BofA says legislative, regulatory risks growing
Nov 7, 2009 Make Money Online
Bank of America Corp (BAC.N) said on Friday that mounting legislative and regulatory pressure may hurt its business, a rare move for a large public company that signals how the changing landscape for banks worries management.
In Bank of America’s third quarter report filed on Friday, the company listed legislative and regulatory pressures as a new risk factor that investors should be aware of.
The bank faces particular regulatory pressure because it has received two bailouts from the United States, totaling $45 billion, while most banks have only received one. Read the rest of this entry »
Tags: BAC.N, bank, Bank of America Corp, Business, Legislative, pay czar, regulatory
HSBC sues accused Democratic fund-raiser in New York
Sep 19, 2009 Make Money Online
A fund-raiser for Barack Obama, Hillary Clinton and other Democrats who was charged last month with defrauding Citigroup Inc (C.N) is being sued by HSBC (HSBA.L) for deceiving it into lending him $100 million.
The lawsuit filed in New York State Supreme Court in early September accused private equity firm head Hassan Nemazee, 59, of engaging in an elaborate scheme to make HSBC Bank USA believe that its loan was secured by collateral in the form of U.S. Treasury Notes when it was not.
Nemazee, who sits on the board of the Iranian American Political Action Committee, typically donates more than $100,000 annually to Democratic political candidates.
He is listed as one of the top “bundlers” of contributions to Obama’s 2008 presidential campaign, according to OpenSecrets,org, a website run by the Center for Responsive Politics research group.
Nemazee was charged on Aug. 25 of one count of bank fraud for seeking a $74 million loan from Citigroup’s banking unit under false pretenses. Read the rest of this entry »
Tags: BAC.N, Bank of America Corp, HSBA.L, HSBC, HSBC Bank, JPM.N, JPMorgan Chase & Co, Stock Market
