While Bank of America (NYSE:BAC) has seen its fair share of trouble, there's still one thing it's avoided: criminal charges. But with the Justice Department readying charges against other banking behemoths, is the Charlotte, N.C.-based lender's luck about to run out?
According to media reports, U.S. Attorney General Eric Holder has decided to pursue two major financial institutions for violations of criminal law. "There is no such thing as 'too big to jail,'" Holder said in a video posted on his agency's website Monday. "No individual or company, no matter how large or how profitable, is above the law."
The banks at issue are said to be France's BNP Paribas and Switzerland's Credit Suisse. The former is alleged to have violated sanctions through its dealings with Iran, Sudan, and Cuba. Meanwhile, the latter stands accused of facilitating tax evasion by American citizens.
Could this be the beginning of a larger trend? Is Bank of America next? Motley Fool contributor John Maxfield addresses these questions in the following video.
John Maxfield has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.