Boston, MA 12/18/2013 (wallstreetpr) – Beleaguered American banking and financial giant Bank of America Corp (NYSE:BAC) saw its already tarnished image dented further by yet another news doing the rounds, this time disclosing a murky secret about its CEO’s office. According to reports of a recent investigation by Bloomberg, Bank of America Corp (NYSE:BAC)’s Office of the CEO and President is merely a front managed by BoA contractors, while the real CEO office remains elusive and inconspicuous to its customers who continue to be tormented with issues surrounding mortgage foreclosures.
Bank of America Corp (NYSE:BAC)’s disrepute, which stems from and dates back to years of mismanagement and bad behavior, continues to be bolstered with the tainted bank embattled in settlement issues with both government and private entities, in addition to inviting customer ire. Only three days ago, U.S. securities regulator Securities and Exchange Commission had accused BoA of irregularities in the sale of collateralized debt obligations. Failing to observe the voluntary disclosure of key facts pertaining to the involvement of hedge fund firm Magnetar Capital LLC and its equity holding in the CDOs sold during 2006 and 2007, the bank subsequently acceded to penalties amounting to $131.8 million in settlement charges.
Recent figures show that over 33% of Bank of America borrowers were forced to opt for foreclosure, while the industry average for foreclosures trailed at just 22%. For a bank brimming with mammoth disrepute arising from a slew of issues not restricted to violations, antitrust, gross mismanagement, misconduct and gross misrepresentation in the past, the spate of troubles have dearly cost the seemingly unfazed bank billions of dollars. The only saving grace for the embroiled bank seems to be its recent third quarter earnings which clocked healthy profitability at $2.5 billion despite issues, keeping the bank stocks around $15. Bank of America Corp (NYSE:BAC) shares fell to $15.18 at the close of their December 17 trade on NYSE from the previous $15.24, with after-hours trading figures dropping a further $0.04.
