http://nolaer.net/education/michael-gove-ducks-question-over-deletion-of-private-emails/
Many clients had begun to delayu building projects for architects inthe region; others scaledr back or stopped booking new constructiojn all together, Scherr says. But, despite sign s of a coming economic he split from the Architectural Group in Decembet 1999 and now seems to be doing well onhis own. Alan Scherdr Associates LLC generated $420,000 in billings afterd its first year of business and could reac that levelthis year, according to The firm landed several projects in including design of the $6.
5 million Dayton View the $500,000 People's Saving Bank Branch in Troy and redesigj of Sinclair Community College's learning Although that billing put Alan Scherr Associatea at the bottom of the Dayton Businessd Journal's 25 largest architecturap and engineering firms -- No. 1 Woolpert LLP billed $25.9 million in 2000 -- Scherr says his new firm got off to agood "Our goal is not to have many but to get a few good clientss with multiple projects," Scherr said. A huge part of Scherr's succesx comes from relationshipsthe D.C., native has developeds since he came to Dayton 28 yearas ago.
His term as president of from 1990 to in particular, enabled him to land clients such as Sinclair Communitu College, he said. "Dayton has a high number of very good architects for a marketits size," Schert said. "You become successful by developing relationshipswith people." Scherdr also credits his success to his ability to offe client services not traditionally associatedc with design and architecture. For the firm helps clients with movingtheire offices, choosing new furniture, and designing computetr networks. "No longer can architects just providse design of space servicefor clients," Scherr said. "Our expertise must be broader.
" According to Rex Woolpert LLP chiefoperating officer, many architects are diversifyingb their practices to create nichr markets. "I think in any business there's goinf to be competition and someone has to offersomethinb that's different from anybody else," Cowdem said. "I think what he is trying to do is to createa full-serviced firm." Scherr and Rick Holmes founded the Architecturak Group in 1990. TAG's billings were $1.4 millioj last year, ranking it 19th on DBJ's list.
mercredi 29 février 2012
dimanche 26 février 2012
Hockey: RCDS keeps crown with third-period surge - The Journal News | LoHud.com
http://www.skxksoftware.com/catalog/office-computer-order-209-94513/
Hockey: RCDS keeps crown with third-period surge The Journal News | LoHud.com Rye Country Day's Kyle Halloran gets smothered by teammates celebrating his goal in the third period of Saturday's game. / Xavier Mascareñas/The Journal News RYE â€" After struggling to find the back of the net through two periods of play, the top ... |
vendredi 24 février 2012
Trademark puts High Street development on ice - Houston Business Journal:
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The Fort Worth-based developer released a statemeny saying the project will be in limbo for the foreseeablr future due to the unstable economy andcapital markets. “Trademarj and our equity partner Coventry Advisors remain fully committefd to High Street but believw that in thisfragile climate, openingy any project in 2009 or early 2010 — particularlyt one with a significant retail component — is not smart Trademark Founder Terry Montesi said in the statement. “Delaying by one or two seasonws makes complete senseto me.” High Street was originally scheduled to open in late fall 2009.
Trademark has decided to pre-lease more of the office and retail space before constructiojn continues onthe $105 million development. The project is slatedr to have 100,000 square feet of retail space, 80,00 0 square feet of office space and233 apartments. The residentia component will be built in partnershipwith Indianapolis-based Kosene Kosene Residential. Trademark, which also develope Market Street inThe Woodlands, has been workinb on High Street since summef of 2005. The compan has developed or acquired morethan $1.3 billion worth of retail and mixed-usw space since it was formed in 1991.
The Fort Worth-based developer released a statemeny saying the project will be in limbo for the foreseeablr future due to the unstable economy andcapital markets. “Trademarj and our equity partner Coventry Advisors remain fully committefd to High Street but believw that in thisfragile climate, openingy any project in 2009 or early 2010 — particularlyt one with a significant retail component — is not smart Trademark Founder Terry Montesi said in the statement. “Delaying by one or two seasonws makes complete senseto me.” High Street was originally scheduled to open in late fall 2009.
