Wall Street Journal
The shareholder vote on Tuesday whether to let Brian Moynihan retain both titles — chairman and chief executive — is about far more than just Moynihan. To get a sense of the sprawling back story, consider the first person depicted in a photo on the Journal story “
As for what happens if shareholders vote again today to separate chairman from CEO, B of A is expected to name a new chairman and the company itself says it will do so “promptly.” But the paper suggests “promptly” may not necessarily mean today, or even tomorrow. If the B of A shareholder vote were listed on the Las Vegas sports book, the oddsmakers would probably call it a toss-up. The two largest U.S. pension funds, CalPERS and CalSTRS, are voting against Moynihan. But B of A has aggressively lobbied shareholders to keep things as they are, and many shareholders tend to vote with management because it's seen as the best thing for the stock price.
Bitcoin wallet provider Circle Internet Financial has
New York Times
A decline in trading revenue is
Elsewhere ...
The Atlantic: Those who rent instead of own may find it increasingly difficult to afford basic needs. That's the conclusion of a report from the Harvard Joint Center for Housing Studies and Enterprise Community Partners. The problem is a double-whammy of
Throw into the equation a lack of affordable housing, and the researchers say the situation is dire. The researchers estimate the number of Americans who spend at least 50% of their income on housing is likely to rise 11% over the next decade, to about 13 million people.
Krebs on Security: An internal investigation at Target into the December 2013 cyberattack revealed that
Target's lack of defense mechanisms against a cyberattack is startling, if the report is accurate. “In one instance, they were able to communicate directly with cash registers in checkout lanes after compromising a deli meat scale located in a different store,” KrebsonSecurity wrote. A Target spokeswoman declined to confirm or deny the authenticity of the report.
Buffalo Business First: The organizers of a credit union are trying to raise capital through a crowdfunding campaign. Good Neighbors Federal Credit Union wants to raise the modest sum of $7,500 through the crowdfunding site GiveGab.com. The CU will use the proceeds to hire a consulting firm, who will try to help the nascent CU
Bloomberg: The National Community Reinvestment Coalition wants to tap the brakes on Goldman Sachs' attempt to acquire General Electric's online banking unit. The NCRC has called for the Federal Reserve to hold hearings on the deal, arguing that the acquisition is