And we ask ourselves why the banks aren’t lending, or “the beatings will continue until morale improves.”

CEO Moynihan of Bank of America said at a conference yesterday that they have just one big legal settlement left: one with the Department of Justice, which is estimated to be around $10 billion.  “We’ve got a myriad of cases that we’ll work through, but of the big stuff, that’s really the one that’s left out there,” said Moynihan. To date, Bank of America has paid about $60 billion in settlements and legal fees relating to the crisis, mainly from the shenanigans at Countrywide prior to its acquisition.  At the end of 2006, total shareholders' equity was $135 billion. (Charlotte Observer)