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FEB 1, 2010

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Hits and Has-Beens

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Brian Moynihan emerged as Ken Lewis' successor at Bank of America. His promotion to president and CEO took effect Jan. 1.

BofA vice chairman William McDonough, a Merrill Lynch veteran and former Federal Reserve Bank of New York president, retired in December.

Regions Financial chairman and CEO C. Dowd Ritter announced a March retirement date. President and COO O.B. Grayson Hall will move up.

Ex-Citigroup COO Robert Druskin became chairman and interim CEO at E-Trade.


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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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