The Year Of “Bank Yadda Yadda Yadda Settles Yadda Yadda Yadda Billions Yadda Yadda Yadda” Not Over YetBy Bess Levin
Earlier this month, Bank of America and the U.S. announced a landmark settlement wherein the bank agreed to pay $16.65 billion to settle allegations re: some not great mortgage securities it sold back in the day. Many an article was written about how this was the last bit of legal messiness BofA had to get through before it could turn its attention back to whatever it is it does when it’s not negotiating multi-billion dollar fines, which it’s done a lot over the past several years. And sure, this was probably the last 10-figure check Brian Moynihan will have to write for a while, but surely there will be other, smaller, mere multi-million dollar lawsuits that pop up along the way, to say nothing of all the other banks’ outstanding suits and other stuff coming down the pipeline we don’t yet know about. Barclays, for example, is gonna want to put that dark pool stuff behind it, as will Credit Suisse, UBS, and Deutsche Bank, should anything come of their investigations. Point is, the era of banks coughing up money to settle wrondoing on the regular is far from over, and inspired by what appears to be a new column at the Journal called “Crystal Ball,” today we’d like to introduce, “You Write The Story,” which, when the appropriate time comes, will go something like this:
____ on Wednesday paid a $ __ fine to settle ________ charges with _________ over alleged fraud in its recently shuttered _______ unit. CEO ______ had this to say: “___________________.”
The winner will receive a book of Dealbreaker MadLibs already filled out by Angelo Mozilo.