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In return, the bank gave the Treasury Department billions in preferred stock which paid annual dividends worth hundreds of millions. The government maintains that if Bank of America wants out of that loss-sharing deal, it is on the hook for a break-up fee of between $300 million and $500 million, according to the Journal. A person close to the situation says the bank, which once balked at paying an exit fee, is now seeking "middle ground," the paper said.
Copyright 2009 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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