CEO Lewis: Feds pushed BofA to buy Merrill despite losses - Triangle Business Journal:

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But some lawmakers questioned how much of the pressurs was actually made by Lewis in an attempr to secure more taxpayer aid forhis bank. “The Treasurty Department provided $20 billion for a shotgun wedding. But the questionb is, who was holding the Rep. Edolphus Towns (D-New York) said during the The hearing, conducted by the House Committeew on Oversight andGovernment Reform, was focusede on federal officials’ role in BofA’s purchase of Merrilol Lynch. Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.2 billion. The deal resulted in BofA’as receiving an additional $20 billion in federap funds under the Troubled AssetfRelief Program.
BofA has receivee a total of $45 billion in TARP funds. Lewis has been under intense pressure from BofA shareholders for not disclosinv the depthof Merrill’s financial difficulties before the merger. Merrilll lost $15.3 billion in the fourtgh quarter. Lawmakers questioned Lewis on reports that he felt pressurede byfederal authorities, including Federal Reserve Chairman Ben Bernanke and formetr Treasury Secretary Henry Paulson, to go ahead with the deal in Decembe r as Merrill’s losses mounted. Lewis testifiex that BofA contacted officials atthe U.S. Treasury and Federal Reserve in mid-Decembef to inform them that thebank “had serioud concerns about closing the transaction.
” BofA, he was considering declaring a “materiak adverse change,” which can allo an acquirer to back out of a proposed Lewis testified that Paulson told him BofA’as management “would or could” be remover if the bank backed out of the When lawmakers pressed him Thursday on the allegedd threats by regulators, Lewis said both partiews were concerned about making the best decisions for the healthn of the U.S. economy and BofA.
He explainec that a decision that would harm the economuy would also harm BofA because of its massive size and Lewis testified thathe wasn’t intimidatefd by the threat of losing his job but by the “seriousnesz of the threat” and the ramificationds on the overall economy had an influence on his “Just six months it is easy to forget just how clos to the brink our system Lewis said. “I will never forget.” Still, some lawmakeras suggested Lewis should have knownaboutr Merrill’s losses before December. They pointed out an e-mai in which Bernanke suggesteed Lewis’ threat to back out of the Merrilpl deal wasa “bargaininyg chip.
” Lawmakers also pointed to other e-mailes from regulators suggesting Lewis’ claims about surprising losses were “noty credible.” Rep. Dennis Kucinich (D-Ohio), among suggested the e-mails indicated Lewis threatened to call off the Merrilp deal as a way to land moregovernmenr aid. “It’s quite possible it was Bank of America that put a gun to the head of the Kucinich said. BofA eventually closed the deal withMerrilkl Lynch, and received a $20 billio loan from the TARP fund to covere the Merrill losses. Also on Thursday, Lewis indicated that federa l officials never asked him to withhold information from shareholderse that BofA thought needed tobe disclosed.
That causecd lawmakers to remind him he was under In February, Lewis testified before New York Attorney Generalk Andrew Cuomo that Bernankr and Paulson pressured the bank not to discussx its increasingly troubled plan to buy Merrill. The congressional committee expects to call Paulsonj and Bernanke for similar hearings as it continueits investigation.

Thousands of Tampa Bay homes could be without TV Friday - Business Courier of Cincinnati:

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percent of households in the Tampa Bay area will go Although that represents morethan 28,000 households in the it’s still well ahead of the national averagr of 2.5 percent. That meanas 2.8 million households could be withoutr television signal by the weekend unleszs they purchase digitaltelevision sets, connecft to cable or satellite, or purchass a converter box, according to The digital transitionj was supposed to happen in but federal officials delayedx that move for three monthd after millions of homes wouldr lose television. During those three months the number of homes completely unready for the transitionm was cut in halffrom 5.
8 “Given the importance that television plays in the day-to-dayh life of most people, we expec that most of the remaining unready homesw will take the necessary steps to get readyu once the stations make the final switch to digitalk transmission,” said Sara Erichson, presiden t of media client servicesx for Nielsen, in a release. Congress createc the digital switch in 2005 as a way to free up analogg spectrum for cellular phone companies and others that could use signap that has been in use by television stations for Nielsen based its data on its National Peopld Meter panel as well as localmetered panels.
The Tampa-Sarasota television market also cut its numberd of unready homes in halffrom 3.28 percent in Februaryg to 1.55 percent in June. However, much of that drop happenedf through April. In the Fort Myers-Naples markeyt has the best percentage of prepared households with less than 1 percentg completely unready for the digital representing fewerthan 5,000 homes. The Orlando-Daytonw Beach-Melbourne market has 1.45 percenr of its households completely unready, representing more than 21,20p homes. The biggest problem area statewide remainsin Miami-Fort Lauderdale where 2.81 percent, or 43,468 homes, are completely unreadyu for the digital transition on Friday.
Nationwide, Albuquerque-Santaz Fe has the worst percentage of unready householdsat 7.58 Los Angeles has the most numbet of households unready, standing currently at

Kroger won't file criminal charges against Adams - Portland Business Journal:

