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(单词翻译)
US bank to pay record $16.7bn to government
This is the latest effort by US authorities to hold Wall Street responsible for the financial crisis
Summary
22 August 2014
Bank of America has agreed to pay a record $16.7bn to US authorities for selling bad mortgage loans that helped start the 2008 financial crisis. The fine is the largest of its kind in US corporate1 history.
Reporter:
Michelle Fleury
Wall Street
Report
The agreement involving one of America's biggest banks settles a probe brought by the US Justice Department. It resolves lengthy2 wrangling3 over the extent to which Bank of America misled the buyers of its mortgage-backed investments.
This is the latest effort by authorities in the US to hold Wall Street accountable for the bad conduct that led to the financial crisis. And the sums involved here dwarf4 the $13bn paid by another bank, JP Morgan, to resolve a similar matter.
Even though the penalty exceeds Bank of America's entire profits last year, this deal brings a measure of closure. The bank has already paid tens of billions of dollars to settle cases related to the financial crisis, but this was seen as the biggest remaining legal hurdle5.
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1
corporate
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| adj.共同的,全体的;公司的,企业的 | |
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lengthy
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| adj.漫长的,冗长的 | |
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wrangling
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| v.争吵,争论,口角( wrangle的现在分词 ) | |
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dwarf
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| n.矮子,侏儒,矮小的动植物;vt.使…矮小 | |
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hurdle
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| n.跳栏,栏架;障碍,困难;vi.进行跨栏赛 | |
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