Congress Presses For Details From Bank of America On Talks (NYT)
Bank of America has tried to keep legal conversations regarding what happened last year when it acquire a toxic dump hush hush through the excuse of attorney-client privilege. Representative Edolphus Towns told them Friday to fuck that noise: “In a sternly worded letter, Mr. Towns said the bank must divulge when it became aware of the enormous losses at Merrill last year, when it received a commitment from the federal government for a second round of bailout money and what legal advice its management received about whether it had to disclose those developments to the bank’s shareholders.
Mr. Towns gave the bank until noon on Monday to provide answers and relevant legal documents. He said it seemed that the bank was “hiding information.” The bank replied to Mr. Towns’s committee late on Saturday, asking him to delay that request until after Tuesday, when Mr. Towns meets with Anne Finucane, the bank’s chief strategy and marketing officer, who oversees public policy at the bank. But a spokesman for Mr. Towns said on Sunday that he was sticking to the deadline.”
Firms Back Plans To Change Pay Policies (WSJ)
A bunch of companies are going to voluntarily promise to be good re: compensation and hope the government will ixnay egulationray.
Recession Drives Women Back To Workforce (NYT)
Citi? Anna Bresnahan of Spokane, Wash., says she would not have returned to work if she and her husband had not started worrying that the bank where he worked might fail. “I decided I could start looking. He said, ‘That would be nice.’ ”
Royal Bank of Scotland eyes share issue to limit London’s stake (FT)
RBS would really appreciate it if someone would stop the Queen from moving anymore of her stuff in, or if she could at least clean up the shit the Corgis leave in the lobby: the bank is considering a £3bn-£4bn share issue to reduce the stake it will hand to the government for joining its toxic assets insurance scheme. Plans are “tentative” and Stephen Hester, RBS chief executive, is still “putting out feelers” about a “modest-sized” issue, a person familiar with the situation said.
IRS Extends Amnesty Deadline (WSJ)
You now have until October 15 to come forward and tell the IRS you’re a tax cheat. After that there’s going to be serious hell to pay.
Limit EU Bank Bonuses Even if US Doesn’t (Reuters)
“It would be interesting, important, useful to have if possible the same rules in the world (…) to have the Americans at our side,” European Commission president Jose-Manuel Barroso said on Sunday. “But in this case of the bonuses, I am absolutely clear — it is such a scandal what is happening, it is really an ethical problem and I believe that, if necessary, we have to do it on our own,” he said.