BofA's Moynihan Met With Geithner This Week

Brian Moynihan Bank Of America

Bank of America’s chief executive Brian Moynihan met privately with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo on Wednesday, The Wall Street Journal reports, citing people familiar with the meeting. 

One thing to remember: It’s not abnormal for Moynihan to meet with Geithner or Tarullo. 

But of course people will speculate about the significance of THIS meeting because of what’s been going on with Bank of America lately. The latest woe: it’s (reportedly) having trouble selling its stake in CCB.

Also not helping: Geithner and Moynihan met on the same day Moynihan held a rare 90-minute conference call with Fairholme Capital’s Bruce Berkowitz to answer questions from sceptics to calm investors about the bank’s share price fall. 

But anyway, here’s what they discussed –

From the WSJ:

“The intent… [was] to discuss issues related to housing, consumer spending and the U.S. economy, said two people familiar with the meetings. The CEO asked for the appointments about a week ago, one of these people said.”

Moynihan also stressed the urgency of reaching a wide-ranging settlement with several federal agencies and 50 state attorneys general, the newspaper reported.

Again remember: when Moynihan took the helm at the Charlotte, North Carolina-based bank, he made a concerted effort to connect with his regulators in Washington, D.C.  In 2010, he met with Geithner frequently and was described by an administration official as “a breath of fresh air,” according to a Time report.

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