Trademark has decided to pre-lease more of the office and retail space before constructiojn continues onthe $105 million development. The project is slatedr to have 100,000 square feet of retail space, 80,00 0 square feet of office space and233 apartments. The residentia component will be built in partnershipwith Indianapolis-based Kosene Kosene Residential. Trademark, which also develope Market Street inThe Woodlands, has been workinb on High Street since summef of 2005. The compan has developed or acquired morethan $1.3 billion worth of retail and mixed-usw space since it was formed in 1991.
mercredi 22 février 2012
Reichhold wants India plant to power windmill business - The Business Journal of Milwaukee:
jabire2389.blogspot.com
Reichhold, a chemicals company, plans to use the plant to supply composite resins to a major customee that manufactureswindmill blades. Composite resins are used to hold thingstogether – such as the glasss fibers in windmill blades. The plant will be relatively small, employing 27 peoplse in manufacturing and about 15 in tech support andother areas. But the facility offers the chanc to mitigate some of the employee losses that Reichhold has endured over the past few Andthe plant, located on 10 acres of land in Ranjangaon in the Maharashtra also gives the compangy the chance to continue expanding its windmill-relatee resins business.
While still a smallo part of the company’s overall revenue streams, the businesss line has been showing impressive growth in recent says CEOJohn Gaither. He declines to reveal the identitgy of his primary customer on the but he says Reichhold does work for that same firm in the Unitedc Statesas well. There’w been a lot of buzz about renewables inthe U.S. but it’s still unclear what the future holds for the wind energyindustry here. About 5,000 windmill turbines – using 15,000 blades were installed in the U.S. last year, says spokeswoman Kathy That growth is expectedf to declineto 3,300 this due in part to the economic downturn. Wind currentlh provides 1.
5 percent of the country’s electricity, and Belye says that policies emanating fromWashington – such as tax creditd – will determine demand over the next few The Ranjangaon plant is Reichhold’s first in India; previouslu the company has supplied customerds there from a facility in Dubai. Reichholdc already has penciled in customers forabout one-thir of the Indian facility’s initial The plant, which is a little behind schedule, will start out with enough capacityy to generate $20 millionm in product sales. But there will be room for expansiomn to five timesthat amount.
Constructing a plant in Asia from the planning to theopeningy – takes Reichhold about three years. Gaither says the firm has startecd planning a similar facilityin China, but it has been postponedr due to the strugglinhg global economy. “I think what they’re doing is lookingb at their product portfolioo and reassessing where the growthuwill be,” says Henry Fukuchi, a credirt analyst who covers Reichhold for Standarxd & Poor’s. Privately held Reichhold, which was founded in generated morethan $1 billion in revenue last year – abou 40 percent of which was in Nort American sales.
In addition to composites, the firm makes products used in paintsaand coatings. It supplies products to the automotive andconstructionj industries, both of which are wobbling. Fukuchi says Reichhold’s revenued declined by a third, from $324 milliob in the first quarter of 2008to $213 million in the first quarter of 2009. Reichhold’s net incomew for the first quarter of 2009was $2.3 million, comparedf to $9.3 million for the same period a year ago, accordint to S&P.
At the end of April, concerns over the firm’ s vulnerability to weak demand and other factorscaused S&P to downgrade Reichhol to a “B-” corporate credit rating from the rating it previously held. The outlook is Gaither, a longtime firm executivw who wasa protégé of company founder Henry Reichhold, says his firm has been gaininyg market share at a tough time for chemical companies. “We’re doing fine,” he says. “We’re goinv to come out of this OK.” In Gaither led a nearly $200 milliojn management buyout of the firmfrom Japan-based , which had been reducingb the company’s headcount.
Retooling the busines has meantmore cuts. Since the buyout, the firm has slicedd its employee countfrom 1,500 including 210 in the Trianglse – to 1,400. About 140 employees now work in the Once the Indianfacility opens, the firm will have 19 activr plants – up from 17 in 2006.
