12.5 billion in taxpayer money Detroit-based GMAC has already received from the government. The new aid will boost the federal government’s ownership in GMAC to 56 percent, from 35 percent, and means the United States now holds a majority stake in three companies that it bailed out with taxpayer funds - GMAC, General Motors Corp., and insurer American International Group. Keeping GMAC alive as it struggles with its mortgage loan problems has been a major component of the Obama administration’s massive effort to rescue ailing automakers GM and Chrysler. The lender provides critical wholesale financing to thousands of GM and Chrysler auto dealers, allowing them to stock their showroom floors with vehicles.
And WON'T BE GETTING a DIME back from ANY OF 'EM (as GM hauls ass out of the country)!
Related: GM Getaway Car Hauls $81 Billion in Tax Loot Away
Slow Saturday Special: GM's Government Grants
Welcome to the Government Motors Showroom!
Maybe you should not have bought them for your own good, American taxpayers!
That ability was crimped as loan losses mounted at GMAC’s mortgage division - Residential Capital LLC, dubbed ResCap. The company disclosed yesterday that it will take an additional $3.3 billion in mortgage-related write-downs, part of a $3.8 billion expected charge in the fourth quarter. GMAC is also preparing to sell off mortgage assets in an effort to reduce volatility.
GMAC’s core auto lending business has shown some signs of revival even as auto sales slumped this year. The auto financing division earned a profit of $395 million during the third quarter. The company’s online consumer banking unit, Ally Bank, has also been a bright spot by bringing in billions of dollars in new deposits by offering relatively high interest rates. It now accounts for about 29 percent of GMAC’s assets.
Yeah, so GMAC is NOT HURTING AT ALL!
YOU are just BUYING BACK the CRAP, taxpayers!
Even with the government upping its stake, Treasury officials said the government intends to stick to its policy of leaving day-to-day business decisions about financing to GMAC management....
Yeah, LEAVE the SAME FAILING MANAGEMENT in charge! We LUV THAT ONE!!!
GMAC will continue to be subject to executive pay restrictions imposed by the government’s pay czar. GMAC was granted bank holding company status a year ago, allowing it to borrow funds from the Federal Reserve and receive a portion of the government’s bailout fund. It later failed the government’s stress test, largely because of ResCap’s big losses. That triggered a Treasury Department requirement that it raise $11.5 billion in additional capital this year. When it failed to do so, an extra government infusion became necessary.
“By protecting the financial performance and strength of our core automotive finance operations, we expect to increase the pace at which we can fully repay the US taxpayer,’’ Michael Carpenter, GMAC’s chief executive, said yesterday.
Yeah, well, I'm not counting on it, liar!
Of course, you are REPAYING US with OUR MONEY while taking a nice bonus for how great you did, but....
The Treasury Department said the new aid, which comes from a taxpayer-financed bailout fund, is less than the roughly $6 billion the government had earlier thought GMAC would need to steady the company.
So you are MAKING OUT on the deal, taxpayers!
--more--"
And what did my newspaper chop?
"Govt gives GMAC $3.8B in new aid, boosts stake" by Jeannine Aversa and Stephen Manning, AP Business Writers | December 30, 2009
WASHINGTON -- GMAC still remains on shaky financial ground. Last month, it reported a quarterly loss of $767 million, though the results were an improvement over a giant loss a year ago. ResCap lost $747 million during the third quarter as homeowners continued to default on their mortgages in large numbers....
How long can you stay in business losing that kind of money, American businessperson?
Related: Auto lender GMAC reportedly slated to receive additional $3.5b in US aid
Yeah, I guess this story was so important two articles needed to be placed on the web, pffft.
So HOW ELSE is America HELPING OUT banksters, eh, America?
“They’ve cleared the decks to use Fannie and Freddie as a vessel for whatever they want.... taking troubled mortgage investments off banks’ books.’’
Oh, you are getting STUCK right in the FANNIE on that one, America!!!
That is the receptacle they will be inserting whatever they want, taxpayers!
"Mortgage giants Fannie, Freddie too big to shrink; Aid aims to keep market, economy on the right track" by Alan Zibel, Associated Press | December 31, 2009
WASHINGTON - The government’s Christmas Eve pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn’t take another turn for the worse and cause the economic recovery to unravel.
Oh, and they violated you on Xmas, how thoughtful!
Related: MSM Xmas Gifts: To Fannie and Freddie
Maybe they thought you would not notice that large object in your anus, America.
