Bank of America's Moynihan defends his bank

Before a crowd of attorneys general - top state officials with a major role in policing new financial reform laws - Bank of America Corp. Chief Executive Brian Moynihan defended his bank's size and reiterated his opposition to broad-based principal reduction as a solution to the country's foreclosure crisis.

"I know that you are all working incredibly hard on behalf of consumers, on behalf of the people of your states," he said today in prepared remarks to the National Association of Attorneys General at the Westin Charlotte. "I want to assure you that we are also doing that."

Earlier today, Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, told the group new financial reform efforts were doomed because the country's biggest banks were still operating with a "safety net" - an assurance that the government would prevent them from failing - and would continue to take on too much risk.

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