Enter multiple symbols separated by commas

Who Is Running Bank of America?

Bank of America flag
Getty Images
Bank of America flag

The news that two of Bank of America's top accounting executives were not consulted before the bank disclosed that a proposed dividend increase had been rejected by regulators is a devastating indictment of the bank's internal controls.

It's fair to ask what else is being kept from the Chief Financial Officer and Chief Accounting Officer. The bank's dividend policy goes to the core of what these gentlemen do. If they aren't involved in these public filings, who the Hell is running the place?

Bank of America has a long history of these kind of missteps. It infamously fired its chief counseljust four days after the shareholder vote to approve the acquisition of Merrill Lynch. The reasons are still obscure.

It only makes matters worse that the exclusion of Chief Financial Officer Chuck Noski was not deliberate. That implies that the top officers are divorced from the day-to-day operations. Can their statements about the bank be trusted if their underlings are making the decisions for them?


Questions? Comments? Email us atNetNet@cnbc.com

Follow John on Twitter @ twitter.com/Carney

Follow NetNet on Twitter @ twitter.com/CNBCnetnet

Facebook us @ www.facebook.com/NetNetCNBC

  • Jeff Cox is finance editor for CNBC.com.

  • Lawrence Develingne

    Lawrence Delevingne is the ‘Big Money’ enterprise reporter for CNBC.com and NetNet.

  • Stephanie Landsman is one of the producers of "Fast Money."

Wall Street

  • Robert Shiller

    Nobel Prize-winning economist Robert Shiller says that his key valuation indicator is flashing warning signs.

  • Lael Brainard

    The Fed is in the early stages of an analysis on changes in bond market liquidity, amid signs that liquidity may be less resilient than in past.

  • Bill Gross

    Janus Capital acquired a majority interest in Kapstream Capital and said Kapstream's Palghat will support Bill Gross as co-portfolio manager of the Janus Global Unconstrained Bond strategy.