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Sunshine two In 1928, A.P. Giannini, born in California to Italian immigrant parents, formed a holding company, the Transamerica Corporation, to consolidate his existing financial ventures, which began business with $1.1 billion in assets and both banking and nonbanking activities. From the 1930s through the mid-1950s, Transamerica made a number of acquisitions of banks and other financial corporations throughout the western United States, creating the framework for the later First Interstate system. HP Pavilion DV6z artist edition 2 Laptop Keyboard In 1953, regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act[2] The Bank Holding Company Act of 1956 placed new restrictions on companies such as Transamerica. Therefore, in 1957, Transamerica's banking operations, which included 23 banks in 11 western states, were spun off as Firstamerica Corporation. Transamerica continued to pursue its insurance and other operations. SONY VAIO VGN-FS640 Laptop Keyboard Firstamerica changed its name to Western Bancorporation in 1961. Western expanded steadily in the 1960s, both domestically and overseas, ending the decade with assets of more than $10 billion. The bank's financial services network grew through the 1974 founding of the Western Bancorporation Mortgage Company and the 1979 formation of Western Bancorp Venture Capital Company. HP G42-415DX Laptop Keyboard In June 1981 the company changed its name to First Interstate Bancorp. The First Interstate name became a systemwide brand for most of the company's banks, thus promoting greater public recognition of the company and internal consistency. During the 1980s, in addition to acquiring more banks, First Interstate jumped into new areas of financial services as the deregulation of the banking industry progressed. In 1983 the First Interstate Discount Brokerage was set up to provide bank customers with securities and commodities support. In 1984 the bank branched into merchant banking with the purchase of Continental Illinois Ltd. and equipment leasing with the acquisition of the Commercial Alliance Corporation of New York, and broadened its mortgage banking activities by acquiring the Republic Realty Mortgage Corporation. In 1986 and 1987, First Interstate attempted a bold $3.2 billion hostile takeover of the ailing Bank of America, but the bid was successfully defeated. HP Mini 210-1190NR Laptop Keyboard First Interstate ran into its own troubles in the late 1980s and early 1990s stemming from bad real estate loans and the severe recession in California. The bank posted losses in the hundreds of millions for 1987, 1989, and 1991. Consequently, First Interstate concentrated on rebuilding and rejuvenating its existing operations rather than acquiring new ones. A number of noncore unprofitable subsidiaries were jettisoned, including the equipment leasing unit, a government securities operation, and most of the wholesale banking unit. Rumors of a takeover of First Interstate were rife in the early 1990s before the bank recovered fully by mid-decade under the leadership of Ed Carson, Chairman and CEO ( 1990-95). Mr Carson's back-to-basics banking philosophy and sure-handed leadership was the key to a successful turnaround. HP Mini 110-3118cl Laptop Keyboard Despite First Interstate's healthier condition, and with the banking industry consolidation in full swing, Wells Fargo made a hostile bid for First Interstate in October 1995 initially valued at $10.8 billion. Other banks came forward as potential 'white knights,' including Norwest, Bank One Corporation, and First Bank System. The latter made a serious bid for First Interstate, with the two banks reaching a formal merger agreement in November valued initially at $10.3 billion. But First Bank ran into regulatory difficulties with the way it had structured its offer and was forced to bow out of the takeover battle in mid-January 1996. Talks between Wells Fargo and First Interstate then led within days to a merger agreement.[3]SONY VAIO VPCF126FM Laptop Keyboard In 1984, First Interstate BancSystem of Montana entered into a franchise agreement with First Interstate Bancorp of California to use the First Interstate Bank name and logo. In 1996 when First Interstate Bancorp was split up, the Montana organization successfully negotiated to retain the well known First Interstate name and logo. First Interstate BancSystem continues to offer banking in Montana, Wyoming, and South Dakota.[4]Lenovo 63Y0047 Laptop Keyboard Wells Fargo & Company (NYSE: WFC) is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank bymarket capitalization.[3] Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit cards. In 2011, Wells Fargo was the 23rd largest company in the United States.[4] Wells Fargo is headquartered in San Francisco, California, but has major "hubquarters" in other cities throughout the country.[5]SONY 147915321 Laptop Keyboard In 2007 it was the only bank in the United States to be rated AAA by S&P,[6] though its rating has since been lowered to AA-[7] in light of the financial crisis of 2007–2012. The firm's primary U.S. operating subsidiary is national bank Wells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota. HP 636376-001 Laptop Keyboard Wells Fargo in its present form is a result of an acquisition of San Francisco-based Wells Fargo & Company byMinneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Although Norwest was technically the surviving entity in the 1998 merger, the new company renamed itself Wells Fargo, capitalizing on the 150-year history of the nationally recognized name and its trademark stagecoach. Following the acquisition, the company transferred its headquarters to Wells Fargo's headquarters in San Francisco and merged its operating subsidiary with Wells Fargo's operating subsidiary in Sioux Falls. DELL Vostro 1014 Laptop Keyboard In 2012, Wells Fargo had more than 9,000 retail branches and 12,198 automated teller machines in 39 states and the District of Columbia. It has over 270,000 employees and over 70 million customers.