The Bank of America (BoA) is still in negotiation with US officials regarding a ringfencing agreement that was reached as part of the terms of its bailout earlier this year.According to a letter released by the chairman of the Committee on Oversight and Government Reform Edolphus Towns, the bank is “stonewalling” over the deal, which saw the US administration offer insurance against further losses on $118 million in toxic assets.Chief executive of the financial institution Ken Lewis said talks were underway over how much BoA owes, but Mr Towns called on the bank to agree to repay the money to taxpayers.”It seems that the bank wants to have it both ways – all the benefits of government insurance without having to pay a dime for all of its benefits,” he stated.BoA was given $20 billion in fresh capital by the government in January of this year due to the losses that it bought following its takeover of mortgage broker Merril Lynch.
Posts Tagged ‘Negotiation’
BoA stonewalling over government repayment
September 12th, 2009 
Before You Invest 
Posted in Finance Fraud 
Tags: Assets, Bailout, Bank Of America, Boa, Chief Executive, Committee On Oversight And Government Reform, Edolphus Towns, Financial Institution, Government Insurance, Insurance, Ken Lewis, Losses, Merril Lynch, Mortgage Broker, Negotiation, Offer Insurance, Oversight, Stonewalling, Takeover, Taxpayers 
No Comments »What You Don’t See Can Hurt Your Client
November 24th, 2008 Before You Invest Revisions made with word processing software to legal documents can be revealing if inadvertently given to opposing counsel. The revisions/deletions are still visible as code in the document after they are deleted, even though you can’t see them. This invisible data about data, or “metadata,” is sometimes sent to an opposing side of a negotiation or lawsuit by accident.
