BofA Operating Under Secret Regulatory Sanction: Report

[elleng]

Source: Reuters/NYTimes

- Bank of America Corp <BAC.N> is operating under a secret U.S. regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, The Wall Street Journal reported, citing people familiar with the situation.

Rarely disclosed publicly, the so-called memorandum of understanding (MOU) gives banks a chance to work out their problems without the glare of outside attention, the paper said.



Read more: http://www.nytimes.com/reuters/2009/07/16/business/business-us-bankofamerica.html

[laconicsax]

1. Well, it isn't secret anymore now, is it?

[rpannier]

4. i wish I could recommend that comment

I thought it was funny

[Pirate Smile]

2. Aren't they doing the same thing with Citibank too? I read that somewhere

else tonight.

[notesdev]

3. Don't depositors and investors

deserve to know this information? Who besides BAC itself, and perhaps the regulators who for years and years looked the other way while BAC put itself in this position, benefits from secrecy?