[8] On October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about $14.8B in an all-stock transaction. This news came four days after the Federal Deposit Insurance Corporation (FDIC) made moves to have Citigroup buy Wachovia for $2.1B. Citigroup protested Wachovia's agreement to sell itself to Wells Fargo and threatened legal action over the matter. However the deal with Wells Fargo overwhelmingly won shareholder approval since it valued Wachovia at about 7 times what Citigroup offered. To further ensure shareholder approval, Wachovia issued Wells Fargo with preferred stock holding 39.9% of the voting power in the company.[13]TOSHIBA Mini NB 505-SP0160 Laptop Keyboard On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the situation was sorted out.[14] Citigroup alleged that they had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court.[15] Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. HP Pavilion dm1-1010st Laptop Keyboard Those negotiations failed. Sources say that Citigroup was unwilling to take on more risk than the $42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over $42 billion). Citigroup did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.[16]Compaq Presario CQ42-228LA Laptop Keyboard On October 28, 2008, Wells Fargo was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase.[18][19] Tests by the Federal government revealed that Wells Fargo needs an additional 13.7 billion dollars in order to remain well capitalized if the economy were to deteriorate further under stress test scenarios. On May 11, 2009 Wells Fargo announced an additional stock offering which was completed on May 13, 2009 raising $8.6 billion in capital. DELL Vostro 3550 Laptop Keyboard The remaining $4.9 billion in capital is planned to be raised through earnings. On Dec. 23, 2009, Wells Fargo redeemed the $25 billion of series D preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program’s Capital Purchase Program. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to the U.S. Treasury and U.S. taxpayers to $1.441 billion since the preferred stock was issued in October 2008.[20] Wells Fargo ranked No.1 among banks and insurance companies – and No.13 overall – in Newsweek magazine’s inaugural “Green Rankings” of the country’s 500-largest companies. GATEWAY MT3422 Laptop Keyboard So far, Wells Fargo has provided more than $6 billion in financing for environmentally beneficial business opportunities, including supporting 185 commercial-scale solar photovoltaic projects and 27 utility-scale wind projects nationwide. As a member of the U.S. Environmental Protection Agency's Climate Leaders program, Wells Fargo aims to reduce its absolute greenhouse gas emissions from its U.S. operations by 20% below 2008 levels by 2018. DELL NSK-DG101 Laptop Keyboard Wells Fargo has launched what it believes to be the first blog among its industry peers to report on its environmental stewardship and to solicit feedback and ideas from its stakeholders.[21] "We want to be as open and clear as possible about our environmental efforts – both our accomplishments and challenges – and share our experiences, ideas and thoughts as we work to integrate environmental responsibility into everything we do," said Mary Wenzel, director of Environmental Affairs. "We also want to hear and learn from our customers. By working together, we can do even more to protect and preserve natural resources for future generations." DELL Latitude D620 Laptop Keyboard The Wholesale Banking segment contains products sold to large and middle market commercial companies, as well as to consumers on a wholesale basis. This includes lending, treasury management, mutual funds, asset-based lending, commercial real estate, corporate and institutional trust services, and capital markets and investment banking services through Wells Fargo Securities. One area that is very profitable to Wells Fargo, however, is asset-based lending: lending to large companies using assets as collateral that are not normally used in other loans. SONY VAIO VGN-FS315M laptop keyboard This can be compared to subprime lending, but on a corporate level. The main business unit associated with this activity is Wells Fargo Capital Finance. Wells Fargo also owns Eastdil Secured, which is described as a "real estate investment bank" but is essentially one of the largest commercial real estate brokers for very large transactions (such as the purchase and sale of large Class-A office buildings in central business districts throughout the United States). SONY KFRSBA019A laptop keyboard Wells Fargo Securities ("WFS") is the investment banking division of Wells Fargo & Co. It is the 9th largest in the U.S. (2011 fee estimates from Thomson SDC) and exists today as an amalgamation of several legacy enterprises, most notably Wachovia Securities. The size and financial performance of the group is not disclosed publicly, HP Pavilion dv6-2015sw laptop keyboard but analysts believe the investment banking group houses approximately 2,000 employees and generates between $3 and $4 billion per year in investment banking revenue. By comparison, two of Wells Fargo’s largest competitors, Bank of America and J.P. Morgan Chase generate approximately $5.5 billion and $6 billion respectively (not including sales and trading revenue).