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LOS ANGELES: Bank of America Corp. was close to finalizing a deal late Tuesday that calls for the lender to pay $8.5 billion to settle claims from a group of investors who bought mortgage-backed securities from the lender, according to a person familiar with the settlement talks.
BANKS that are too big to fail are being looked after by a big and high profile committee that includes former Federal Reserve chairman Paul Volcker and former Citigroup co-chairman John Reed.
NEW YORK: The highest paid CEO of Standard Poor's 500 companies for last year was Philippe Dauman of Viacom who got US$84.5 million while the lowest paid was Steve Jobs of Apple Inc and Vikram Pandit of Citigroup who got US$1. Billionaire Warren Buffett got $524,946.
DUBLIN: Ireland's ailing banks need another €24 billion ($34 billion) in cash in a move that will leave all of them under state control and facing a complete overhaul, officials announced in a long-awaited effort to cap a 3-year banking crisis.