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

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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]


Bank Of America To Celebrate Only Being Liable For $40 Billion (And Counting!) Worth Of Countrywide Slip-Ups

A couple dozen more of these $1.27 billion wins and this whole thing might not look like the worst business deal in history after all!