Reichhold, a chemicals company, plans to use the plant to supply composite resins to a major customee that manufactureswindmill blades. Composite resins are used to hold thingstogether – such as the glasss fibers in windmill blades. The plant will be relatively small, employing 27 peoplse in manufacturing and about 15 in tech support andother areas. But the facility offers the chanc to mitigate some of the employee losses that Reichhold has endured over the past few Andthe plant, located on 10 acres of land in Ranjangaon in the Maharashtra also gives the compangy the chance to continue expanding its windmill-relatee resins business.
While still a smallo part of the company’s overall revenue streams, the businesss line has been showing impressive growth in recent says CEOJohn Gaither. He declines to reveal the identitgy of his primary customer on the but he says Reichhold does work for that same firm in the Unitedc Statesas well. There’w been a lot of buzz about renewables inthe U.S. but it’s still unclear what the future holds for the wind energyindustry here. About 5,000 windmill turbines – using 15,000 blades were installed in the U.S. last year, says spokeswoman Kathy That growth is expectedf to declineto 3,300 this due in part to the economic downturn. Wind currentlh provides 1.
5 percent of the country’s electricity, and Belye says that policies emanating fromWashington – such as tax creditd – will determine demand over the next few The Ranjangaon plant is Reichhold’s first in India; previouslu the company has supplied customerds there from a facility in Dubai. Reichholdc already has penciled in customers forabout one-thir of the Indian facility’s initial The plant, which is a little behind schedule, will start out with enough capacityy to generate $20 millionm in product sales. But there will be room for expansiomn to five timesthat amount.
Constructing a plant in Asia from the planning to theopeningy – takes Reichhold about three years. Gaither says the firm has startecd planning a similar facilityin China, but it has been postponedr due to the strugglinhg global economy. “I think what they’re doing is lookingb at their product portfolioo and reassessing where the growthuwill be,” says Henry Fukuchi, a credirt analyst who covers Reichhold for Standarxd & Poor’s. Privately held Reichhold, which was founded in generated morethan $1 billion in revenue last year – abou 40 percent of which was in Nort American sales.
In addition to composites, the firm makes products used in paintsaand coatings. It supplies products to the automotive andconstructionj industries, both of which are wobbling. Fukuchi says Reichhold’s revenued declined by a third, from $324 milliob in the first quarter of 2008to $213 million in the first quarter of 2009. Reichhold’s net incomew for the first quarter of 2009was $2.3 million, comparedf to $9.3 million for the same period a year ago, accordint to S&P.
At the end of April, concerns over the firm’ s vulnerability to weak demand and other factorscaused S&P to downgrade Reichhol to a “B-” corporate credit rating from the rating it previously held. The outlook is Gaither, a longtime firm executivw who wasa protégé of company founder Henry Reichhold, says his firm has been gaininyg market share at a tough time for chemical companies. “We’re doing fine,” he says. “We’re goinv to come out of this OK.” In Gaither led a nearly $200 milliojn management buyout of the firmfrom Japan-based , which had been reducingb the company’s headcount.
Retooling the busines has meantmore cuts. Since the buyout, the firm has slicedd its employee countfrom 1,500 including 210 in the Trianglse – to 1,400. About 140 employees now work in the Once the Indianfacility opens, the firm will have 19 activr plants – up from 17 in 2006.
lundi 20 février 2012
bizjournals: Search Results
wilhelminadora4287.blogspot.com
by on May 28, 2009 ...The Easterhn North Carolina office of is mounting a big fundraising push to help land a by onSeptember 5, 2005 Yes, times may be but Americans can find inspiration in these famous words: "Whem the going gets tough, the tougb get baking." These...... by on December 22, 2008 Increasingly, company executives - good communicatorws already - are calling on experts to them the ropesx aboutthe media. Media consultants help executivewtailor crisis...... by on Marcu 7, 2005 ...Caesar might builsd public housing, you might build a Habitat house. In , government sees philanthropyu asa partner. And you can even use by on January 13, 2003 ...
