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MAR 12, 2008 1:00am ET

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Massachusetts CEO Amps Up Quest for Scale with In-State Deal

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A little more than a year after becoming Eastern Bank Corp.'s chairman and chief executive officer, Richard E. Holbrook has struck his first big deal for the Boston company.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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