This insurance policy taken out by the Treasury Department will help keep mortgage rates low, and may wind up being a gift of sorts to struggling homeowners and banks.
OF COURSE!
But there’s a catch: The housing crisis is now likely to cost taxpayers much more.
OF COURSE!
The Obama administration’s latest lifeline to Fannie and Freddie will cover unlimited losses through 2012, lifting an earlier cap of $400 billion. It also eases restrictions on the size of the companies’ investment portfolios. That’s a reversal of the Bush administration’s September 2008 plan to shrink the size of the companies’ holdings of mortgage-backed securities.
Yup, the ONE CHANGE we get and it is in the WRONG DIRECTION!!!!
The action, which didn’t need the approval of Congress, could position Fannie and Freddie to get more aggressive in dealing with the housing crisis, perhaps taking troubled mortgage investments off banks’ books.
Isn't that how we got into this mess?
“They’ve cleared the decks to use Fannie and Freddie as a vessel for whatever they want,’’ says Edward Pinto, a housing consultant who served as Fannie’s chief credit officer in the late 1980s. Treasury could also lean harder on Fannie and Freddie to help troubled homeowners avoid foreclosures - and by extension the banks and other investors who own their mortgages....
Boosting the firepower of Fannie and Freddie, which finance three quarters of all new mortgages, also should help keep rates on home loans low just as the Federal Reserve starts dialing back its separate $1.25 trillion program aimed at doing just that. That’s good news for the banking industry....
Yeah, EVERYTHING is ALWAYS GOOD NEWS for the BANKING INDUSTRY, ever notice that?
But the trade-off is that the Treasury will have to cover much more than the $111 billion in losses at Fannie and Freddie it already has funded. Barclays Capital predicts the losses will range from $230 billion to $300 billion.
And WHERE does TREASURY get its $$$, taxpayers? Yeah.
You have to love the VAGUENESS of the MSM!
When they WANT an AGENDA-PUSHED the "government" is "US," but when they need to hide looting it is "government" or "Treasury" money as if it is some separate entity (which indeed, it is)!
Of course, when it is taxes you owe, that is "government's money."
Both companies provide vital funding for home loans, buying mortgages from lenders, pooling them into bonds, and selling them to investors with a guarantee against default.
Oh, so TAXPAYERS STAND BEHIND the TURDS that WALL STREET CUT UP to DEFRAUD the ECONOMY, huh? So Fannie and Freddie are a MIDDLE MAN and INSURER for WALL STREET, huh?!
Time to CLOSE DOWN Fannie and Freddie!
Related: Goldman's Gets Tax Credit For Sticking It In America's Fannie
Why not, huh?
While they traditionally backed loans to relatively safe buyers, they dramatically lowered their standards during the housing boom, and those loans are now defaulting in higher numbers. If the administration does lean on Fannie and Freddie to expand its foreclosure-prevention program, it would be pricey. If Fannie and Freddie were, hypothetically, to start forgiving a quarter of borrowers’ mortgage debt, that would cost another $125 billion to help around 2.5 million to 3 million borrowers, estimates Barclays analyst Ajay Rajadhyaksha.
Oh, so IF THEY HELPED YOU it would be ABOUT the SAME as the $700 BILLION bailout that was WASTED, America!! They could have BOUGHT UP ALL YOUR MORTGAGES for what they PUT INTO BANKS POCKETS!!
Actually, YOU could have, Americans, because IT IS ALL YOUR MONEY!!!!!
The Treasury Department says its only motivation is to make sure investors remain confident that Fannie and Freddie can keep doing their jobs of buying the bulk of mortgages made in the United States and turning them into investments.
Yeah, THEY DON'T CARE ABOUT YOU, American!! They CARE ABOUT INVESTORS!!!!!
And KEEPING THIS CASINO ROLLING, 'ey?
Fannie and Freddie must convince everyone from the Chinese central bank to hedge funds to individual investors that it is still safe to buy their debt securities, which they sell partly through weekly auctions. The two companies have sold $2.7 trillion in debt this year, according to Credit Suisse calculations.
That means YOU are HOLDING nearly $3 TRILLION in DEBT alone NOW, taxpayers -- with an UNLIMITED AMOUNT to FOLLOW!!!
Still, by making the change before year-end, Treasury sidestepped the need for an OK from a bailout-weary Congress, infuriating Republicans on Capitol Hill. Treasury gave Fannie and Freddie a bigger lifeline “without any involvement, notice, [or] dialogue with Congress,’’ says Representative Scott Garrett, a New Jersey Republican and a member of the House Financial Services committee, who called yesterday for an investigation into the Treasury Department’s actions.
