Page 1804 


BofA To Cough Up $335m More Over Countrywide

Department Of Justice Logo

The US Department of Justice has filed its largest residential fair lending settlement in history to resolve allegations that Countrywide Financial Corporation and its subsidiaries engaged in a widespread pattern or practice of discrimination against qualified African-American and Hispanic borrowers in their mortgage lending from 2004 through 2008.

Fortress CEO Takes Leave of Absence

Fortress Logo

Daniel Mudd, the CEO of Fortress Investment Group, has stepped down to focus on outside matters - namely the complaint US regulator the Securities and Exchange Commission filed last week, which accused him (and others) of securities fraud while he was top dog over at Fannie Mae.

The Worst Bank Acquisition Ever ?

Voltage Sign

There are a few contenders for this accolade - Credit Suisse's 2000 acquistion of DLJ, Royal Bank of Scotland's 2007 ABN AMRO deal. But this has to take the biscuit.



HSBC building at night

HSBC bosses to be quizzed by MPs

British lawmakers plan to call up the bosses of HSBC and the tax authority, HMRC, to quiz them over allegations some clients of HSBC's Swiss private bank evaded tax.