- Crime and settlement August 7
Bank of American has tentatively agreed to the single largest corporate settlement ever with the U.S. government, The New York Times reports, citing "people briefed on the matter." The deal, to settle charges related to the sale of sketchy mortgage-backed securities leading up to the 2008 financial crisis, will reportedly cost BoA about $16 billion, including $9 billion in cash.
The tentative civil agreement follows months of tough negotiating, and BoA finally proposed the $16 billion package after it lost a key case in U.S. District Court in New York City last month, eroding "what was left of the bank's negotiating leverage," say Ben Protess and Michael Corkery at The Times. An ultimatum from Attorney General Eric Holder — raise your offer or the Justice Department will sue — was the final ingredient. Most of the toxic mortgages were acquired when BoA bought Countrywide Financial and Merrill Lynch.- -
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- After Ferguson: Stop deferring to the cops
- 43 TV shows to watch in 2014
- Ferguson riots were terrible — but this racist reaction was worse
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Is it now OK to have sex with animals?
- The hilarious hypocrisy of Republicans complaining about the imperial presidency
- 7 grammar rules you really should pay attention to
- Don't argue about politics this Thanksgiving. Just don't.
- In Ferguson, Michael Brown lost his life — and America's police lost the benefit of the doubt
- The real story behind Deliver Us From Evil
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