[25] WFS headquarters is in Charlotte, North Carolina respectively. Other U.S. offices are located in New York, Boston, Houston, San Francisco and Los Angeles, and internationally in London and Hong Kong. HP Pavilion dv6-2180ep laptop keyboard Wells Fargo Securities was established in 2009 to house Wells Fargo’s new capital markets group which it obtained during the Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well established investment banking practice which it operated under theWachovia Securities banner. Packard Bell PEW91 laptop keyboard Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public finance capabilities.[26][27]Lenovo 45N2141 laptop keyboard Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co. and Prudential Securities. WFS most recently acquired the investment banking arm of Citadel LLC.[28]Compaq Presario CQ71-317EA laptop keyboard In 2009, then-Wells Fargo Chairman Dick Kovacevich stated that he believed Wells Fargo Securities would be among the top five investment banks in the 'next few years'.[30] Regarding Wells Fargo’s traditional aversion to complex institutional capital markets business lines, current CEO John Stumpf said that investment banking had "changed a lot", that Wells Fargo now had fewer competitors and was a bigger company with more clients who need capital market access.[25] According to Jonathan Weiss and Robert Engel, co-heads of investment banking and capital markets, the group intends to grow by 10% to 20% per year for the foreseeable future. Wells Fargo disclosed that investment banking revenue from underwriting and M&A advisory increased 44% in 2010 over the prior year.[25]HP 550 Laptop Keyboard On February 4, 2009, Wells Fargo announced it was canceling a four-day business meeting and employee recognition event in Las Vegas. There had been negative allegations from the media, members of Congress and other public officials that the trip was a "pricey Las Vegas casino junket" and that the company was misusing taxpayers' money, since Wells Fargo had been one of the banks that received "bailout" funds from the government a few months earlier.[40]HP 367778-001 Laptop Keyboard Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Latinos into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."[41]FUJITSU Amilo Mini Ui 3520 Laptop Keyboard In a March 2010 agreement with federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.[42]HP Pavilion dv5-1104tu Laptop Keyboard In August 2010, Wells Fargo was fined by U.S. District Judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.[43][44][45]Compaq Presario CQ71-420SO Laptop Keyboard On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct.[46] Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",[47] stating that Wells Fargo has taken advantage of borrowers who rely on the banks accurate calculations. She went on to add, "perhaps more disturbing is Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods."[48] FUJITSU Amilo Mini Ui 3520 Laptop Keyboard The fine has come at a time that the Department of Housing and Urban Development (HUD) has launched an investigation of Wells Fargo into racial discrimination practices, the second federal probe in 2012 of alleged violations of misconduct with regard to race. The other, began in 2011 by the National Fair Housing Alliance has found "overwhelming" and "troubling" evidence that six of the nation's major banks handle foreclosures in neighborhoods populated primarily by minorities differently than in white communities.[49]HP Envy 15 Laptop Keyboard On July 13, 2012, Wells Fargo entered a settlement agreement with the U.S. Department of Justice for allegedly discriminating against African-American and Hispanic borrowers from 2004 to 2009. Wells Fargo will pay $125 million to subprime borrowers and $50 million in direct down payment assistance in certain areas, for a total of $125 million.[50][51] Wells Fargo spokespersons denied all claims and are settling only to avoid contested litigation.[51][52]HP G56-118CA Laptop Keyboard On August 14, 2012, Wells Fargo agreed to pay around US$6.5 million to settle SEC charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.[38][53] On October 9, 2012, the Unites States Federal Government sued the bank under the Federal False Claims Act at the federal court in Manhattan, New York. The suit alleges that Wells Fargo defrauded the Federal Housing Administration (FHA) over the past ten years, underwriting over 100,000 FHA backed loans when over half did not qualify for the program. This suit is the third allegation levied against Wells Fargo in 2012.[54] HP 636376-001 Laptop Keyboard In October 2012 Well Fargo was sued by US federal attorney Preet Bharara over questionable mortgage deals.[55] A.P Giannini was the first son of Luigi and Virginia Giannini. Luigi Giannini immigrated to the United States from Favale di Malvaro near Genoa in Italy Liguria to prospect in the California Gold Rush of 1848–1855. Luigi continued in gold during the 1860’s and returned to Italy in 1869 to marry Virginia, bringing her back to the United States and permanently settling in San Jose. Luigi Giannini purchased a 40 acre farm at Alviso in 1872 and grew fruits and vegetables, SONY VAIO VGN-NR21E/S Laptop Keyboard selling them at a profit. 