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FDIC Objects to $8.5 Billion BofA Settlement

Ooh, this is getting to be fun. Now the FDIC has weighed in too. Can’t wait to get my hands on the filing (any readers who can get it are encouraged to provide a link or send a pdf so I can upload it). Needless to say, the FDIC objection is further validation of the questions raised by attorneys general Eric Schneiderman and Beau Biden. No details yet, merely a notice of the existence of the objection at Bloomberg. Update. Here is the filing. The general logic is similar to the Biden objection (although he also took a major shot at the Bank of New York role), but this is as skeletal as it gets. This is literally a placeholder, to weigh in prior to the deadline for objections, which is August 30.

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