Bank of America Corp Stock Rises After DoJ Punishment

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...