4 years later Luigi Giannini was fatally shot by an employee over a pay dispute. Virginia (a widow at the tender age of 21 with two children and pregnant with third child) took over operation of the produce business bringing the adolescent A.P Giannini along with the duties and indirectly introducing him and providing him with a foundation in the produce business. Virginia re-married Lorenzo Scatena in 1880 who begun L. Scatena & Co. (which A.P Giannini would eventually take over). A.P Giannini attended Heald College and at the age of 13 realized he could do better in business than at school. He dropped out and took up a position full time as a produce broker for L. Scatena & Co. SONY 147963021 Laptop Keyboard He started in business as a produce broker, commission merchant and produce dealer for farms in the Santa Clara Valley. He was extremely successful in that business, married Clorinda Cuneo, daughter of North Beach Real Estate magnate in 1892 and eventually sold his interest to his employees and retired at the age of 31 to administer his father-in-law's estate. He later became a director of the Columbus Savings & Loan in which his father-in-law owned an interest. At the time, banks were run for the benefit of the wealthy and the well-connected. Giannini observed a real opportunity to service the increasing immigrant population that were without a bank. At loggerheads with the other directors who did not share his sentiment, he quit the board in frustration and decided to start his own bank. DELL Precision M4500 Laptop Keyboard He founded the Bank of Italy in San Francisco on October 17, 1904. The bank was housed in a converted saloon directly across the street from the Columbus Savings & Loan as an institution for the "little fellow". It was a new bank for the hardworking immigrants other banks would not serve. He offered those ignored customers savings accounts and loans, judging them not by how much money they already had, but by their character. TOSHIBA NSK-TAJ01 Laptop Keyboard Deposits on that first day totaled $8,780.[2] Within a year, deposits soared above $700,000 ($13.5 million in 2002 dollars). The 1906 San Francisco earthquakeand fires leveled much of the city. In the face of widespread devastation, Giannini set up a temporary bank, collecting deposits, making loans, and proclaiming that San Francisco would rise from the ashes. HP Pavilion DV7-3065dx Laptop Keyboard Immediately after the earthquake, he moved the vault's money to his home outside the fire zone in then-rural San Mateo, 18-miles by horse and wagon. The wagon used to transport the money was actually a garbage wagon, owned by Hayward resident Giobatta Cepollina, also a native of the Genoa area in Italy (Loano). The cargo was disguised beneath garbage to protect against theft. The fires severely heated the vaults of other big banks. Opening them immediately would ruin the money, GATEWAY V021646BS1 Laptop Keyboard so they were kept closed for weeks. Because of this, Giannini was one of the few who was able to provide loans. Giannini was forced to run his bank from a plank across two barrels in the street. Giannini made loans on a handshake to those interested in rebuilding. Years later, he would recount with pride that every single loan was repaid. As further testament to the trust Giannini garnered in the local community, as a reward to the local garbage man for helping to transport the bank's reserves, Giannini agreed to give the man's son his first job with the bank when he came of age. Giannini kept his promise, hiring young Frank Joseph Cepollina at age 14. Cepollina later retired from the bank at age 41.[3]Lenovo 45N2106 Laptop Keyboard By 1916, Giannini had expanded and opened several other branches. Giannini believed in branch banking as a way to stabilize banks during difficult times as well as expand the capital base. He bought banks throughout California and eventually had more than five hundred branches throughout the state. TOSHIBA Satellite A105 Series laptop keyboard In 1928, Giannini approached Orra E. Monnette, president and chairman of the Bank of America, Los Angeles, about a merger of the two financial institutions. Upon finalizing the merger, Giannini and Monnette concurred that the Bank of America name idealized the broader mission of the new bank. The new institution continued under Giannini's chairmanship until his retirement in 1945; Monnette retained his Board seat and Officer's position. Prior to Monnette's creation of the Bank of America Los Angeles network, most banks were limited to a single city or region. Monnette was the first to create a system of centralized processing, bookkeeping and cash delivery. By diversifying the scope of community that the Bank of America served following its merger, the institution was better prepared to ride out minor, local economic issues. TOSHIBA Satellite P100-188 laptop keyboard Giannini is credited as the inventor of many modern banking practices. Most notably, Giannini was one of the first bankers to offer banking services to middle-class Americans, rather than the upper class. He also pioneered the holding company structure and established one of the first modern trans-national institutions. HP Pavilion dv5-1046tx laptop keyboard Giannini helped nurture the motion picture and wine industries in California. He loaned Walt Disney the funds to produce Snow White, the first full-length, animated motion picture to be made in the US. During the Great Depression, he bought