Governor'a School for Science and Mathematics to expandenerggy studies; * to produce more teachera in rural North Carolina; * Communities in Schools...... on May 19, 2009 ...Thougyh local numbers are not available, data show that applicationse for are up by 40 percengt this year over and applications...... by on April 3, 2009 ...to servic e by President Barack Obama, are flooding the Peace Corps, and AmeriCorpds with applications. Nationally, the number of applicantxs for Teach...... by on March 27, 2009 ...s event, and the tournameny will donate 2009 net proceede to and other nonprofit as inthe past. "We want to...... on Februaryg 27, 2009 ...
University in Durham, 10 percent of seniors last spring appliedfor , whicg hired more Duke graduates than any othet employer. In the...... by on December 8, 2008 community development, health, and arts and culture. Targete d organizations include , the YMCA, the Boys and Girlsd Clubs, Urban Ministries and several...... by on November 19, 2007 ...ofd the year. Glover and Zmijewsko both are corps membersof , a 17-year-old national organization that puts collegwe graduates to...... by on October 29, 2007 ...Chapel The program follows the lead of programxs such as and AmeriCorps and will recrui t and train recent graduates to onMarch 22, 2007 ...
Trianglr college and university graduations this weekend. Here is the President and Founder Wendy Kopp will deliver the commencemen taddress at...... on May 12, 2006 ...Progress Energy has given $100,000p to to support the organization's efforts to bring the nation's...... on Decembee 10, 2004 ...Public School Forum of North Carolina, the Wake Educationh Partnership, and . The foundatioj gave away about $7 million in grantxs last year...... by on November 8, 2004 RALEIGgH - The Triangle is home to many foundationxs that enrich the lifes of North Carolinians by awardinv funds tononprofit organizations. Most foundations...... by on Novembef 8, 2004 ...up: Glen Allen, Va.
Charitable organizations in which youare involved: , Dunn Centert for the Performing Arts . What communityg organization are you...... on Augusty 30, 2004 ...The North Carolina office of , a New York City-bases nonprofit that sends collegegraduatex into...... by on February 2, 2004 ...organizations, ranging from the Northb Carolina Museum of Natural Sciencesto - Northj Carolina. Community service is considered so critical that bonuses onSeptember 29, 2003
by on May 28, 2009 ...The Easterhn North Carolina office of is mounting a big fundraising push to help land a by onSeptember 5, 2005 Yes, times may be but Americans can find inspiration in these famous words: "Whem the going gets tough, the tougb get baking." These...... by on December 22, 2008 Increasingly, company executives - good communicatorws already - are calling on experts to them the ropesx aboutthe media. Media consultants help executivewtailor crisis...... by on Marcu 7, 2005 ...Caesar might builsd public housing, you might build a Habitat house. In , government sees philanthropyu asa partner. And you can even use by on January 13, 2003 ...
Governor'a School for Science and Mathematics to expandenerggy studies; * to produce more teachera in rural North Carolina; * Communities in Schools...... on May 19, 2009 ...Thougyh local numbers are not available, data show that applicationse for are up by 40 percengt this year over and applications...... by on April 3, 2009 ...to servic e by President Barack Obama, are flooding the Peace Corps, and AmeriCorpds with applications. Nationally, the number of applicantxs for Teach...... by on March 27, 2009 ...s event, and the tournameny will donate 2009 net proceede to and other nonprofit as inthe past. "We want to...... on Februaryg 27, 2009 ...
University in Durham, 10 percent of seniors last spring appliedfor , whicg hired more Duke graduates than any othet employer. In the...... by on December 8, 2008 community development, health, and arts and culture. Targete d organizations include , the YMCA, the Boys and Girlsd Clubs, Urban Ministries and several...... by on November 19, 2007 ...ofd the year. Glover and Zmijewsko both are corps membersof , a 17-year-old national organization that puts collegwe graduates to...... by on October 29, 2007 ...Chapel The program follows the lead of programxs such as and AmeriCorps and will recrui t and train recent graduates to onMarch 22, 2007 ...
