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Fed asks BofA to list contingency plan: report
A Bank of America shareholder walks into the corporate headquarters prior to the start of the Bank of America annual shareholders meeting in Charlotte, North Carolina May 11, 2011.
Credit: Reuters/Chris Keane
(Reuters) - The Federal Reserve has asked Bank of America Corp to show what measures it could take if business conditions worsen, the Wall Street Journal said, citing people familiar with the situation.
BofA executives recently responded to the unusual request from the Federal Reserve with a list of options that includes the issuance of a separate class of shares tied to the performance of its Merrill Lynch securities unit, the people told the paper.
Bank of America and the Fed declined to comment to the Journal. Both could not immediately be reached for comment by Reuters outside regular U.S. business hours.
(Reporting by Sakthi Prasad in Bangalore; Editing by Muralikumar Anantharaman)
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Bullies on the left of us, bullies on the right us, bullies all around, into the valley of foreclosure ride the many thousands of homeowners, who go un-noticed and un-helped by the government elected.
A government that wants to stamp their approval on fraud that’s been taking place over the past 20 years or so and to assure the banks that no prosecution will be instituted.
I don’t wish anyone any harm but the banks deserve a little of what they dish out and perhaps this is part of it. (Payback).
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