'Do I Seem Like A Guy Who Throws Chairs ?'
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Thain was said to have been in a meeting with Merrill's CFO at the time (presumably going through the firm's writedowns), but he told an audience at the Reuters Global Finance Summit Wednesday that the story was '100 percent made up', adding: 'Do I seem like a guy who throws chairs ?'.
In the meantime, Brian Moynihan, a possible successor to outgoing CEO Ken Lewis over at Bank of America, was given a hard time when he testified before the House Oversight & Government Reform Committee earlier this week. Rep Elijah Cummings told Moynihan: 'I don't know who you think we are, but I got to tell you, I find some of the things you said not believeable'.
And hedge fund billionaire John Paulson has told investors that Bank of America stock will almost double in the next two years, as writedowns are mostly over and banks are moving forward towards growth.
Bloomberg reports that Rolf Breuer, the former CEO of Deutsche Bank, has been charged with attempted fraud by Munich prosecutors in connection with an earlier civil suit filed against him by Leo Kirch. Prosecutors claim that Breuer lied to avoid conviction.
The Wall Street Journal reports that Mitsubishi UFJ Financial Group and Morgan Stanley are to 'delay and amend' their plan to merge their brokerage units in Japan. The change of plan is apparently down to regulatory concerns both in the US and Japan.
Finally, Reuters reports that Wells Fargo has agreed to pay $1.3bn to clients whose funds were frozen in the auction-rate securities market, and reimburse those who were force to sell at a discount. The firm will also pay $1.9bn in penalties to a number of US states to put the affair to bed.
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