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Barron’s (March 7)

2018/ 03/ 09 by jd in Global News

“Today, in response to a campaign by sustainable investors Arjuna Capital and Walden Asset Management, American Express (AXP) became the seventh financial-services company since Jan. 15 to agree to take steps to publish and close the pay gap between male and female employees. The others are Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), Bank of New York Mellon (BK), Mastercard (MA), and JPMorgan Chase (JPM).”


Wall Street Journal (October 7)

2013/ 10/ 08 by jd in Global News

“Billionaire Warren Buffett tossed lifelines to a handful of blue-chip companies during the financial crisis. Five years later the payoff on those deals is becoming clear: $10 billion and counting.” In terms of income before taxes, the investments to companies like Bank of America, Dow Chemical, General Electric, Goldman Sachs and Mars, have yielded Berkshire approximately 40%. Berkshire received an attractive premium, but provided the companies with critical capital and something even more valuable: “Mr. Buffett’s implicit endorsement of their long-term prospects. Shares of these companies generally went up after they revealed Berkshire’s involvement.”


Washington Post (April 29, 2013)

2013/ 04/ 30 by jd in Global News

Despite the Dodd-Frank financial reforms, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo remain too big to fail. “At $7.8 trillion, their combined assets are half the size of the entire U.S. economy, and they hold more than half of the nation’s $7 trillion in deposits.” It is unlikely that the U.S. government could ever allow any of them to fail.


New York Times (February 5)

2011/ 02/ 07 by jd in Global News

Bank of America lost $2.2 billion, but awarded CEO Brian Moynihan $9 million in restricted stock. At Goldman Sachs, Lloyd Blankfein scored even more. In fact, pay and benefits set a new record of $135.5 billion at the top 25 publicly traded Wall Street banks and security firms. The New York Times is not impressed. “More needs to be done to tame bankers’ appetite for high-risk financial strategies that shower them with profit in good times and leave the taxpayers holding the bag when their bets go bad.”