Notice it's all going to the same jerks that caused this mess in the first place! PAH!

NEW YORK (CNNMoney) -- In the biggest reckoning of the 2008 financial crisis, Bank of America said Wednesday it will pay $8.5 billion to investors burned by fraudulent mortgage securities. Flicks wrist - Whatevah!!!

Shares of Bank of America (BAC, Fortune 500) rose 5% in premarket trading.

The settlement involves 22 investors including BlackRock Inc (BLK, Fortune 500)., the Federal Reserve Bank of New York, MetLife Inc (MET, Fortune 500), PIMCO, Goldman Sachs Asset Management and other financial firms.

Bank of America also said it expects to report a second-quarter net loss of between $8.6 billion and $9.1 billion, or a range of 88 cents to 93 cents per share. Ahhhhh what a shame!

Read more [url]here:http://money.cnn.com/2011/06/29/news/companies/b_of_a_settlement/index.htm?hpt=hp_t1[/url]

BofA Mortgage Settlements Magnify Capital Strain as $50 Billion Gap Looms

By Hugh Son - Jul 18, 2011 8:52 AM CT .

(Bloomberg) Bank of America Corp. (BAC) may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan’s pledge to raise the firm’s dividend as mortgage losses drain funds.

Expenses tied to soured home loans may total $20.4 billion in the second quarter, pulling the bank further from capital ratios demanded under new international standards, the Charlotte, North Carolina-based company said June 29. The gap may equal 2.75 percent of risk-weighted assets starting in 2013 -- at about $18 billion for each percentage point -- crimping Moynihan’s ability to raise dividends and repurchase shares.

“They are likely to be in capital-building mode for longer than previously anticipated,” Jason Goldberg, a Barclays Capital analyst, said in an interview. For now, he said, “I’m hard-pressed to see meaningful capital redeployment.”

Moynihan, 51, has booked about $30 billion in settlements and writedowns to clean up mortgage liabilities at the biggest U.S. bank since succeeding Kenneth D. Lewis last year. As the costs mounted, Bank of America’s stock declined 26 percent this year, the worst showing in the 24-company KBW Bank Index. The company reports second-quarter results tomorrow and has told investors to brace for a loss of as much as $9.1 billion.

Read more here: http://tinyurl.com/3aot8wv

So let me get this straight these greedy buggers CREATED the Mortage Crisis, obtained BILLIONS from the FEDS and now they are suing each other for even more money.....

WOW only in America

Yes Only in America

The Banker's Song
Parody Song Title: "The Banker's Song"
Parody Written by: Phil Alexander

My mother said that I really should
Find me a job where the pay's really good
I shafted my company, but why should I fear
My pension is still half a million a year

And that's why
I'm a banker, I'm a banker.
I don't give a dang if that is rhyming slang
I'm a banker, I'm a banker
'Cause I'm only doing my thang

I am just fifty years old, but it's time to retire
My pension pot's eight million.. it needs to be higher
So they'll give me sixteen mil. although I'm the pits
Maybe that's what is meant by "Double or quits"

It's sky high...
I'm a banker, I'm a banker.
You're broke down there? Well, I don't f***ing care
I'm a banker, I'm a banker
Just as long as I get my share

Oh, Mr Brown and your taxpayers' money
Thank you for paying me, and saving my behind
But one pain in the arse, all this coverage ain't funny
I'll fly off somewhere sunny, I don't like being maligned

Good win on the lottery, good win on the pools
Godwin out of RBS - who cares about rules?
I've lied to shareholders, I've lied to MPs
I've lied to the treas'ry Select Committee

What's a lie?
I'm a banker, I'm a banker.
I find numbers fun, and I'm number one
I'm a banker, I'm a banker
And I do like shooting my gun

Oh, Mr Brown and your chancellor Darling
Thank you for making me so glad to be a Brit
Now you want my cash back, but I won't give you a farthing
I don't want to start quarr'ling, so I'll leave you in the s**t

I'm a banker, (He's a wanker!)
I'm a banker. (He's a wanker!)
I don't give a dang (He doesn't give a damn!)
If that is rhyming slang
I'm a banker, (He's a wanker!)
I'm a banker. (He's a wanker!)
'Cause I'm only doing my thang (He doesn't give a damn!)

Actually about the Brits - but it fits the good ole U S of A, too.