PlanMaestro

A bit of historic background. No surprise here, it was known it was coming. http://www.reuters.com/article/2012/04/12/us-doj-firrea-idUSBRE83B1MR20120412

Complaint http://newsandinsight.thomsonreuters.com/uploadedFiles/Reuters_Content/2012/10_-_October/BofA_Complaint.pdf

Bank Of America Fights Back: Billion Dollar Lawsuit Claims 'Simply False' http://www.forbes.com/sites/halahtouryalai/2012/10/24/bank-of-america-fights-back-billion-dollar-lawsuit-claims-simply-false/

The action isn't Bank of America's first False Claims Act suit. In February, Bank of America agreed to a $1 billion settlement of False Claims Act fraud allegations tied to Federal Housing Administration-backed loans brought by the Eastern District of New York. The bank settled without admitting wrongdoing. Three other large banks have agreed to pay a total of more than $490 million in similar cases, each accepting responsibility for "certain conduct."

New York Attorney General fires his water pistol. http://www.bloomberg.com/news/2012-10-24/bofa-sued-by-u-s-for-1-billion-over-alleged-mortgage-fraud.html

Slow day, so here is an article about money, fame, and envy. La tristeza de ser Cristiano (or the tribulations of a Messi envy) Spanish: http://sociedad.elpais.com/sociedad/2012/09/05/actualidad/1346865454_319891.html English: http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fsociedad.elpais.com%2Fsociedad%2F2012%2F09%2F05%2Factualidad%2F1346865454_319891.html

Same here.

Lots of charts http://www.businessinsider.com/consumer-comeback-2012-10

http://www.creditwritedowns.com/2012/10/us-household-debt-to-income-debt-servicing-cost-ratios.html

I don't think his father is very happy with his career. (from twitter) The One Percent by Jamie Johnson PS: this is the infamous documentary where Nicole Buffett appeared, have not seen it before.

Lance Armstrong thread?

http://farm9.staticflickr.com/8464/8082981313_ac234e0db1.jpg

1) And their cost of capital was way low, so a 7% is not bad at all ... they should be worth at least book value 2) Spanish banks are mainly composed of Santander and BBVA that have huge international operation that have been softening the blows in Spain.

What happened to the old moderate Moore? Must be election time I suppose. #taxes #hyperinflation #worldisgoingtoend #dontmesswithmystuff

Please don't tell me you are as stupid as Jon Stewart and think that balancing the budget equates to extinguishing the debt lol Debt Growth = 0 and GDP Growth > 0 => Debt/GDP trends to 0 with a balanced budget just normal inflation reduces Debt/GDP over time … put some real growth and it trends to 0 reasonably fast.

The Truth About Dishonesty http://www.farnamstreetblog.com/2012/10/the-truth-about-dishonesty/

BofA mortgage workforce swells even as it tightens belt http://www.reuters.com/article/2012/10/11/us-bankofamerica-mortgages-idUSBRE89A06420121011 Bank of America now employs some 42,000 people - or nearly 1 in 6 of its 275,000 employees - in Legacy Asset Servicing, the unit that services problem mortgages. Operating costs in the mortgage servicing business reached $2.7 billion in the second quarter, up 29 percent from a year ago, as the bank added 7,000 workers to handle foreclosure reviews and loan modifications required under government settlements. The bank has also had as many as 16,000 additional contractors working in the unit, according to company reports. … The $2.7 billion in operating expenses equaled 15 percent of Bank of America's noninterest expense in the second quarter. It is also more than five times as high as the $500 million per quarter that CEO Brian Moynihan has projected the bank could spend on servicing in times of more normal delinquencies. The figure doesn't include mortgage-related litigation expenses. "This is perhaps the biggest earnings lever they have," said KBW analyst Jefferson Harralson. … Moynihan said in October 2011 that mortgage servicing had peaked, but expenses have climbed since then. In May, he told investors the costs should start coming down in the second half of this year, but then in July he said "meaningful" improvement would not begin until the end of this year or early in 2013. Last month, Chief Financial Officer Bruce Thompson said at an investor conference that lower costs for servicing are "going to be very much in the future."

Total shareholder return 2007-2011 by country http://farm9.staticflickr.com/8194/8075791999_9be5e96971.jpg

From BCG http://farm9.staticflickr.com/8185/8075805609_4ea929b1bb.jpg

Why oh why has he decided to be such an unfiltered spokesman. It is not like he HAS to do it: his job is not on the line and the bonus would not be make such a difference in his life… and he used to be such an example. http://money.cnn.com/2012/10/10/news/economy/jamie-dimon-washington/index.html

Such a pity that the "Queen of Versailles" (the David and Jackie Siegel story) will not arrive to Mexico.

That's year over year, the previous one was quarter over quarter.

Marsh, Global Insurance Market Quarterly Briefing — October 2012 (free registration) http://usa.marsh.com/Portals/9/Documents/4248-NCN-IMR-Q3Briefing_09-2012.pdf Global insurance prices continued to rise in the third quarter of 2012, but showed signs of stabilizing. The cost of insurance across major lines increased by 0.9% over the second quarter, according to the Marsh Risk Management Global Insurance Index (see Figure 1). Also in the third quarter, figures showing the typical renewal rate changes suggest that increases, although varying across lines of business, may be stabilizing (see Figure 2). Renewal rates increased by 1.4% in the third quarter, the same level of increase as seen in the second quarter.

That might be a good idea.

They have cocaine gross margins to end up with just OK returns. Now, you would think that with those gross margins there would be disruption opportunities if you can bypass their retail dominance. There is no clear and present danger but … http://www.nytimes.com/2006/03/22/business/worldbusiness/22iht-spec-web.html?pagewanted=all&_r=0