On Wall Street, shares in Bank of America opened 1.5% higher following the settlement.
Joel Conn, president of investment firm Lakeshore Capital, said it was because a “major cloud [hanging over the bank] has been lifted”
“Regulators wanted a pound of flesh, and they got it,” he added.
That phrase comes from The Merchant of Venice, of course, and is generally accepted to mean a legal but exceedingly unreasonable monetary demand – for example, every demand ever made by any payday loan
shark company. To me, the penalty of US$16.7bn that Bank of America is paying for their culpability in snipping the brake lines of the world economy and causing it to slam into a concrete wall at 150mph, demonstrably hurting hundreds of millions of people, seems pretty darned reasonable, maybe too reasonable.
I would have said ‘a wrecking ball swung repeatedly at every branch and every executive’s home’ had they asked me what the price ought to be, so I think the answer could be that apologist Conn b) is an arse.
“Mr. Conn, I may choose to invest with your firm, but first, there’s the small matter of your name…”
Now, how shall I tag this? Oh, I know.