the bonds that financed the construction of the Golden Gate Bridge. DuringWorld War II, he bankrolled industrialist Henry Kaiser and his enterprises which supported the war effort. After the War, he visited Italy and arranged for loans to help rebuild the war-torn Fiat factories. Giannini also gave capital to William Hewlett and David Packard to help form HP or Hewlett-Packard. At this time, HP made oscilloscopes. TOSHIBA Satellite M305 laptop keyboard Giannini founded another company, Transamerica Corporation, as a holding company for his various interests, including Occidental Life Insurance Company. At one time, Transamerica was the controlling shareholder in Bank of America. They were separated by legislation enacted by the U.S. Congress in 1956, when Congress passed the Bank Holding Company Act, which did not allow bank holding companies to involve themselves in industrial activities. TOSHIBA Satellite L550-ST5701 laptop keyboard Upon Giannini's death in 1949, his son Mario Giannini, afflicted with polio in his youth, assumed leadership of the bank;,and Giannini's daughter, Claire Giannini Hoffman (1905–1997), took her father's seat on the Bank's Board of Directors, where she remained until the 1980s. Giannini is buried at Holy Cross Cemetery, in Colma, CA. SAMSUNG N148 laptop keyboard The large plaza of the Bank of America Building, at California Street and Kearny, in downtown San Francisco, is named for Giannini. A.P. Giannini Middle School, which opened in the Sunset District of San Francisco, in 1954, is named after him, also.[4] Other places and groups named after Giannini include The Giannini Foundation of Agricultural Economics and the building that houses the Department of Agricultural and Resource Economics, at the University of California, Berkeley. HP Mini 210-2030ez laptop keyboard The U.S. Postal Service honored Giannini's contributions to American banking by issuing a 21¢ postage stamp bearing his portrait, in 1973. A ceremony to mark the occasion was held near his former home, in San Mateo. Time magazine named Giannini one of the "builders and titans" of the 20th century. He was the only banker named to the Time 100, a list of the most important people of that century, as assembled by the magazine. FUJITSU Lifebook T4210 laptop keyboard Walter Huston's bank president in Frank Capra's 1932 film, American Madness, was based largely on Giannini.[citation needed] The Italian-American banker played by Edward G. Robinson in House of Strangers (1949), was also loosely based on Giannini. The fictional omniscient banker A.P. Gallo in J.J. Lask's upcoming 2013 film, The Uncrowned King is based on Giannini and his involvement with the 1932 Summer Olympics. HP Mini 110-1119NR laptop keyboard American Banker magazine recognized him as one of the five most influential bankers of the 20th Century.[citation needed] In 2004, the Italian government honored Giannini with an exhibition and ceremony in its Parliament, to mark the centennial of his founding of the Bank of Italy. The exhibition was the result of the collaboration of the Ministry of Finance, the Smithsonian Institution, Italian Professor Guido Crapanzano and Peter F. De Nicola, an American collector of Giannini memorabilia.[citation needed]SONY VAIO VGN NR430E laptop keyboard The Bank Holding Company Act of 1956 (12 U.S.C. § 1841, et seq.) is a United States Act of Congress that regulates the actions of bank holding companies. The original law (subsequently amended), specified that the Federal Reserve Board of Governors must approve the establishment of a bank holding company, and prohibited bank holding companies headquartered in one state from acquiring a bank in another state. The law was implemented in part to regulate and control banks that had formed bank holding companies in order to own both banking and non-banking businesses. The law generally prohibited a bank holding company from engaging in most non-banking activities or acquiring voting securities of certain companies that are not banks. GATEWAY M-6851 laptop keyboard The interstate restrictions of the Bank Holding Company act were repealed by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (IBBEA). The IBBEA allowed interstate mergers between "adequately capitalized and managed banks, subject to concentration limits, state laws and Community Reinvestment Act (CRA) evaluations." Other restrictions which prohibited bank holding companies from owning other financial institutions were repealed in 1999 by Gramm-Leach-Bliley Act. DELL NSK-DG101 laptop keyboard In the United States, financial holding companies continue to be prohibited from owning non-financial corporations in contrast to Japan and continental Europe where this arrangement is common. Instead, private equity firms, which solicit funds and, in essence, provide commercial banking services, have taken advantage of the workaround available to acquire large ownership positions in a number of non-financial corporations, enabling the enterprise to obtain financing. HP pavilion DV7-1000 Laptop Keyboard The Clayton Antitrust Act of 1914 (Pub.L. 63–212, 38 Stat. 730, enacted October 15, 1914, codified at 15 U.S.C. §§ 12–27, 29 U.S.C. §§ 52–53), was enacted in the United States to add further substance to the U.S. antitrust law regime by seeking to prevent anticompetitive practices in their incipiency. That regime started with the Sherman Antitrust Act of 1890, the first Federal law outlawing practices considered harmful to consumers (monopolies, cartels, and trusts). The Clayton Act