Bank Of America Should Call The Justice Department When It’s Proposed Settlement Starts With A ‘Twenty,’ Ends With A ‘Billion Dollars’

To be fair, the Justice Department hasn’t actually thrown out that figure, but it did scoff at Brian Moynhian’s offer of $13 billion, so.

Bank of America met with the Justice Department in Washington on Tuesday to negotiate a possible mortgage-securities settlement, according to people familiar with the matter. Lawyers for Bank of America had requested the meeting, but it ended Tuesday with no progress made toward a final deal, people familiar with the discussions said. The bank is offering $13 billion, to be paid in both cash and consumer relief, but the Justice Department is asking for billions more, according to people familiar with the matter.

BofA Offers $13 Billion to Settle U.S. Mortgage Probe [WSJ]

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17 Responses to “Bank Of America Should Call The Justice Department When It’s Proposed Settlement Starts With A ‘Twenty,’ Ends With A ‘Billion Dollars’”

  1. guest says:

    is moynihan's life just one continues sad trombone tone?

    • guest says:


      but yeah pretty much.

      -b moy

    • Guest says:

      He signed up for this. When Lewis got the boot he lobbied hard for the job while more sane(outside) CEO's took a pass. No sympathy.

      • Captain Oblivious says:

        Of course he wanted to become CEO the parachute is loaded with gold bricks on the way down. He's not that stupid. After that asshat Ken Lewis he probably looks like Warren Buffett.

  2. Quant me maybe... says:

    Isn't there a statute of limitations on this stuff?

    >At some point this goes from being a form of penalty to being a shake-down.

  3. Jon sux says:

    Are you sure Shazar didn't write this headline and just put Bess as the author??????

  4. Guest says:

    What really stops them from saying "fuck you"? A criminal charge that has no ramifications? Blocking a TBTF bank from doing US transactions?

    – Guy who is probably an idiot

    • Guest says:

      I was going to say it probably would be bad PR, but the big banks have already basically been vilified as bringing the world to the edge of collapse so yeah, why not?

      – Guy who is also probably an idiot, but would be interested to see the above scenario play out

    • Captain Oblivious says:

      Geithner outlines all of this in his book. He called it. Old Testament theory, someone has to pay. Politicians are the biggest scumbags on the planet and we let them continually fuck us over year after year after year

  5. Parabolic says:

    Speaking of mini-muffins….check out Diane Von Fursterburg.

  6. JRzer says:

    Its (sorry, couldn't resist)