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Old 08-21-2014, 12:44 PM
 
9,312 posts, read 5,582,339 times
Reputation: 4632

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Quote:
Originally Posted by 2e1m5a View Post
Bank of America fined a record $17 BILLION for mortgage fraud.

http://rt.com/business/181724-bank-o...ca-17-billion/

Bank of America settles mortgage probes for $16.65 billion | Reuters


"The fine is the largest single compensation settlement, beating out JPMorgan Chase & Co’s $13 billion penalty paid in November 2013. Citigroup, another major US bank, had to pay $7 billion in July.
In March, the bank was ordered to pay $9.5 billion to the Federal Housing Finance Agency to resolve similar misconduct allegations. Since the financial crisis, the bank has been ordered to pay over $60 billion in fines, claims, and buying out mortgage bonds."

I say keep on fining and fining-but we really need to start jailing banksters to really send an effective message that corruption will no longer be tolerated.
This. We send someone away for life without the possibility of parole for stealing a $100 jacket, but these bankers get a slap on the wrist, a pat on the head, and are allowed to go their merry way and continue to steal on a massive scale with no personal consequences.
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Old 08-21-2014, 01:14 PM
 
71,504 posts, read 30,016,878 times
Reputation: 14078
Quote:
Originally Posted by 2e1m5a View Post
Bank of America fined a record $17 BILLION for mortgage fraud.
Big deal, the government gave them this money through the QE programs to start with. BoA is out nothing.

Quote:
I say keep on fining and fining-but we really need to start jailing banksters to really send an effective message that corruption will no longer be tolerated.
Absolutely especially when the law calls for that.
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Old 10-21-2014, 07:50 AM
 
Location: Philadelphia
11,828 posts, read 9,827,294 times
Reputation: 7981
More fines:

EU fines JPMorgan, UBS, Credit Suisse total $120 million | Reuters
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Old 11-12-2014, 03:04 PM
 
Location: Philadelphia
11,828 posts, read 9,827,294 times
Reputation: 7981
And even more fines. The usual suspects as always:

"Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS)and UBS (UBS) will collectively pay $1.4 billion to the U.S. Commodity Futures Trading Commission and about 1.1 billion ($1.75 billion) to the U.K.'s Financial Conduct Authority. UBS will also make a payment in Switzerland.

The fines are the largest ever imposed by the British regulator, which said it will continue to investigate potential wrongdoing at Barclays (BCS).
In addition, the U.S. Office of the Comptroller of the Currency said Bank of America (BAC), Citibank and JPMorgan Chase will pay a combined $950 million in penalties."

Six banks fined more than $4.3 billion in currency probe - Nov. 12, 2014
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Old 11-12-2014, 03:08 PM
 
71,504 posts, read 30,016,878 times
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Capone had no problem paying off the authorities. It was a part of the cost of doing business.
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Old 11-12-2014, 03:32 PM
 
Location: Out West
20,595 posts, read 15,415,894 times
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Would this have anything to do with the suicides earlier this year, or was that all coincidence?

Another Deutsche banker dead

Bankers Committing Suicide?
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Old 11-12-2014, 04:01 PM
 
48,519 posts, read 80,998,062 times
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Barclay's is one who may faces criminal charge in US for same; not just fines. Actually many of these are settled just like Tax cases for thousands of individuals who cheap on taxes. I mean in 2013 the IRS estimated that 300 billion in income was not reported on individual income taxes. The rich are much more likely to be audited and jailed in fact for tax evasion.
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Old 11-12-2014, 04:17 PM
 
21,426 posts, read 7,135,394 times
Reputation: 7514
And our politicians work for these guys. Some even become cabinet members and advisors.
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Old 11-13-2014, 06:43 AM
 
Location: Philadelphia
11,828 posts, read 9,827,294 times
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Quote:
Originally Posted by pknopp View Post
Capone had no problem paying off the authorities. It was a part of the cost of doing business.
Haha-yep. Fines are calculated into budgets and it makes more financial sense to cheat and then just pay the measly fine later. They would rather short term profit then long term health and public trust. The faith in our financial system has been deteriorating for quite some time now and it's easy to see why.
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Old 11-13-2014, 07:39 AM
 
48,891 posts, read 39,370,650 times
Reputation: 30547
Quote:
Originally Posted by 2e1m5a View Post
Yeah, I don't understand how anyone can do business with the Federal Reserves' favorite banks-Goldman Sach's, JP Morgan, Wells Fargo, Chase, Citi, Bank of America. I handle all of my finances with credit unions and get better service and rates.
My mother worked for BOA and the first thing they tried to do when they bought out the bank she'd worked for was send a guy in to try to talk them all into rolling over their 401ks into the new program and it had something like a 3-5% front load. (I don't remember exactly what it was but it was in that range).

Basically, they tried to hose their own new employees retirement accounts.

My opinion of BOA could not go lower.
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