As widely reported yesterday in press leaks, the US Department of Justice today followed through and announced that Bank of America Corp (NYSE:BAC) agreed to pay $16.65 billion in various fines to settle charges the bank’s affiliates were aware the mortgage derivatives they sold were flawed but did not tell investors. The derivatives in question were a significant cause of the 2008 market crash and the resulting recession that has cost the US economy $12.8 trillion, according to estimates from Better Markets. Bank of America’s investigation The DoJ investigation revealed that “Merrill Lynch (a subsidiary of Bank of America) knew, based…
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