specified particular prohibited conduct, the three-level enforcement scheme, the exemptions, and the remedial measures. HP 640436-001 Laptop Keyboard Passed during the Wilson administration, the legislation was introduced by Alabama Democrat Henry De Lamar Clayton Jr. in the U.S. House of Representatives, where the act passed by a vote of 277 to 54 on June 5, 1914. Though the Senate passed its own version on September 2, 1914, by a vote of 46-16, the final version of the law (written after deliberation between Senate and the House), did not pass the Senate until October 5 and the House until October 8 of the same year. Compaq Presario CQ57 Series Laptop Keyboard Unilateral price discrimination is clearly outside the reach of Section 1 of the Sherman Act, which only extended to "concerted activities" (agreements). Exclusive dealing, tying, and mergers are all agreements, and theoretically, within the reach of Section 1 of the Sherman Act. Likewise, mergers that create monopolies would be actionable under Sherman Act Section 2. SONY VAIO VGN-FS715F Laptop Keyboard Section 7 of the Clayton Act allows greater regulation of mergers than just Sherman Act Section 2, since it does not require a merger-to-monopoly before there is a violation. It allows the Federal Trade Commission and Department of Justice to regulate all mergers, and gives the government discretion whether to give approval to a merger or not, which it still commonly does today. The government often employs the Herfindahl-Hirschman Index (HHI) test for market concentration to determine whether the merger is presumptively anticompetitive; if the HHI level for a particular merger exceeds a certain level, the government will investigate further to determine its probable competitive impact. HP Pavilion DV6-1128tx Laptop Keyboard An important difference between the Clayton Act and its predecessor, the Sherman act, is that the Clayton Act contained safe harbors for union activities. Section 6 of the Act (codified at 15 U.S.C. § 17) exempts labor unions and agricultural organizations, saying ‘that the labor of a human being is not a commodity or article of commerce, and permit[ting] labor organizations to carry out their legitimate objective’. Therefore, boycotts, peaceful strikes, peaceful picketing, and collective bargaining are not regulated by this statute. Injunctions could be used to settle labor disputes only when property damage was threatened. ACER Aspire 5315 Laptop Keyboard Major League Baseball is another company exempt from the Clayton Antitrust Act due to the national heritage associated with it. [3] (Federal Baseball Club of Baltimore, Inc. v. National League of Professional Baseball Clubs, et al. 259 U.S. 200 (1922)) ACER Aspire 5742 Laptop Keyboard Procedurally, the Act empowers private parties injured by violations of the Act to sue for treble damages under Section 4 and injunctive relief under Section 16. The Supreme Court has expressly ruled that the "injunctive relief" clause in Section 16 includes the implied power to force defendants to divest assets.[4] Under the Clayton Act, only civil suits could be brought to the court's attention and a provision "permits a suit in the federal courts for three times the actual damages caused by anything forbidden in the antitrust laws",[5] including court costs and attorney's fees. TOSHIBA Portege 7200 Laptop Keyboard The Act is enforced by the Federal Trade Commission, which was also created and empowered during the Wilson Presidency by the Federal Trade Commission Act, and also the Antitrust Division of the U.S. Department of Justice. Bank of America Corporation (NYSE: BAC) is an American multinational banking and financial servicescorporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets.[4] As of 2010, Bank of America is the fifth-largest company in the United States by total revenue,[5] and the third-largest non-oil company in the U.S. (after Walmart and General Electric). In 2010, Forbeslisted Bank of America as the third biggest company in the world.[6]ACER Aspire 5742 Laptop Keyboard The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.[7] The company held 12.2% of all bank deposits in the United States in August 2009,[8] and is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors.[9][10] Bank of America operates in all 50 states of the U.S., the District of Columbia and more than 40 other countries. It has a retail banking footprint that covers approximately 80 percent of the U.S. population and serves approximately 57 million consumer and small business relationships at 5,600 banking centers and 16,200 automated teller machines(ATMs).[11]TOSHIBA Portege 7200 Laptop Keyboard The history of Bank of America dates back to 1904, when Amadeo Giannini founded the Bank of Italy in San Francisco. The Bank of Italy served the needs of many immigrants settling in the United States at that time, a service denied them by the existing American banks who were very aristocratic and denied service to all but the wealthiest.[12] Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee.[citation needed] DELL Latitude D620 Laptop Keyboard When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to anyone who was willing to rebuild. Later in life, he took great pride in the fact that all of these loans were repaid.[citation needed]HP AEUT5U00010 Laptop Keyboard In 1922, Giannini established Bank of America and Italy in Italy by buying Banca dell'Italia Meridionale, the latter established in 1918.