Apr

Brian Moynihan Learns How Not To Lose Money On Single Stock-Backed Loans

Bank of America lost the nearly $300 million it lent to the then-chairman of South African mattress company Steinhoff International Holdings. This happened because said then-chairman put up his shares in Steinhoff as collateral, and then used the loan to buy more Steinhoff shares, all of which are now almost worthless on account of the accounting scandal at said mattress company…

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Brian Moynihan Learns How Not To Lose Money On Single Stock-Backed Loans

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