Bank of America boss sheds shares
A round-up of the biggest director deals today so far.
The Chief Executive Officer of the Bank of America, Brian Moynihan, has sold 9,527 shares of the US lender at $5.56 each, an announcement which came on the same day the bank suffered a legal setback in a dispute with bond insurer MBIA.
MBIA has accused Bank of America subsidiary Countrywide Financial of being less than forthcoming about the risk profile of $20bn worth of mortgage-backed securities that MBIA was asked to insure.
MBIA's beef dates back to a period spanning from 2005 to 2007, the period before mortgage backed securities became more toxic than a three-year-old British Rail sandwich laced with arsenic.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Justice Eileen Bransten of the New York State Supreme Court ruled that in order to demonstrate fraudulent intent on the part of Countrywide, MBIA only needs to show that Countrywide had misled it about the instruments it insured, not that the cause of MBIA's losses were due to the alleged misrepresentation.
Top Director Buys
Tristel (TSTL)
Director name: Mr Francisco Angel Soler
Amount purchased: 527,400 @ 38.25p
Value: £201,730
Sierra Rutile Ltd (SRX)
Director name: Mr Jan Alex Castro
Amount purchased: 70,000 @ 41.00p
Value: £28,700
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published