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MAY 08, 2013 - TheStreet

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Bank of America CEO Addresses MBIA Stake (Update 2)

Updated from 2:49 p.m. ET with a new final paragraph, updated share prices and a mention of MBIA settlement with Societe Generale NEW YORK (TheStreet) -- Bank of America's warrants to acquire up to a 4.9% stake in MBIA were made in order to resolve a longstanding legal dispute between the companies, rather than as a growth initiative, CEO Brian Moynihan said Wednesday. Bank of America's acquisition of the MBIA warrants was "a complete financial matter that was part of the negotiations," Moynihan said in response to an investor question at the bank's annual shareholder meeting, ... Read More

Tags: Bank of America CEO Addresses MBIA Stake (Update 2),  Societe Generale Latest News