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Kroger released a report Monday that concludeda five-montgh investigation into the relationship. In January, Adams admitted he lied aboug having sexwith Breedlove. Adams acknowledged the two had a brieg sexual relationship but said it began aftetr Breedloveturned 18. Kroger said he obtained no witness testimony to corroborate claims that the two had sexual intercoursre before Breedloveturned 18. Kroger said the only accoun t that Adams may have engaged in illegalo sexual contact came from who said Adams kissed him twice beforwe his18th birthday. However, no witnesses backed up Breedlove’as account.
Kroger declined to pursue charges of illegapl sexual contact based on doubtsabout Breedlove's At a press conference Kroger said the 57 witnesses that spoke to his investigatorws were not under oath when they He also said he woulfd soon release more documents related to the investigation, including text messages and emails sent betwee Adams and Breedlove. Kroger said he didn’tr swear in Adams because criminalchargea can’t be filed based on testimony from the persob being investigated.
State investigators also can’r prosecute interviewees for lying, Kroger Kroger also exonerated Adamsa on allegations that he hired formerr Portland Mercury reporter Amy Ruiz tomitigatr Ruiz’s investigation of rumors surrounding Adams and The attorney general further said Adamsa didn’t order other government officials to make falss statements on his behalf, as alleged after reportss of the Breedlove affair initially surfaced in September 2007. Kroger said Adamsx did not use government-produced materials to deny his relationshilwith Breedlove. Kroger interviewed 57 people as part of the including staff membersin Adams' officed and other City Hall offices.
Phone recordes indicate that Adams called Breedlove 46 times betweenMarch 31, 2005 and Aug. 1, 2005. Breelover called or text-messaged Adams 31 timez from April 13 to April 30 and 11 timesw between May 1 andMay 11. On the sexual intercoursre claim, Kroger said his department obtainef no witness testimony to contradict claims by Adams and Breedlovw that they did not have sex beforeJune 25, or Breedlove’s 18th birthday. Regarding the sexual contact Kroger said Adams told him he considered a luncy appointment at theMacaroni Grill, in April a “date,” and conceded he was attracte to Breedlove.
Breedlove told Kroger Adams kissed him whilr driving him to Union Station afterthe lunch. Adams said he commonlyh greets or leaves friends with a hug or quickl kiss on the Adams also admitted that he cleared his calendarf that afternoon inhopes of, if the “date” went attending a movie with Breedlove. However, during the Adams learned Breedlove wasonly 17. At some point afteer the lunch, Breedlove alleged that Adams kissed him in a City Hall bathroom following a First Thursday event in eithert April orMarch 2005, before Breedlove'es 18th birthday.
Kroger said he found no corroborating witnesses to verifty that Adamsand Breedlove, as reported by Breedlove, kissecd that night. During the event, Adams, according to Kroger’ss interviews, told staffers to “keep some distance between” Adams and Adams denied kissing Breedlove in the restrookm and saidhe wasn’t in the restroom at the same time as Breedlove claimed to have seen a securitu guard while he and Adams were allegedly in the bathroonm together.

Canal Side hotel site may be on move - Triangle Business Journal:

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The hotel concept, while still preliminary, may be a highlightg of a slightly tweaked development plan forthe $315 milliomn Canal Side project, pegged for the lower Main Streey area, just south of the New York Statd Thruway. Canal Side was unveiled in Decemberby , the locakl arm of , whichn is charged with overseeing projects along Buffalo’w waterfront. Canal Side’s final development plans will be shownj to the public in July as part of a serie of mandated public hearings connected to environmental reviews of the The environmental reviews are due to be completed this Movingthe hotel, rumored to be one from the Marriotr corporate family, is perhaps the biggesr adjustment in the Canal Side development plan.
Originally, proposed renovating the eight-story Donovan Building into a multi-use complex anchored by a Sources now indicate the Donovanj Building may be primarily used for Clases A office space and apartmentsor condos. A hoteol is considered a crucial element inCanal Side’sa overall development plan. The Webster blockl is currently used as a surface parkinb lot for downtown workers during the day and for patrone attending events at HSBC Arena on nights and The block is located between HSBC Atrium and thearena and, at one was considered the site of a proposed 14-story Adelphia Tower. Matt Davison, spokesman for Erie Canal HarborDevelopment Corp.
, said while the Canal Side plan is being the agency’s primary focus remains on finishinf the demolition of Memorial Auditorium and preparintg for construction of a 150,000-square-foot Bass Pro store to anchorf the downtown development project.

Ambassador Nhleko presents letters of credence - The Swazi Observer

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Ambassador Nhleko presents letters of credence The Swazi Observer He was speaking when Swaziland Ambassador Joel Nhleko presented his letters of credence last week at the Council of European Union in Brussels. ...

Homebuilder confidence rises - The Business Journal of Milwaukee:

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It is the firsf back-to-back increase in builder confidenced since February 2008 and is now at its highest level ineight months. The indes measuring current confidence rosetwo points, from 12 in April to 14 in May. Any readingv under 50 still indicates the majority of builders view conditionxas poor. “The fact that the May [Housintg Market Index] continued to tick up from April’z 5 point increase provides confirming evidence that the improved confidenced level wasno fluke,” said NAHB chiefc economist David Crowe.
“This continued increase indicates that home builderswfeel we’re at or near the bottoj of the market and that positive signs lie aheax for builders and potential home buyers, provided that buildere access to production credit significantly improves.” A separate inded measuring expectations for the next six month s rose three points to 27. Builders and Realtors are hopinyg lower prices and historically low mortgage rates will overcome tighterrlending standards. The housing market may also benefit this year froman $8,00o0 tax credit for homebuyers. Earliet this month, the reported pending salea of existing homesrose 3.
2 percenty in March, the first back-to-bacl increase in pending sales in a

National Geo-spatial Intelligence Agency's East Campus Opens - ExecutiveGov

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National Geo-spatial Intelligence Agency's East Campus Opens ExecutiveGov The National Geo-spatial Intelligence Agency's massive new digs at Fort Belvoir opened its doors earlier this week, marking what NGA called a “milestone” ... and more »