[13]HP G42-415DX Laptop Keyboard In 1928, A.P. Giannini merged with Bank of America, Los Angeles and consolidated it with his other bank holdings to create what would become the largest banking institution in the country. He renamed the Bank of Italy on November 3, 1930, calling it Bank of America. The resulting company was headed by Giannini with Orra E. Monnette serving as co-Chair. COMPAQ Presario C700 Laptop Keyboard Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953, regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.[14] The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. SONY VAIO VPC-F13 laptop keyboard Bank of America and Transamerica were separated, with the latter company continuing in the insurance business. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. It was not until the 1980s with a change in federal banking legislation and regulation that Bank of America was again able to expand its domestic consumer banking activity outside California. SONY 148023121 laptop keyboard New technologies also allowed credit cards to be linked directly to individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1975.[15] A consortium of other California banks introduced Master Charge (now MasterCard) to compete with BankAmericard. Following the passage of the Bank Holding Company Act of 1956, BankAmerica Corporation was established for the purpose of owning and operation of Bank of America and its subsidiaries.  TOSHIBA Satellite M35x Series laptop keyboard Bank of America expanded outside California in 1983 with its acquisition of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to theoil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank. DELL Studio 1749 laptop keyboard BankAmerica experienced huge losses in 1986 and 1987 by the placement of a series of bad loans in the Third World, particularly in Latin America. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), HP Pavilion dv6-3032tx laptop keyboard launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade. Compaq Presario CQ56-105EW Laptop Keyboard BankAmerica's next big acquisition came in 1992. The company acquired its California rival, Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington (which Security Pacific had acquired in a series of acquisitions in the late 1980s). ACER Aspire 5742 Laptop Keyboard This was, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.[16] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada. TOSHIBA NSK-TK001 Laptop Keyboard In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois at that time regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.  SONY VAIO VGN-SZ440 Laptop Keyboard These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind fast-growing NationsBank Corporation, and to third in 1998 behind North Carolina's First Union Corp. HP Pavilion dv6-3167ca Laptop Keyboard On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination and distribution business (Continental Illinois had extensive leveraged lending relationships) which allowed the firm’s existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[17][18] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco-based investment bank specializing in high technology for $540 million. Robertson Stephens was integrated into BancAmerica Securities and the combined subsidiary was renamed BancAmerica Robertson Stephens.[19] DELL Latitude D830 Laptop Keyboard In 1997, BankAmerica lent D. E. Shaw & Co., a large hedge fund, $1.4 billion in order to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default. BankAmerica was acquired by NationsBank of Charlotte in October 1998 in what was the largest bank acquisition in history at that time.  HP Mini 110-3118cl Laptop Keyboard While NationsBank was the nominal survivor, the merged bank took the name Bank of America Corporation, with Bank of America NT&SA changing its name to Bank of America, N.A. as the remaining legal bank entity. The combined bank still operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However, U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not BankAmerica. ACER Aspire 5535 Laptop Keyboard Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states. Despite the mammoth size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.(Branch divestitures are only required if the combined company will have a larger than 25% Federal Deposit Insurance Corporation (FDIC) deposit market share in a particular state or 10% deposit market share overall.) In addition, the combined broker-dealer, created from the integration of BancAmerica Robertson Stephens and NationsBanc Montgomery Securities, was renamed Banc of America Securities in 1998.[20]Lenovo 45N2106 Laptop Keyboard In 2001, Bank of America CEO and chairman Hugh McColl stepped down and named Ken Lewis as his successor. In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.[21] By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.[21] Hundreds of FleetBoston workers lost their jobs or were demoted, according to the Boston Globe. HP Mini 210-1100SB Laptop Keyboard On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. TheFederal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America the operation was renamed FIA Card Services. HP AELX7U00410 Laptop Keyboard On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[26]HP Compaq NC8430 Laptop Keyboard On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.[27] In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.[28] This news did not hinder the acquisition, which was completed in July 2008,[29] giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.