The Only Things Standing Between Bank Of America And A $17 Billion Justice Department Fine Are Brian Moynihan’s Negotiating Skills, Latent Charisma

So, that’s something.

Representatives of Bank of America Corp have asked U.S. Attorney General Eric Holder to meet with Moynihan, its chief executive officer, in an attempt to resolve differences over a possible multibillion-dollar settlement involving shoddy mortgage securities sold by the second-largest U.S. bank and its units, according to people familiar with the negotiations. Negotiators for Bank of America and the Justice Department have not met in more than a week and have no plans to do so after a flurry of meetings did not bring them close to a settlement amount, sources said…The Department of Justice has not yet responded to Bank of America about the possibility of the meeting, sources said. The bank requested the meeting late last week, the people said…

Sources said the Justice Department’s silence about a meeting between Moynihan and Holder suggested Bank of America’s request was premature. Bank of America has discussed paying about $12 billion, including more than $5 billion to help struggling homeowners, to resolve a range of federal and state probes, primarily into whether the company and its units defrauded mortgage bond investors in the run-up to the financial crisis, people familiar with the matter said. The Justice Department suggested a $17 billion settlement in the latest round of negotiations and did not view Bank of America’s offer as a serious one, one source said last week.

Exclusive: BofA asks Holder to meet with its CEO – sources [Reuters]

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9 Responses to “The Only Things Standing Between Bank Of America And A $17 Billion Justice Department Fine Are Brian Moynihan’s Negotiating Skills, Latent Charisma”

  1. guest says:

    mouseover excellence

  2. Meagain says:

    nice pic. Moynihan looks like he thought he was initially passing gas, but something solid followed…..ew

  3. Captain Oblivious says:

    It'll be 20 billion before this douchelips gets out the door. I'd rather send Gasparino to represent me

    "see youz guys, youz got it all worn over yea. We wasn't coin nutting wrong ok?"

    Holy shit

  4. So Dealbreaker is regurgitating an article thrown up by Reuters about an alleged request for a meeting that hasn't even been acknowledged by the recipient let alone having actually taken place or even being scheduled to take place. Neither parties have confirmed the request for a meeting occurred in the first place, and Reuters is reporting based on anonymous "sources".

    – Guy that has figured out why newspapers across the country are going out of business, while keeping "journalist" on his shortlist of back-up careers.

  5. Meagain says:

    Dealbreaker posts stuff that you may have missed in the context of its relevance in the financial world, in a satirical manner of course. Don't over think it.

  6. Guest says:

    DoJ is playing it right. The more they wait, the better the chances BoA comes across another "big error" to make amends for, help support DoJ's case.