Bank Of America's $10.7 Billion Accounting Mistake Hid Debt, But Was Accident, Bank Says

07/11/2010 01:46 am ET | Updated May 25, 2011
  • David Mildenberg and Dakin Campbell Bloomberg

Bank of America Corp., the largest U.S. bank by assets, said it wrongly classified as much as $10.7 billion of short-term repurchase and lending transactions as sales from 2007 to 2009 to reduce its end-of-quarter assets.

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