Yeah, and if Bush had done this Democrats would have been screaming. I'm tired of that game.
And Congressional investigations? Pffft!
One of the worst wastes of time going -- unless you like whitewashes.
Fannie Mae was created in 1938 in the aftermath of the Great Depression. It was privatized 30 years later to limit budget deficits during the Vietnam War.
The BUDGETARY SLEIGHT of HAND never ends, does it, America?
In 1970, the government formed its sibling and competitor, Freddie Mac. After the housing market started to unravel in 2006, mortgage defaults soared, and the companies’ losses mounted. By summer 2008, the companies weren’t able to raise money, and their shares plunged. The Bush administration’s hand was forced.
Yeah, right, they were "forced" to do things.
It wound up taking over the pair a week before the collapse of investment bank Lehman Brothers. The government now has a 79.9 percent stake in each company, the maximum amount possible to still keep the companies off the federal budget.
Translation: That DEBT and DEFICITS are FAR WORSE than what government and newspapers are saying!
Coming soon: The Trillion-Dollar Interest Payment
--more--"
Also see: Lying Looters Large and Small: The Fannie-Freddie Family
You know, it would be nice if you used some Vaseline and a condom once in a while. Looks like I'll be needing that health plan.
"Small banks still accepting aid; For some, TARP fund stigma outweighed by need to expand lending" by Todd Wallack, Globe Staff | December 26, 2009
While most of the country’s largest banks that received US bailout money are rushing to repay the government, some smaller banks are still holding onto the funds or lining up for additional aid....
Smaller banks said the executive compensation limits weren’t an issue, because they generally don’t pay enough to be affected....
Why is SMALLER always BETTER?
Christopher Gill, chief financial officer for Wachusett Financial Services Inc., the parent of Clinton Savings Bank pointed out that the Treasury Department encouraged healthy banks to apply for the money....
And then said KEEP QUIET about it!
Is it because they were telling us the SYSTEM was going to CRASH unless they got their $700 billion RIGHT NOW!
More banks of Wachusett Financial’s size will have the opportunity to borrow from the government, after the US Treasury Department extended the deadline for applications from small banks to next October.... Nationwide, 645 banks are still holding onto TARP money, while more than 50 have returned the funds.
And the MSM has made a big deal of the few that have paid back?
They are the SAME on EVERY DAMN ISSUE -- catering to a select few, and advancing that select agenda!!!!
One of the Massachusetts institutions that repaid the government is Wainwright Bank & Trust Co. of Boston. Chief financial officer James Barrett said Wainwright originally applied for the money during the depths of the financial crisis, when it seemed like a good insurance policy in case the economy continued to deteriorate. But, he said, Wainwright’s loan portfolio has held up well. Moreover, the $22 million loan from the government turned out to be more of a hassle than it was worth, Barrett said: In addition to negative publicity, he said, the money had a relatively high interest rate (5 percent a year before taxes or 8 percent a year after taxes) and had additional reporting requirements....
Yeah, EVERYTHING the government ever does is a SELF-SERVING HASSLE!!!!
Here they are SHAKING DOWN SMALL BANKS they are supposed to "help" while their LARGE LOOTING FRIENDS need not worry!
“We simply didn’t need the extra capital,’’ Barrett said. “And not only did we not need it, it was expensive. Mercantile Capital Corp., the parent of Mercantile Bank and Trust Co. of Boston, meanwhile, is hanging onto the $3.5 million it borrowed in February. Chief executive Charles Monaghan said Mercantile is using the money to boost lending and doesn’t have any plans to return the money in the near future....
In addition to Wachusett, five other Massachusetts banks that received TARP money have not repaid it: Boston Private Financial Holdings Inc. in Boston ($154 million), Central Bancorp of Somerville ($10 million), Leader Bancorp Inc. of Arlington ($5.8 million), Mercantile Capital Corp. of Boston ($3.5 million), and OneUnited Bancorp Inc. of Boston ($12.1 million).
A Xmas gift from Barney Frank!!
Time to hit the Buffett table.
"Buffett Ends 2009 Trailing S&P 500 by Most in Decade (Update1)
Jan. 4 (Bloomberg) -- Warren Buffett recorded his worst performance against the stock market in a decade last year after committing $26 billion to a railroad takeover and lowering his expectations for investment returns. Berkshire Hathaway Inc., the company Buffett has led as chairman for more than four decades, advanced 2.7 percent on the New York Stock Exchange in 2009....