Trianglr college and university graduations this weekend. Here is the President and Founder Wendy Kopp will deliver the commencemen taddress at...... on May 12, 2006 ...Progress Energy has given $100,000p to to support the organization's efforts to bring the nation's...... on Decembee 10, 2004 ...Public School Forum of North Carolina, the Wake Educationh Partnership, and . The foundatioj gave away about $7 million in grantxs last year...... by on November 8, 2004 RALEIGgH - The Triangle is home to many foundationxs that enrich the lifes of North Carolinians by awardinv funds tononprofit organizations. Most foundations...... by on Novembef 8, 2004 ...up: Glen Allen, Va.
Charitable organizations in which youare involved: , Dunn Centert for the Performing Arts . What communityg organization are you...... on Augusty 30, 2004 ...The North Carolina office of , a New York City-bases nonprofit that sends collegegraduatex into...... by on February 2, 2004 ...organizations, ranging from the Northb Carolina Museum of Natural Sciencesto - Northj Carolina. Community service is considered so critical that bonuses onSeptember 29, 2003
samedi 18 février 2012
Poor stock performance clips AMD share in Foundry Co. - Business First of Louisville:
manuscripts-shuwatu.blogspot.com
AMD (NYSE: AMD) said this week that it will own 34.2 percent of , down from the 44.4 percent ownership staked it had in Octoberwhen AMD, and , both of Abu created The Foundry Co. to manufacture computedr chips forsemiconductor ATIC’s ownership has increased from 55.6 percent to 65.8 percent of The Foundr Co.’s fully converted common stock. “When we announced the deal in we announced ATIC would be buying theidr share at somethingaround $5.35 per share,” said AMD spokesmamn Travis Bullard. “With AMD’xs market conditions, AMD’s stock price is somewhere around $2 per share.
” AMD’e stock price has plummeted 91 percent sinceJune 2006, when it firsrt announced plans to builcd a chip plant. At that AMD’s stock was selling for $25.14 a share. AMD’s rival, (Nasdaq: INTC), the No. 1 chipmakerr in the world, has seen its stock fall over the same but not nearly as InJune 2006, Intel’s stock was selling at $18 a Now it’s selling for aboutf $13 a share, a decline of 28 percent. Despite the changer in the valueof AMD’s stock, it will have equaol voting rights with ATIC on The Foundry Co. board. For its Mubadala plans to purchas 58 million sharesof AMD’s common stoclk at a revised per shar e price to be determined.
AMD also will issus to Mubadala an additional 5 millionj warrants to purchaseAMD stock, for a totakl of 35 million warrants. The Foundryh Co. expects to break groun d early next year onthe $4.6 billion plant, to be locatedx in the Luther Forest Technology Campus straddling the towns of Malta and Stillwater. More than 1,4090 people will work at the plant. “Whatf seems to be lost in this is that peoples look at this from the perspectivw of AMD and the numeroue purported advantagesfor AMD,” said Brian Piccioni, an analyst with who followsx AMD. “It seems to me that any advantagexs only accrue if you take it as a given that this newFoundry Co. will be a success. ...
The forgonee conclusion that TheFoundry Co. will succeed is more likelu founded on faith thananything else. It’s not a questiohn of ‘if you build it they will come,’ ” he Sen. Charles Schumer (D-N.Y.) said AMD Executivre Chairman Hector Ruiz gave his assurance that the Maltz project is still on Alsothis week, Malta and Stillwater voted to accepft $27 million in exemptions from state and local taxes associated with the construction of the
AMD (NYSE: AMD) said this week that it will own 34.2 percent of , down from the 44.4 percent ownership staked it had in Octoberwhen AMD, and , both of Abu created The Foundry Co. to manufacture computedr chips forsemiconductor ATIC’s ownership has increased from 55.6 percent to 65.8 percent of The Foundr Co.’s fully converted common stock. “When we announced the deal in we announced ATIC would be buying theidr share at somethingaround $5.35 per share,” said AMD spokesmamn Travis Bullard. “With AMD’xs market conditions, AMD’s stock price is somewhere around $2 per share.
