Tomahawk, WI 04/10/2014 (Basicsmedia) – Bank of America Corp (NYSE:BAC)’s settlements are seemingly endless like the product recalls of the automobile industry. Every week there’s a new settlement that Bank of America enters into just as almost every week brings news of yet another car recall by an American auto giant or a Japanese one.

Banker To The Seven Kingdoms

Bank of America’s tangled web of settlements is now as convoluted as the cast of characters of Game of Thrones are numerous, or the plotline is complex. Just in the last week, Bank of America (or its Countrywide unit) settled a lawsuit with insurer Allstate worth $700 million.

The bank reached an $800 million settlement with the Consumer Financial Protection Bureau (CFPB) regarding credit cards — specifically, to settle charges that the bank misled customers into paying for various add-on services on their credit cards including identify-theft protection and debt cancellation.

In another settlement, Bank of America Corp (NYSE: BAC) agreed to pay $6.3 billion to the Federal Housing Administration (FHA) to settle a lawsuit related to troubled mortgage-backed securities that the Bank had sold to Fannie Mae and Freddie Mac prior to the financial crisis. The Bank will spend another $3.2 billion to repurchase mortgage securities from Fannie and Freddie.

Not to be forgotten is a Libor manipulation lawsuit filed by the Federal Deposit Insurance Corporation (FDIC) against Bank of America and 15 other banks.

Too Big To Fail

Despite what the Fed or the Obama Administration officials might say, the largest banks, including Bank of America Corp (NYSE: BAC), still probably remain too big to fail. No wonder Warren Buffett feels confident about the bank’s long-term future to invest $5 billion.

It has closed many branches and its employee rationalization plan is on course with about 3,000 employees being made redundant in Philippines, Mexico, Costa Rica and a few other places. So far, the bank has cut manpower by 46,000 since 2010, which is 16% of its total workforce.

Other positive news from the Bank includes new initiatives such as the ‘Safe Balance’ plan and the popularity of its online banking website.

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