BofA loses another three directors
Three more directors have decided to leave the Bank of America board bringing the number of exits this year to 10. According to reports from the Wall street Journal, their decision to leave is not due to any disagreement with the Banking group nor its management.
House passes Bill permitting ban on incentive pay
The U.S. House empowered regulators to ban Wall Street incentive pay that encourages risk-taking after banks who received taxpayer bailouts used billions in bailout money to pay bonuses. The measure, passed 237-185 today, authorizes banking agencies and the Securities and Exchange Commission to prohibit compensation practices that threaten the sustainability of financial companies and could have serious adverse effects on economic conditions.
Congress tries to extend cash for clunkers plan
The successful Cash for Clunkers program that offers drivers a rebate to trade in their old car to buy a new one moved closer to being extended on Friday when lawmakers approved $2 billion for the program, which a dealership group said was pumping auto sales. The incentive program offers consumers up to $4,500 to trade in gas guzzlers for more fuel efficient vehicles.