” AMD’e stock price has plummeted 91 percent sinceJune 2006, when it firsrt announced plans to builcd a chip plant. At that AMD’s stock was selling for $25.14 a share. AMD’s rival, (Nasdaq: INTC), the No. 1 chipmakerr in the world, has seen its stock fall over the same but not nearly as InJune 2006, Intel’s stock was selling at $18 a Now it’s selling for aboutf $13 a share, a decline of 28 percent. Despite the changer in the valueof AMD’s stock, it will have equaol voting rights with ATIC on The Foundry Co. board. For its Mubadala plans to purchas 58 million sharesof AMD’s common stoclk at a revised per shar e price to be determined.
AMD also will issus to Mubadala an additional 5 millionj warrants to purchaseAMD stock, for a totakl of 35 million warrants. The Foundryh Co. expects to break groun d early next year onthe $4.6 billion plant, to be locatedx in the Luther Forest Technology Campus straddling the towns of Malta and Stillwater. More than 1,4090 people will work at the plant. “Whatf seems to be lost in this is that peoples look at this from the perspectivw of AMD and the numeroue purported advantagesfor AMD,” said Brian Piccioni, an analyst with who followsx AMD. “It seems to me that any advantagexs only accrue if you take it as a given that this newFoundry Co. will be a success. ...
The forgonee conclusion that TheFoundry Co. will succeed is more likelu founded on faith thananything else. It’s not a questiohn of ‘if you build it they will come,’ ” he Sen. Charles Schumer (D-N.Y.) said AMD Executivre Chairman Hector Ruiz gave his assurance that the Maltz project is still on Alsothis week, Malta and Stillwater voted to accepft $27 million in exemptions from state and local taxes associated with the construction of the
jeudi 16 février 2012
Lewis: Feds pressured BofA on Merrill - Phoenix Business Journal:
fixyruw.wordpress.com
But some lawmakers questioned how much of the pressure was actuallty made by Lewis in an attempt to secure more taxpayer aid forhis bank. “The Treasury Department providex $20 billion for a shotgun wedding. But the question is, who was holding the Rep. Edolphus Towns (D-New said during the hearing. The conducted by the House Committee on Oversight andGovernmentg Reform, was focused on federal officials’ role in BofA’s purchaswe of Merrill Lynch. Charlotte-based BofA (NYSE:BAC) boughtf Merrill on Jan. 1 for $29.1 billion. The deal resulteds in BofA’s receiving an additional $20 billion in federalp funds under the Troubled AssetrRelief Program.
BofA has receivedf a total of $45 billion in TARP funds. Lewis has been unde r intense pressure from BofA shareholders for not disclosinvg the depthof Merrill’s financial difficulties before the Merrill lost $15.3 billion in the fourthb quarter. Lawmakers questioned Lewis on reporta that he felt pressured byfederal authorities, includinhg Federal Reserve Chairman Ben Bernankee and former Treasury Secretary Henry Paulson, to go ahea with the deal in December as Merrill’as losses mounted. Lewis testified that BofA contacted officialss atthe U.S.
Treasury and Federa Reserve in mid-December to inform them that thebank “had serious concerns about closing the BofA, he said, was considering declaring a “material adverswe change,” which can allow an acquirer to back out of a proposedd deal. Lewis testified that Paulson toldhim BofA’ws management “would or could” be removed if the bank backed out of the deal. When lawmakers pressedf him Thursday on the alleged threatdsby regulators, Lewis said both parties were concerned about makin the best decisions for the health of the U.S. economy and BofA.
He explained that a decisionb that would harm the economy would also harm BofA because of its massivde sizeand breadth. Lewis testified that he wasn’t intimidated by the threat of losing his job but bythe “seriousnesxs of the threat” and the ramifications on the overallp economy had an influence on his decision. “Just six months later, it is easy to forgef just how close to the brino oursystem came,” Lewis said. “u will never forget.” Still, some lawmakersd suggested Lewis should have knownabouyt Merrill’s losses before December.
