PODCAST: A case of the Mondays for BofA
A man withdraws cash from a Bank of America automated teller machine (ATM) in Hollywood.
Bank of America stock lost more than six percent of its value on Monday after it revealed it made a big mistake on its stress tests, which is the Federal Reserve's system to see if banks have the wherewithal to survive a future crisis without a bailout. BofA blames an internal communications error for miss-stating the amount of money it had in certain locations on its balance sheet. Marketplace's Mitchell Hartman joins us to explain.
Meanwhile, starting Tuesday, you can stroll into Starbucks for a Chai Tea with Oprah’s name on it – Teavana Oprah Chai, to be exact. Oprah Winfrey's product and book endorsements used to send sales through the roof. But will the "Oprah Effect" hold, now that she's teamed up with a corporate giant?
And, you may have missed this a while back in the MIT Sloan Management Review, volume 52, number three. They call them "dormant ties" but it's really about the business value of connecting with old flames, or at the very least, re-connecting with someone whom you used to know, to paraphrase Gotye. Wharton business school professor Adam Grant keeps an eye on the business journals for us and joins us to explain