Bank of America subpoenaed over sale of securities

[951-Riverside]

Source: The Associated Press

Bank of America Corp. revealed Thursday that it has received subpoenas and requests for information from various state and federal regulators regarding its sale of auction-rate securities.

In a filing with the Securities and Exchange Commission, the Charlotte, N.C.-based bank said subsidiaries Banc of America Investment Services Inc. and Banc of America Securities LLC are cooperating fully with the requests.

Auction-rate securities are bonds whose interest rates are set at periodic auctions, on the basis of bids submitted. The market collapsed in February amid turmoil in the credit markets.

Regulators have been investigating some banks' involvement in the sale of the securities.

Read more: http://biz.yahoo.com/ap/080807/bank_of_america_subpoenas.html?.v=1

[jillan]

1. fck, fck, fck, fuckers!

I retired from there over a year ago and continue to watch my 401k go down the toilet.

Those greedy bastards.
Our bonuses used to be in part based on the price of their stock. Yep.

I'm so glad to be outta there, just am sick because I was counting on my retirement account.
All of it.

[Stevepol]

2. I'm in the process of eliminating my BOA account and opening a credit union account.

I think this is the best way to go for anybody. A credit union (depending on the particular CU of course) is as fully backed up by the government as a regular bank and the rates are generally slightly better than those of a bank. But the most important thing is that the credit union is supposedly there for you and not for the corp's profits as in the case of BOA and such.

If everybody switched to a credit union, would that not be better for our economy as a whole?

I'm a believer at any rate and glad to be slowly throwing off the yoke of corporate banking. I've had a lot of complaints about BOA, nothing vicious or overly customer-gouging, but just dinky things that showed to me general incompetence and slip-shod practices.