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Banking, finance, and taxes

Bank Of America (BAC) Makes The Government Happy, Adds New Directors

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By Douglas A. McIntyre Updated Published
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bankIn a sign that the federal government is the puppet master of several of America’s largest banks, Bank of America (BAC) has appointed four new directors with extensive bank management backgrounds. They include Donald E. Powell, a former chairman of the FDIC, Susan Bies, a former member of the board of governors in the Federal Reserve system, Paul Jones Jr., former CEO of Compass Bancshares, and William Boardman, a former member of the executive team at Bank One.

Bank of America and the government are a bit late in their action. BAC has essentially been restructured at the direction of the Fed and Treasury. The firm has been forced to raise a sum mandated by the government “stress tests”, and on January 9 the Treasury and FDIC gave Bank of America protection against the possibility of unusually large losses on an asset pool of approximately $118 billion of loans, securities backed by residential and commercial real estate loans and other such assets, which have been marked to current value.

Bank of America says it will pay back the money borrow from the TARP fund before the end of the year.

A new board hardly seems necessary.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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