Bank of America’s (NYSE:BAC) Lehman Order Amended by Judge

In an amendment of a Bank of America (NYSE:BAC) order to pay $590 million to Lehman Brothers, from U.S. Bankruptcy Judge James Peck, he said the judgement he made now isn’t final. Peck said β€œthe judgment is hereby deemed not to be a final judgment.” The $590 million judgement was to pay compensation for deposits taken by Bank of America. Peck said the taking of the $500 million in deposits

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A Bankrupt BP – Worse For The Financial World Than Lehman Brothers?

The BP crisis in the Gulf of Mexico has rightfully been analysed (mostly) from the ecological perspective. People’s lives and livelihoods are in grave danger. But that focus has equally masked something very serious from a financial perspective, in my opinion, that could lead to an acceleration of the crisis brought about by the Lehman implosion. People are seriously underestimating how much liquidity in the global financial world is dependent on a solvent BP. BP extends credit – through trading and finance. They extend the amounts, quality and duration of credit a bank could only dream of. The Gold community should think about the financial muscle behind a company with 100+ years of proven oil and gas reserves. Think about that in comparison with what a bank, with few tangible assets, (truly, not allegedly) possesses (no wonder they all started trading for a living!). Then think about what happens if BP goes under. This is no bank. With proven reserves and wells in the ground, equity in fields all over the planet, in terms of credit quality and credit provision – nothing can match an oil major. God only knows how many assets around the planet are dependent on credit and finance extended from BP. It is likely to dwarf any banking entity in multiples. And at the heart of it all are those dreadful OTC derivatives again! Banks try and lean on major oil companies because they have exactly the kind of credit-worthiness …

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Citibank (NYSE:C) Reaches Agreement with Spain

Clients who lost money because of investments in Citibank (NYSE:C) will be compensated, as the bank agreed to pay about $80 million to the alleged victims.This is in relationship to clients of Lehman, which Citibank was marketing their products to those in the country with modest savings and supposedly wasn’t in their best interests to invest in.Oddly, many of those being compensated weren’t even

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