Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

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Nov 12 3:59 PM EST

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To: Road Walker who wrote (624)	7/16/2009 8:23:43 AM
From: Sr K	Read Replies (1) of 1428

BUSINESS JULY 16, 2009 U.S. Regulators to BofA: Obey or Else By DAN FITZPATRICK Bank of America Corp. is operating under a secret regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, according to people familiar with the situation. Rarely disclosed publicly, the so-called memorandum of understanding gives banks a chance to work out their problems without the glare of outside attention. Financial institutions that fail to address deficiencies can be slapped with harsher penalties that include a publicly announced cease-and-desist order. The order was imposed in early May, shortly after shareholders of the Charlotte, N.C., bank stripped Chief Executive Kenneth Lewis of his duties as chairman. Bank of America faces a series of deadlines, some at the end of July and others in August, these people said. ... online.wsj.com

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