Mobile Payments, Regulatory Headaches and Slow Growth: Top Quotes of the Week in Banking
2. Strange Bedfellows
—Timothy Mayopoulos, the former general counsel of Bank of America who held that same position at government-backed mortgage finance company Fannie Mae after being ousted from BofA (shortly before its acquisition of Merrill Lynch). Mayopoulos was named the new CEO of Fannie this week, and said he won't personally get involved with making decisions relating to issues on which he had special knowledge about Bank of America, but that it wouldn't be practical to continue his recusal.
Source: Wall Street Journal