Time to lift some weights.
Photo: Karen Bleier/2008 AFP
Bank of America has been warned by regulators to strengthen itself in compliance with a confidential May 2009 memorandum that identified governance, risk, and liquidity management as problems that the bank had to fix, The Wall Street Journal reports. Failure to comply with the memorandum could lead to formal and public action, “which would likely mean intensified scrutiny and greater restrictions,” according to the Journal. As opposed to the double-secret type of scrutiny that the bank currently faces. [WSJ via Reuters]