Oh, but he STILL MADE BILLIONS, huh?
Related: Geithner Thanks Goldmans For Buffett
How did YOU DO THIS LAST YEAR, America?
Berkshire’s annual profits may return to growth this year, according to an estimate by Meyer Shields, an analyst at Stifel Nicolaus & Co. Profit, which fell by more than half in 2008, may rise 51 percent to $7.55 billion, according to Shields. Berkshire reported record profit of $13.2 billion in 2007. Buffett, the second-richest American, positioned Berkshire to weather the contraction in the U.S. economy by stockpiling $44 billion in cash.....
Some POCKET CHANGE, 'eh, America!?
And THERE is where the Globe cuts it! Why?
Starting in 2008, when corporate borrowing costs surged, he drew on that hoard to finance Goldman Sachs Group Inc., General Electric Co., Swiss Reinsurance Co. and the Mars Inc. takeover of chewing-gum maker Wm. Wrigley Jr. Co. Those transactions are paying coupons that helped boost investment income in the first nine months of the year. Still....
--more--"Speaking of looters:
"UBS whistle-blower gets no reprieve from judge; Birkenfeld unable to have sentence delayed or reduced" by Curt Anderson, Associated Press | January 5, 2010
MIAMI - A federal judge refused yesterday to postpone prison or consider a lighter sentence for a former Swiss banker-turned-informant who helped launch a massive US tax evasion investigation into banking giant UBS AG.
Also see: Lying Looters Large and Small: Secret Stashes and Secret Deals
UBS Picks Up Pike
Bankers' Bark Worse Than Bite to State
Nice of 'em to be helping out, huh?
The decision by US District Judge William Zloch means Bradley Birkenfeld must report to prison Friday to begin a sentence of three years and four months, which is longer than what prosecutors had sought. Zloch also refused to schedule a hearing on whether to reconsider the sentence. Birkenfeld pleaded guilty last year to a fraud conspiracy charge. Prosecutors credit Birkenfeld, 44, with exposing wrongdoing at UBS and leading investigators to thousands of suspected American tax cheaters who hid assets in the Swiss bank’s accounts. But they also said Birkenfeld failed to disclose his crimes, including his work for a California real estate magnate who pleaded guilty in 2007 to tax charges.
Prosecutors declined to comment on Zloch’s ruling. The Washington-based National Whistleblowers Center, whose attorneys are representing Birkenfeld, said in a statement that putting such a prominent informant in prison could “kill the goose that laid the golden eggs’’ by deterring others from coming forward. “If the [Obama] administration is actually serious about going after offshore tax evasion they need to be encouraging whistle-blowers, not throwing them in jail,’’ said Dean Zerbe, special counsel at the Whistleblowers Center.
Yeah, I heard Tom Hartmann griping about this on the radio the other afternoon; however, the guy is lucky he and they are keeping their heads! He should feel thankful he's only in jail.
Of course, Obama is not serious about this or any other change, so explanation received.
At Birkenfeld’s sentencing hearing in August, prosecutors said they may seek a sentence reduction if he continues to cooperate, but to date have not done so.
Oh, so the Feds lied to him like they lie to us, huh?
Then they stabbed him in the back, double-crossed him, and threw him under the bus, huh?
Message: NEVER COOPERATE with GOVERNMENT!
Birkenfeld, a US citizen who lived in Switzerland for 15 years, has been described as the most important informant in the US probe of tax evasion and secrecy at UBS and other banks. Armed with his disclosures, US officials reached a deferred prosecution agreement with UBS last February in which the bank agreed to pay a $780 million fine and reveal names of some 150 clients.
A DROP in the bucket for the BILLIONS they made in FEES and CHARGES!!
Later in 2009, UBS agreed under US pressure to release names of 4,450 wealthy Americans suspected of using secret accounts to evade billions of dollars in US taxes. None of those names has been made public....
So WHO is GOVERNMENT PROTECTING, 'eh, TAXPAYERS!!!
Do YOU have a SWISS BANK ACCOUNT, bailout-funding American?
Birkenfeld has applied with the Internal Revenue Service for a whistle-blower reward that, if approved, could bring him tens of millions of dollars, if not more.
So what are they trying to say?
Because he'll make some $$$ of the whistle blow, he's compromised?
