Bank of America Corp (NYSE:BAC) has agreed to a record $17 billion settlement with the US Department of Justice over faulty mortgage derivatives products that led to the 2008 derivatives crash. Bank of America settlement follows Citigroup and JPMorgan The reported deal includes $10 billion in fines and $7 billion in consumer relief. The settlement follows a $7 billion settlement with Citigroup Inc (NYSE:C) and a $13 billion settlement with JPMorgan Chase & Co. (NYSE:JPM). Unlike these banks, however, Bank of America Corp (NYSE:BAC) was a victim of circumstance to a certain degree. When the 2008 derivatives crash was in full swing…
Bank of America Corp In Record $17 Billion Settlement
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.
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