Report: The NY Fed has been quietly bailing out Bank
of America?
The Blaze – Becket Adams – 2/18/2013
The New York Federal Reserve
has been quietly protecting Bank of America (BofA) from any liability while
giving away billions in potential legal claims, according to a recent New York Times article.
From the NYT:
That the New York Fed would
shower favors on a big financial institution may not surprise. It has long
shielded large banks from assertive regulation and increased capital
requirements.
Still, last week’s details
of the undisclosed settlement between the New York Fed and Bank of America are
remarkable. Not only do the filings show the New York Fed helping to thwart
another institution’s fraud case against the bank, they also reveal that the
New York Fed agreed to give away what may be billions of dollars in potential
legal claims.
The article goes on to explain how the New York Fed has
protected BofA from claims brought against it by people affected by the back’s
toxic mortgage holdings.
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