Bank of America's Moynihan Remembers Nothing (Except Maybe Breakfast?)
Matt is a member of The Motley Fool Blog Network -- entries represent the personal opinion of the blogger and are not formally edited.
As always Rolling Stone's Matt Taibbi serves up some pretty entertaining reading after taking the time to wade through hundreds of pages of deposition from Bank of America (NYSE: BAC) CEO Brian Moynihan.
The broad theme of the piece (and the deposition) is that Moynihan apparently recalls nothing about anything having to do with one of the largest banks in the world, despite the fact that he runs the darn thing. Of course, if you want to zoom in on the reality of the situation, Taibbi does give a grudging nod to that:
There's nothing surprising about any of this – it's natural that a Bank of America executive would do everything he could to deny responsibility for Countrywide's messes. But that doesn't mean it's not funny. By about the thirtieth "I don't recall," I was laughing out loud.
In other words, if you're wrapped up in our wonderful legal system, flanked by an army of corporate lawyers, with billions of dollars on the line, "I don't recall" is pretty much your best friend. It's sad that a situation like this can't just be hashed out with honesty and straight-forwardness, but I'll leave it at that lest I veer off into fantasy land.
What we do know for very sure is that the outcome of the showdown between B of A and MBIA (NYSE: MBI) will be a big deal for shareholders. Of course, as it stands, Mr. Market has already marked down B of A's shares as if a less-than-stellar outcome on suits like this is expected.
TMFKopp owns shares of Bank of America. The Motley Fool owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. Is this post wrong? Click here. Think you can do better? Join us and write your own!