Bank Of America...Largest Single Fine Ever
Bank of America agrees to pay the biggest single penalty in history. Congrats to them.
This fine comes after JP Morgan previously held the record for the largest single fine. Way to go Bank of America for not taking a back seat to anybody. Always remember there are no points for second best. When it comes to fraud, these huge banks are ultra competitive. You have to admire that.
When I look at the incredible sums of money that have flown all over the place in this housing /wall street debacle. There was the Hundreds of Billions lost to their initial bad decisions. There was Hundreds of billions (more) spent to bail out those bad decisions. Now there is the tens of billions paid in fines for all the bad decisions. It adds up to a real lot of money.
The only thing that still amazes me is that absolutely nobody has gone to jail for any of it. I find that astounding. Nothing makes me happier then executives in handcuffs. Yet it has been 7 years and I haven’t gotten to enjoy that sight once. Very disheartening.
When the Enron scandal happened it was pure joy watching their executives do the perp walk. Nothing brought a bigger smile to my face then seeing them placed in the back of a police car, hands shackled behind their back. It was pure joy. Everyday I wake up (with a smile) knowing Jeffrey skilling is still sitting in a jail cell. Today he is in a jail cell. Tomorrow he will be in a jail cell. It is really great.
But I feel like as a tax payer I have been denied that joy with the fat cat bankers. It is a real shame.
http://dealbook.nytimes.com/2014/08/06/bank-of-america-nears-17-billion-settlement-over-mortgages/?_php=true&_type=blogs&_r=0#
This fine comes after JP Morgan previously held the record for the largest single fine. Way to go Bank of America for not taking a back seat to anybody. Always remember there are no points for second best. When it comes to fraud, these huge banks are ultra competitive. You have to admire that.
When I look at the incredible sums of money that have flown all over the place in this housing /wall street debacle. There was the Hundreds of Billions lost to their initial bad decisions. There was Hundreds of billions (more) spent to bail out those bad decisions. Now there is the tens of billions paid in fines for all the bad decisions. It adds up to a real lot of money.
The only thing that still amazes me is that absolutely nobody has gone to jail for any of it. I find that astounding. Nothing makes me happier then executives in handcuffs. Yet it has been 7 years and I haven’t gotten to enjoy that sight once. Very disheartening.
When the Enron scandal happened it was pure joy watching their executives do the perp walk. Nothing brought a bigger smile to my face then seeing them placed in the back of a police car, hands shackled behind their back. It was pure joy. Everyday I wake up (with a smile) knowing Jeffrey skilling is still sitting in a jail cell. Today he is in a jail cell. Tomorrow he will be in a jail cell. It is really great.
But I feel like as a tax payer I have been denied that joy with the fat cat bankers. It is a real shame.
http://dealbook.nytimes.com/2014/08/06/bank-of-america-nears-17-billion-settlement-over-mortgages/?_php=true&_type=blogs&_r=0#
posted by res17 at
August 08, 2014
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