National / International News

Bank of America gets back to normal... with a twist

Marketplace - American Public Media - Thu, 2014-10-02 05:00

Bank of America CEO Brian Moynihan is getting another title: chairman of the board. 

This is Bank of America’s way of saying, "Hey, we’re back to business as usual." It’s unusual for a bank’s CEO to not also be its chairman. 

During the financial crisis, CEOs of the biggest banks were stripped of the chairman title when shareholders didn’t like the way they handled the crisis. 

In 2009, Bank of America shareholders voted to take the chairman role away from then-CEO Ken Lewis. They were punishing him for his decision to acquire Merrill Lynch at the height of the crisis, and then give bank executives huge bonuses. 

But there’s going to be somebody looking over Moynihan’s shoulder. 

Jack Bovender will become the bank’s lead independent director. The bank’s press release announcing Moynihan’s promotion describes Bovender’s role in great detail. He’ll approve information sent to the board, and he will plan the board’s agenda with Moynihan. 

So, it’s back to normal, with a few checks and balances.

 

 

 

 

Bank of America gets back to normal...with a twist

Marketplace - American Public Media - Thu, 2014-10-02 05:00

Bank of America CEO Brian Moynihan is getting another title: chairman of the board. 

This is Bank of America’s way of saying: hey, we’re back to business as usual—It’s unusual for a bank’s CEO to not also be its chairman. 

During the financial crisis, CEOs of the biggest banks were stripped of the chairman title when shareholders didn’t like the way they handled the crisis. 

In 2009, Bank of America shareholders voted to take the chairman role away from then CEO Ken Lewis. They were punishing him for his decision to acquire Merrill Lynch at the height of the crisis, and then give bank executives huge bonuses. 

But there’s going to be somebody looking over Moynihan’s shoulder. 

Jack Bovender will become the bank’s lead independent director. The bank’s press release announcing Moynihan’s promotion describes Bovender’s role in great detail. He’ll approve information sent to the board, and he will plan the board’s agenda with Moynihan. 

So, it’s back to normal, with a few checks and balances.

 

 

 

 

Angry Birds maker to cut 130 jobs

BBC - Thu, 2014-10-02 04:53
The Finnish maker of hit mobile game Angry Birds, Rovio, will lay off 130 staff, accounting for 16% of its workforce.

AUDIO: Council sent girl home to rapist father

BBC - Thu, 2014-10-02 04:49
A girl who was taken into care after being raped by her father, was sent back to live with him by her local council.

Murray beats Cuevas in China Open

BBC - Thu, 2014-10-02 04:46
Andy Murray is through to the quarter-finals of the China Open after defeating Pablo Cuevas 6-2 6-2 in Beijing.

Day in pictures: 2 October

BBC - Thu, 2014-10-02 04:43
24 hours of news images: 2 October

Boy dismembered murdered girlfriend

BBC - Thu, 2014-10-02 04:37
A teenage boy obsessed with TV serial killer Dexter is jailed for murdering and dismembering his 17-year-old girlfriend.

Dowager Duchess's Chatsworth funeral

BBC - Thu, 2014-10-02 04:36
The funeral of Deborah, the Dowager Duchess of Devonshire, the last surviving Mitford sister, takes place on the Chatsworth estate.

Disappeared search body is moved

BBC - Thu, 2014-10-02 04:34
Human remains thought to belong to Brendan Megraw, one of the Disappeared, have been removed from a bog in County Meath.

Factory blast kills 15 in Bulgaria

BBC - Thu, 2014-10-02 04:33
A blast at an explosives factory north of Sofia kills 15 people, prompting Bulgaria to declare Friday a day of national mourning.

Five Ebola cases per hour in S Leone

BBC - Thu, 2014-10-02 04:27
Save the Children says healthcare demands are far outstripping supply in Sierra Leone and warns that the Ebola outbreak there is getting worse.

U.N. Report Details Possible War Crimes By Islamic State Militants

NPR News - Thu, 2014-10-02 04:27

The High Commissioner for Human Rights says mass executions, forcing women and girls into sex slavery and the use of child soldiers may constitute war crimes and crimes against humanity.

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Telephone box becomes mobile charger

BBC - Thu, 2014-10-02 04:26
Some of London's disused red telephone boxes are being transformed into solar-powered mobile charging stations.

VIDEO: Holly Johnson on 80s music, HIV and art

BBC - Thu, 2014-10-02 04:23
Holly Johnson, who has recorded a new album, speaks about the "rebellious" 80s, living with HIV, and his return to art school.

Pair airlifted after mountain fall

BBC - Thu, 2014-10-02 04:23
Two men are airlifted to safety off a mountain in Snowdonia after they were injured in a fall.

Hamilton: This is my best F1 season

BBC - Thu, 2014-10-02 04:17
Lewis Hamilton believes he has put together the best season of his F1 career as he chases the drivers' title with Mercedes.

AUDIO: Mums face eviction after occupying flats

BBC - Thu, 2014-10-02 04:15
A group of homeless mothers are going to court to fight their eviction from abandoned flats near the Olympic Park in East London.

New Orleans Schools Face A Surge Of Unaccompanied Minors

NPR News - Thu, 2014-10-02 04:03

America's classrooms are seeing a surge of kids from Central America who crossed into the U.S. illegally. Educating them is expensive, and one school in New Orleans is scrambling to cover the costs.

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VIDEO: From Amazon jungle to presidential palace

BBC - Thu, 2014-10-02 03:42
Ahead of Sunday's presidential election, Wyre Davis travels to the depths of the Amazon rainforest in Brazil to hear voters' views on the presidential candidates.

Sir Cliff Richard doll 'secures car'

BBC - Thu, 2014-10-02 03:42
A life-size replica of Sir Cliff Richard is being used as a security measure by a couple in Norfolk.
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