Bank of America CEO Brian Moynihan did not take Larry Kudlow’s bait to criticise President Barack Obama for attacking his company’s decision to impose a $5 fee on checking account customers.Interviewing Moynihan at The Atlantic’s Washington Ideas Forum, Kudlow asked if he “feels threatened” by the Obama administration. “I don’t think to engage that is important,” Moynihan replied.
Kudlow then asked Moynihan if the government is waging a war on banks — between Obama’s comments, new regulations, and lawsuits preventing home foreclosures. Moynihan, again, refused to take the bait.
Moynihan did say that estimates have the bank losing “billions of dollars in revenue” because of the Dodd-Frank financial regulation bill — but refrained from publicly criticising it.
Turning to Europe, Moynihan defended his bank’s ability to withstand a major European bank crisis, saying “the amount of exposure them is very small,” even with Merrill Lynch, but said “that contagion stuff is real.”
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