[30] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.[31]HP G62-b18EO Laptop Keyboard This purchase made Bank of America Corporation the leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market.[32] The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote.[33] Countrywide Financial has changed its name to Bank of America Home Loans. Lenovo ThinkPad Edge E520 Laptop Keyboard In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial.Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.[34]HP Envy 15 Laptop Keyboard DELL Inspiron 8500 Laptop Keyboard In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay. A deal was signed in August 2006 under which Itaú agreed to purchase Bank of America's operations in Chile and Uruguay. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. ACER Aspire 5315 Laptop Keyboard It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947. HP Pavilion DV7-4053 Laptop Keyboard On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007.[22]HP Pavilion dv6-2030ec laptop keyboard On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from Netherlands's ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit based Michigan National Bank. SONY VAIO VGN-NW15G/S laptop keyboard The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase. TOSHIBA Satellite U305-S5097 laptop keyboard LaSalle Bank and LaSalle Bank Midwest branches adopted t

he Bank of America name on May 5, 2008.[23] Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became President and CEO effective January 1, 2010, and afterward credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.[24][25]TOSHIBA Satellite L655D-S5145 laptop keyboard On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy.[35] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman.[36] TOSHIBA Satellite L755D-S5363 laptop keyboard Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch.[37] This acquisition made Bank of America the largestfinancial services company in the world.[38] Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America,[39] with a 3% stake. However, taking a loss Reuters estimated at $3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.[40]FUJITSU Lifebook E8310 laptop keyboard Shareholders of both companies approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.[41] Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain's management team after the merger.[42] However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai, who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading.[43]HP Pavilion dv6-2044ca laptop keyboard The bank, in its January 16, 2009 earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[44] with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, HP AELX7U00410 laptop keyboard led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement. HP Pavilion dv6-2147el laptop keyboard Bank of America CEO Kenneth Lewis testified before Congress[7] that he had some misgivings about the acquisition of Merrill Lynch, and that federal officials pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.[45] Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee.[46] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, HP Probook 4710S Laptop Keyboard and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter. SONY VAIO VGN NR385E/T Laptop Keyboard The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.[47] As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.[48][49]HP Pavilion dv6-2044ca Laptop Keyboard FUJITSU Lifebook E8310 Laptop Keyboard On September 28, 2012, Bank of America settled the class action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion dollars.[50] Bank of America received $20 billion in the federal bailout from the U.S. government through the Troubled Asset Relief Program (TARP) on January 16, 2009, and a guarantee of $118 billion in potential losses at the company.[51] This was in addition to the $25 billion given to them in the Fall 2008 through TARP. The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with the troubled investment firm Merrill Lynch.[52] TOSHIBA NB200-10J Laptop Keyboard Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money.[53] Then CEO Ken Lewis was quoted as claiming "We are still lending, and we are lending far more because of the TARP program." Members of the U.S. House of Representatives, however, were skeptical and quoted many anecdotes about loan applicants (particularly small business owners) being denied loans and credit card holders facing stiffer terms on the debt in their card accounts. ACER Aspire 7745G Laptop Keyboard According to a March 15, 2009, article in The New York Times, Bank of America received an additional $5.2 billion in government bailout money, channeled throughAmerican International Group.[54] As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". With the federal action, the institution has taken several steps, including arranging for six of its directors to resign and forming a Regulatory Impact Office. Bank of America faces several deadlines in July and August and if not met, could face harsher penalties by federal regulators. Bank of America did not respond to The Wall Street Journal story.[55]DELL Vostro 3450 Laptop Keyboard On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest.... As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend."[56][57]TOSHIBA Satellite L750D-ST5NX1 Laptop Keyboard TOSHIBA Mini NB 505-SP0160 Laptop Keyboard HP 605344-001 Laptop Keyboard

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