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News Link • Economy - Economics USA

Bank of America Reaches 16 Billion Dollar Settlement with Department of Justice

The settlement will also require the U.S. bank to reduce loan balances and create new loan agreements for low-income buyers. Although $7 billion is said to be allocated specifically for consumer relief, the watchdog group U.S. Public Interest Research Group claims that the settlement will actually cost taxpayers at least $4 billion in lost tax revenue. The group also reports that only $5.02 billion will be considered a civil penalty while the remaining $11.63 billion can be taken as a business expense. This would allow Bank of America to receive a $4.07 billion tax deduction from the settlement.

1 Comments in Response to

Comment by Stupid Amerkin
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So who went to jail or is this just another justice = money dog and pony show?

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