On Monday, Bank of America announced that it has agreed to a deal with the United States federal government to terminate its term sheet agreement. To terminate the agreement, Bank of America will pay $425 million. The money will go to the FDIC, the Federal Reserve and the Treasury Department.
This agreement was originally constructed after Bank of America acquired Merrill Lynch at the beginning of the year. In the agreement, the federal government guaranteed nearly $120 billion in assets. However, Kenneth Lewis, the CEO and President of Bank of America, believes that his company has the means to thrive on …read more

Amid a slew of controversy regarding his decision to defend Chief Executive Kenneth D. Lewis, Temple Sloan Jr., Bank of America Corp. lead director, has decided to resign. This development marks the end of a thirteen-year stint as a board member of Bank of America for Sloan.
Sloan submitted his resignation to Walter E. Massey, the man who replaced him as the chairman of the board after its April meeting. Although he had recently been reelected to the board by investors, Sloan received the fewest amount of votes of any director. Advisory firms RiskMetrics Group Inc., Proxy Governance Inc., and Finger …read more