Bank of America is revamping its board of directors. A few of its current directors are bumping up against the retirement age of 72, so the bank has announced plans to add four new faces around the conference table to support President and CEO Brian Moynihan. The four new members are Sharon Allen, Linda Hudson, Jack Bovender and R. David Yost. What experience do they bring to the table? And are they good choices, or is BofA walking in JPMorgan’s unfortunate footsteps?
J. Paul Getty is thought to have said, “If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” The little nation of Belize (population 356,600) appears to have taken this saying to heart. The Wall Street Journal reports:
Belize is insisting that creditors forgive 45% of what they are owed, or allow it to delay any debt payments for 15 years. Otherwise, it says it won’t make its next payment of $23.1 million due on Monday. And if Belize and its bondholders don’t reach a deal by Sept. 19, the country will default on its $543.8 million in outstanding debt—making it the first sovereign default since Greece forced creditors to take a 53.5% loss in March.
Like a callous teenager, Belize didn’t even bother to call. The bondholders’ butthurt is palpable. Continue Reading