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By John R. Bolton
The president fiddles at his domestic altar while the world burns
Independent voices from the The Washington Times Communities
Topic - Brian Moynihan
The U.S. banking industry suffered two big hits Monday stemming from the collapse of the housing bubble, with 10 banks and mortgage lenders agreeing to pay $8.5 billion in a settlement with federal regulators, while Charlotte, N.C.-based Bank of America agreed to a separate settlement with Fannie Mae over bad housing loans that its controversial lending subsidiary sold to the federal housing finance giant.
The CEO of Bank of America Corp. was paid $7.5 million last year - six times what he got in 2010, according to an Associated Press analysis of a regulatory filing out Wednesday.
Bank of America said Monday it is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. It's the largest single job reduction by a U.S. company this year.
Warren Buffett's Berkshire Hathaway Inc. announced Thursday that it would invest $5 billion in Bank of America Corp., giving a much-needed vote of confidence to the beleaguered bank.
Warren Buffett's Berkshire Hathaway announced Thursday that it would invest $5 billion in Bank of America Corp., giving a much-needed vote of confidence in the struggling bank.
Bank of America Corp., the nation's largest bank, said Friday that it plans to cut 3,500 jobs by the end of September.
Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality, mortgage-backed securities that went sour when the housing market collapsed.
Bank of America on Friday reported a loss of $1.6 billion in the fourth quarter of 2010 after its costs related to soured home loans increased.
"Together, these agreements are a significant step in resolving our remaining legacy mortgage issues, further streamlining and simplifying the company and reducing expenses over time," Bank of America CEO Brian Moynihan said in a statement.