The winds of change continue to blow against Bank of America's (BAC Quote) board.
The Wall Street Journal said Friday that regulators are pressuring BofA to shuffle its board to include more directors with experience in the financial services industry. It would not be the first time the government has stepped in to replace or urge change in the top ranks of troubled companies receiving taxpayer support. Citigroup (C Quote), American International Group (AIG Quote), Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) have made changes to their boards and executives at the behest of regulators.
However, each of those firms has received far more government assistance, making the BofA case unusual. Also, many of Bank of America's problems stem from its acquisition of the teetering investment bank Merrill Lynch, which was completed after allegedly heavy-handed pressure from Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,452.00 | 1,107.93 | 2,201.05 | 36.03 |
Oil *
72.08
|
|
DOWN
49.05
|
DOWN
6.18
|
DOWN
11.05
|
UP
0.57
|
10 Yr
3.60%
SPDR Gold
110.21
|
|
-0.47%
|
-0.55%
|
-0.50%
|
+1.61%
|
Data delayed 20 minutes |
Connect with TheStreet