News broke this morning that Bank of America and the Securities and Exchange Commission have come to an agreement regarding the disclosure of information in the Merrill Lynch bonsus case.
Today’s GRC News Links include a report that Bank of America is looking to repay TARP and the board ousting by Forgent by its shareholders.
Greg Curl has been named the new chief risk officer at Bank of America, replacing Amy Woods Brinkley, who had previously been one of the top ranking women on Wall Street.
O. Temple Sloan, who has been a director on the Bank of America board for the last 13 years, announced on Friday that he is stepping down from BofA board, where he had held the position of lead director before resigning.
The results of the much anticipated Bank of America shareholder vote are in, and the verdict is that Ken Lewis is out as chairman. Lewis did, however, receive unanimous support from the board of directors to stay on as CEO — for now.
According to the Wall Street Journal, the results of bank stress tests have compelled regulators to inform Citigroup and Bank of America that they need to raise more capital. At Bank of America, the capital shortfall is in the billions.
In today’s GRC Blog Roundup, we send you over to the new-look Compliance Building for their post on international company investigations and “corporate miranda” rights. Plus, posts on pirates and the FCPA, business ethics, and more on Bank of America.
A recent call by Proxy Governance for Bank of America to split its CEO and chairman roles is one of the highlights in this week’s GRC News Roundup. The proxy advisor is not convinced that Ken Lewis can effectively handle both roles effectively.
According to Deloitte, internal control failure caused Merrill Lynch to declare in its annual report released on Tuesday that it understated 2008 losses by more than $500 million. Deloitte said several mitigating internal controls were not operating effectively.
In this Friday’s edition of Compliance News Headlines, Texas businessman Allen R. Stanford has been charged by the SEC with carrying out an $8 billion fraud, Bank of America chief executive Ken Lewis receives a subpeona, and ITT settles bribery charged with the SEC.