Then what is the POLITICIAN'S EXCUSE?
--more--"
The latest in the long line looters.
"Bank of America to dish some bonuses for 2009" by Globe Staff And Wire Services | January 9, 2010
Some investment managers and other employees in Massachusetts could receive significant bonuses based on their performance for 2009....
Yes, YOUR TAX LOOT BAILOUT was a GOOD PERFORMANCE by the bankster and DESERVING of a BONUS!
The company’s investment banking unit, which is based in New York, is expected to record significant year-end bonuses.
Oh, RECORD BONUSES!!!
Bank of America, which purchased troubled investment bank Merrill Lynch & Co. a year ago, has repeatedly said that the unit was a bright spot for the company in 2009, even though Merrill recorded crushing losses in the wake of the financial crisis in 2008.
Yeah, how does that work, huh, America?
No, no, keep that wallet open!!
Indeed, Bank of America’s investment bank and capital markets unit (which includes Merrill) trailed only one other company - JPMorgan Chase & Co. - in fees earned last year.
Yes, INDEED!!!!
“Clearly, investment banking at Bank of America had a pretty good year, so you’d expect year-end incentives would reflect that,’’ Stickler told Bloomberg News.
Other than the WAR LOOTERS, they are the ONLY ONES!!!!
Stickler also noted that incentives are critical to retaining key employees. “We have to compensate our people competitively,’’ Stickler said. “If we don’t do that, we lose our talent.’’
I'm sorry, that LAME ASS EXCUSE for LOOTING no longer cuts it!
Get the point, a**holes!!!
Oh, detect ANGER DO YOU?
I'm not alone, and my apathetic brethren is starting to move. I listen in the aisles at the supermarket, folks.
What did you wake up, looters?
But big bonuses could irk some shareholders, because the company’s overall profits have been hurt by the weak economy.
Oh, I'm sure it was them I heard in my hicksville supermarket!
Yeah, lot big shareholders out here!
Analysts are expecting the company to report its third loss in five quarters later this month, in part because of continued delinquencies on home loans, credit cards, and commercial real estate debt.
But there are RECORD BONUSES to be HAD?
WTF is WRONG with THIS PICTURE, world?!!!!!!
You know, after you lose the head, we are GOING TO EAT YOU because WE ARE DAMN HUNGRY, too!!!!!!!!!
You know, the SPIRIT will SEE US DO IT even if it is going down, looter.
You KNOW THAT, right?!!!!
“They shouldn’t be paying record bonuses if their earnings are under water,’’ David Schmidt, a senior consultant at James F. Reda & Associates LLC, a New York compensation firm, told Bloomberg News.
But, as with the job market, DON'T WORRY about that WATER coming in to the SHIP!!!
Just HOP in a LOOTBOAT and ROW, ROW, ROW, right?!!!!!!
“But it doesn’t mean they shouldn’t pay bonuses for proven performance.’’
RIGHT!
And if they failed and their performance was s***ty, shouldn't they GIVE IT BACK?
Bank of America has been under fire for failing to tell shareholders that it allowed Merrill to pay its employees billions of dollars in bonuses before it completed its purchase of the unit....
Yeah, I guess I would be sort of angry, too, if you know me, readers.
And Bank of America, which received $45 billion from the US government during the financial crisis, only repaid the government a few weeks ago. Since Bank of America repaid the government, it is no longer subject to federal restrictions on compensation, including bonuses.
Yeah, THAT is WHY they DID IT!!!
You think these bonuses appeared out of thin air (well, they did off a Fed printing press, but.... )?
“It’s unfortunate timing both politically and socially to be paying out big bonuses,’’ said Shaun Springer, chief executive officer of Square Mile Services Ltd., which advises London financial firms on pay. “But banks have never paid a penny more in compensation than is demanded of them by the competition.’’
I don't see how; they are GETTING AWAY with it -- for now.
Still, rival investment banks are paying out significant bonuses as well. Goldman Sachs Group Inc. set aside $16.7 billion to pay employees for the first nine months of 2009.
Actually, they SET OUT MORE, so WHY LIE, MSM?
Morgan Stanley, also based in New York, set aside $10.9 billion for compensation for the first three quarters of last year, down 9.2 percent from the prior year. Bank of America shares fell 15 cents to $16.78 after The Wall Street Journal reported the company planned to pay significant bonuses to its investment bankers.
Aww, stock went down?
Who gives a flying f***?
--more--"
