This isn't a good week for Bank of America. A Rolling Stone article describes CEO Brian Moynihan looking foolish during his testimony about the bank's acquisition of Countrywide Financial Corporation, one of the companies that sold subprime mortgages before the 2008 crash:
"In this long-awaited interrogation – Bank of America has been fighting to keep Moynihan from being deposed in this case for some time – Moynihan does a full Star Trek special, boldly going where no deponent has ever gone before, breaking out the 'I don't recall' line more often and perhaps more ridiculously than was previously thought possible. Moynihan seems to remember his own name, and perhaps his current job title, but beyond that, he'll have to get back to you.."
The full testimony is, for a court document, rather entertaining to read, including this excerpt:
- Read as much of the full testimony as you can tolerate. What's your view of how Brian Moynihan comes across?
- This is a difficult question without knowing the legal constraints, but how else do you think Moynihan could have handled the questions?