New York Attorney General Andrew Cuomo has subpoenaed former Merrill Lynch CEO John Thain over $4 billion in bonuses paid to Merrill executives, sources tell CNBC.
Stocks turned flat Tuesday after a report showed consumer confidence continues to fade and an early rally fizzled.
As of yesterday afternoon, roughly 18% of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Former Merrill CEO John Thain told CNBC the huge losses resulted from his predecessor and that Bank of America was aware of them.
Former Merrill Lynch CEO John Thain's estimate of losses in early December was only a fraction of the $15.3 billion loss that the brokerage giant later reported, Bank of America senior executives told CNBC.
The Dow rose in choppy trade on Monday, with investors shrugging off a grim warning about the year ahead from Caterpillar.
Major indexes finished higher after a yo-yo session Monday, with banks ending mixed after several attempts at a rally.
Wondering how the market could possibly be trading higher in the face of an incredibly dire warning from Caterpillar and another round of monster job cuts?
That is the question this year about Davos. In such troubled economic times, expected participants—from Wall Street To Washington—are dropping like flies.
Former Merrill Lynch CEO John Thain told CNBC he was surprised to be let go from Bank of America and said BofA was aware of why Merrill reported a huge loss.
Stocks rallied, led by banks, after a wobbly open Monday. The market also got a boost from a blockbuster pharma deal, which helped overshadow a gloomy outlook from Caterpillar and other earnings worries.
Do you think Bank of America did the right thing when they ousted John Thain?
Stocks got a boost from a better-than-expected report on the housing market, which overshadowed Caterpillar's gloomy outlook and other earnings worries.
Another round of layoffs was announced by big-name companies Monday, adding to the gloom over rising unemployment.
This year, politicians, not corporate titans, are poised to be the big draw, echoing the broader power shift away from the free market as one government after another tries to prop up its sinking economy.
Merrill Lynch's former CEO John Thain sent a memo to Merrill Lynch employees. The full text of the memo follows:
These two guys got away with murder, but no one seems to care.
Stocks fell on Friday, pressured by weak corporate earnings and concerns about the outlook for the rest of the year.
Stocks ended a topsy-turvy week mixed as techs and banks rallied but about half of the Dow finished the day in negative territory.
Bank of America chief Kenneth Lewis already is dead—he just doesn’t know it yet.