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Bank of America Corporation (NYSE:BAC): Current price $12.29
Late last week, the New York Federal Reserve revealed in a court filing that back in July, it had released Bank of America from all legal claims against it originating from losses in some of the bank’s toxic mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008. A surprise in the filing, which was part of a case brought by AIG, was that the New York Fed let Bank of America off the hook even while AIG was trying to recover $7 billion in losses on those very mortgage securities. The Fed declined to comment to The New York Times on the matter.
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