Today’s Update on Banking News: Bank of America Corp (BAC) Against Fraud Law, JPMorgan Chase & Co (JPM)’s Hiring Issue, Wells Fargo & Co (WFC)’s Shareholders

Editor’s Note: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co (NYSE:JPM),  Wells Fargo & Co (NYSE:WFC)

Judge Endorses Fraud Law Against Bank of America Corp (NYSE:BAC) (Financial Trend)
A federal judge went about endorsing a widespread perception of a savings and loan era that The Justice Department wants to use in cases against Wall Street banks. Judge of the U.S District Jed Rakoff in Manhattan said that a straightforward application of plain words of the Financial Institutional Reform, Recovery and Enforcement Act has helped the interpretation sought by the government. The latest of all decisions have come in a case against the Bank of America Corp (NYSE:BAC) for toxic mortgages which the Justice Department filed last October. The government’s case that is due for trial on September 23 is aimed at a program instituted in 2007 by countrywide called “High Speed Swim Lane” also popular as Hustle.

Jamie DimonC’Mon People, This JPMorgan China Hiring Issue Is More Complicated Than Hiring ‘Well-Connected’ Kids (Business Insider)
It’s easy to make blanket statements about hiring on Wall Street. In large part, the people that make it to high level positions in finance have all come from the same cities, the same schools, and yes, often the same families. So it isn’t surprising to see so many people in and around the industry pooh-poohing the investigation into JPMorgan Chase & Co (NYSE:JPM)’s hiring practices in China revealed this weekend. The bank is being probed for two specific deals that regulators suspect were given to JPMorgan Chase & Co (NYSE:JPM) in exchange for the hiring of two “princelings” — the offspring of China’s ruling party.

Wells Fargo & Co (NYSE:WFC)’s share holders receive cash dividends on six series of the preference stock (NYSEPOST)
It had recently been announced that the preference stock holders of Wells Fargo & Co (NYSE:WFC) would receive cash dividends on six series of the preference stock of the company. It had been announced that the cash dividends at $20 per share would be paid on the 8% non cumulative perpetual class A preferred stock of Series J with liquidation preference at $1000 per share. Further, quarterly cash dividends at $18.75 per share had been declared on the 7.5% non cumulative perpetual class A preferred stock of Series L with the same liquidation preference

Rally not over, gold a ‘buy’: JPM analyst (CNBC)
Despite a rally of 6 percent from June lows, gold has higher to go over the next few weeks, JPMorgan Chase & Co (NYSE:JPM) analyst John Bridges said Monday. “We feel that there’s at least a technical bounce here,” he said, adding that it was also a hedge against an economic decline. “If you’re still uncertain about whether the financial crisis is truly over, then having some gold in the portfolio makes a lot of sense.”

The Real Story Behind AAPL, FB, GOOG and BAC (Market Wired)
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