Moynihan: We're taking Stuff Out of Our Backpack

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Oct. 23 (Bloomberg) -- Bloomberg Television's "Lunch Money" Host Adam Johnson reports on Bank of America CEO Brian Moynihan's interview. (Source: Bloomberg)

Fast forward six years later and he is and from serving as an officer or director of a public company.

Brian moynihan in charge of countrywide as ceo of bank of america, back in january he told us how he is unloading all the baggage from this crisis.

During competition with 10 climbers going up the hill behind us.

Looking left and right we are right in market with the other competitors.

They're not working as hard as we are.

They look in our back back.

We have been taking stuff out of our backpack.

I am fully confident we have taken enough that we will propel from the competition.

If you see our business and earnings power, it is there every day.

We have taken care of a lot of things.

We have to produce more earnings.

We have teams working -- that is why we got rid of some of things in the last year.

It will certainly get some sympathy from jpmorgan chase.

Jpmorgan daily with government demands it inherited after buying washington mutual and bear stearns.

The biggest u.s. bank has reached a tentative $13 million grimmett in the civil claims over mortgage-backed sales will stop we heard from ceo jamie dimon a few weeks ago.

We have a series of problems.

Some are self-inflicted, which we have infested the whole world, and some are industrywide.

We will get through that.

I am very proud of what jpmorgan does and our people.

It has integrity down to its two bitty toes.

Yes, we have had some mistakes.

You can never expect to have no mistakes.

Jamie dimon has a big fans out there.

They think he is going to make it through all right.

I feel bad for jpmorgan.

We had been there.

We know what it feels like.

I know that jamie and his team are doing everything they can to put this behind them.

They have a great franchise.

They have a great business.

They have a great management team.

They will you through this and be a very strong competitor.

You have no ability if you are a financial institution and threatened with criminal prosecution, you have no ability to negotiate.

Basically, you have to be like a wolf that bears its throat when he gets to the end.

You cannot win.

If you get a criminal indictment as a financial institution, horribly licensed in 50 states, it just -- probably licensed in 50 states.

You do what you're asked.

You feel that is what happened with jamie?

$13 million is a lot of money and i think he has done a great job of running jpmorgan.

I think he helped out the economy enormously when he took on bear stearns and didn't get an indemnification clause.

Looking back, he probably wishes he should.

There was done any time for that.

You took on wamu.

Which you said was the right thing to do.

This text has been automatically generated. It may not be 100% accurate.


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