SEC Not Happy With Bank of America’s Sloppy Accounting
The Securities and Exchange Commission today charged Bank of America Corporation with violating internal controls and recordkeeping provisions of the federal securities laws after it assumed a large portfolio of structured notes and other financial instruments as part of its acquisition of Merrill Lynch. Bank of America agreed to pay a $7.65 million penalty to […]
Bank of America Gets It Some Sharon Allen
Bank of America announced today that perpetually hydrated former Deloitte Chairwoman Sharon Allen will be joining their board of directors effectively immediately. This appointment by a prominent company naming a former Big 4 bigwig to their BoD follows announcements by J.P. Morgan and Walmart that ex-KPMG Chairman Tim Flynn would be joining their boards. This is probably a good […]
Oh For God’s Sake, Bank of America’s Former CFO Is Being Appointed Chairman of a Council That Advises the FASB
Chuck Noski was CFO of BofA for only one year and is still a vice chairman at the bank and is probably a very competent individual but Jesus, has the Financial Accounting Foundation no sense of the reputation of this particular bank? Further, have they heard nothing about the collective reputation of banks these days?
Mr. Noski’s appointment was announced by John J. Brennan, chairman of the Board of Trustees of the Financial Accounting Foundation (FAF). The FAF is responsible for the oversight, administration, and financing of the FASB and its counterpart for state and local governments, the Governmental Accounting Standards Board (GASB).
“With his breadth of experience in corporate finance across a range of industries, Chuck Noski will bring to the FASAC a deep understanding of the complex issues facing the FASB as it seeks to serve the best interests of all those who use, prepare, and audit financial statements,” Mr. Brennan said. “We are very pleased to welcome him as the new FASAC chairman.”
At least the ABA will have a direct line for their hate mail now.
Berkshire Hathaway: Wall St. Journal Is Wrong About Our Taxes on Bank of America Deal
Last week, folksy octogenarian (81 years today!) billionaire Warren Buffett announced that he was going to invest $5 billion in Bank of America. Some are questioning