Page 20 - Bank of America E Teaching Note

However, the Justice Department initiated lawsuits

against Bank of America because they lied about,

amongst other things, asset quality.

The BofA brand which took years to build has been

tarnished and will take a great deal of will and effort to

restore.

Ethical Issue

BofA claimed that it was

“• Doing the Right Thing:

We have the responsibility to do the right thing for

our

customers, shareholders, communities and one
another.

• Winning:

We have a passion for achieving results and

winning—for our customers, our shareholders, our

communities and one another.”

In 2011Bank of America’s Operating Principles were

• Be customer-driven

• Manage risk well

• Continue to build a fortress balance sheet
• Deliver for our shareholders

• Manage efficiency well

• Be the best place to work