Bank of America offers largest settlement in history–$16 billion

Newscast Media NEW YORK—When Attorney General Eric Holder took on the largest
banks in America over toxic mortgages and fraud, he was ready for hardball all the
way to the finish line. Bank of America was one of the banks on his radar and just
this morning was the latest to crack under pressure, making an offer only a mad man
could refuse.

According to the New York Times, after months of low-balling the Justice
Department, Bank of America finally caved in and and made its offer.

The Times reported the tentative deal — which people briefed on the matter said
would cost Bank of America more than $16 billion to settle investigations into its sale
of toxic mortgage securities — started to take shape last week after the Justice
Department rejected yet another settlement offer from the bank. Then, a wild card
was thrown in the mix. CONTINUE TO FULL STORY>>