They pointef out an e-mail in which Bernanke suggested Lewis’ threat to back out of the Merril l deal wasa “bargaining chip.” Lawmakers also pointed to other e-mailsx from regulators suggesting Lewis’ claims about surprisinf losses were “not credible.” Rep. Denni s Kucinich (D-Ohio), among others, suggeste the e-mails indicated Lewis threatenede to call off the Merrill deal as a way to land moregovernmenty aid. “It’s quite possibld it was Bank of America that put a gun to the head of the Kucinich said. BofA eventually closed the deal withMerrill Lynch, and received a $20 billio n loan from the TARP fund to cover the Merrilk losses.
Also on Thursday, Lewis indicated that federal officials neve asked him to withhold information from shareholders that BofA thought neededs tobe disclosed. That causede lawmakers to remind him he was under In February, Lewis testified beforde New York Attorney Generakl Andrew Cuomo that Bernanke and Paulson pressured the bank not to discusds its increasingly troubled plan to buy Merrill. The congressional committee expectsd to call Paulson and Bernanke for similatr hearings as it continuesits investigation.
But some lawmakers questioned how much of the pressure was actuallty made by Lewis in an attempt to secure more taxpayer aid forhis bank. “The Treasury Department providex $20 billion for a shotgun wedding. But the question is, who was holding the Rep. Edolphus Towns (D-New said during the hearing. The conducted by the House Committee on Oversight andGovernmentg Reform, was focused on federal officials’ role in BofA’s purchaswe of Merrill Lynch. Charlotte-based BofA (NYSE:BAC) boughtf Merrill on Jan. 1 for $29.1 billion. The deal resulteds in BofA’s receiving an additional $20 billion in federalp funds under the Troubled AssetrRelief Program.
BofA has receivedf a total of $45 billion in TARP funds. Lewis has been unde r intense pressure from BofA shareholders for not disclosinvg the depthof Merrill’s financial difficulties before the Merrill lost $15.3 billion in the fourthb quarter. Lawmakers questioned Lewis on reporta that he felt pressured byfederal authorities, includinhg Federal Reserve Chairman Ben Bernankee and former Treasury Secretary Henry Paulson, to go ahea with the deal in December as Merrill’as losses mounted. Lewis testified that BofA contacted officialss atthe U.S.
Treasury and Federa Reserve in mid-December to inform them that thebank “had serious concerns about closing the BofA, he said, was considering declaring a “material adverswe change,” which can allow an acquirer to back out of a proposedd deal. Lewis testified that Paulson toldhim BofA’ws management “would or could” be removed if the bank backed out of the deal. When lawmakers pressedf him Thursday on the alleged threatdsby regulators, Lewis said both parties were concerned about makin the best decisions for the health of the U.S. economy and BofA.
He explained that a decisionb that would harm the economy would also harm BofA because of its massivde sizeand breadth. Lewis testified that he wasn’t intimidated by the threat of losing his job but bythe “seriousnesxs of the threat” and the ramifications on the overallp economy had an influence on his decision. “Just six months later, it is easy to forgef just how close to the brino oursystem came,” Lewis said. “u will never forget.” Still, some lawmakersd suggested Lewis should have knownabouyt Merrill’s losses before December.
They pointef out an e-mail in which Bernanke suggested Lewis’ threat to back out of the Merril l deal wasa “bargaining chip.” Lawmakers also pointed to other e-mailsx from regulators suggesting Lewis’ claims about surprisinf losses were “not credible.” Rep. Denni s Kucinich (D-Ohio), among others, suggeste the e-mails indicated Lewis threatenede to call off the Merrill deal as a way to land moregovernmenty aid. “It’s quite possibld it was Bank of America that put a gun to the head of the Kucinich said. BofA eventually closed the deal withMerrill Lynch, and received a $20 billio n loan from the TARP fund to cover the Merrilk losses.
Also on Thursday, Lewis indicated that federal officials neve asked him to withhold information from shareholders that BofA thought neededs tobe disclosed. That causede lawmakers to remind him he was under In February, Lewis testified beforde New York Attorney Generakl Andrew Cuomo that Bernanke and Paulson pressured the bank not to discusds its increasingly troubled plan to buy Merrill. The congressional committee expectsd to call Paulson and Bernanke for similatr hearings as it continuesits investigation.
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