Bank of America's 10 Biggest and Most Expensive Blunders
Bank of America has incurred tens of billions of dollars worth of legal costs and settlement expenses stemming from the bank's practices before and during the financial crisis. After culling through a definitive list of actions, Motley Fool contributor John Maxfield identifies the bank's 10 biggest blunders.
Since the onset of the financial crisis, Bank of America (NYSE:BAC) has spent more than any other bank (perhaps more than any other single company over a similar time span) on legal expenses and settlement costs.
At last count, CEO Brian Moynihan pegged the figure at $42 billion -- though, this almost certainly understates the financial and reputational damage done to the Charlotte-based bank. With this in mind, the following presentation lays out the bank's 10 biggest legal blunders since 2008, including deals with Goldman Sachs (NYSE:GS), MBIA (NYSE:MBI), and both Fannie Mae and Freddie Mac.