This "bank" needs to go away. And really, why the hell did our government give them "conditional leniancy?" They broke the law repeatedly, the broke the law as a matter of course. Somebody should go to jail for screwing over towns and libraries and schools. A fine and restitution is not enough. Coupled with the mortgage stuff and the skimming fine print they put on everything, BOA has outlived its usefulness. It is now essentially a criminal grafter and grifter sucking on the lives of Americans.
Criminal prosecution of individuals should be an option. Here and for the mortgage mess. These corporate fines offer little deterrent for the guys reaping bonuses or simply trying to keep up their numbers against those of their similarly immoral cohorts.
They make about $3 billion per quarter. $137 million is nowhere near enough to force a culture or business model change. Besides, they'll probably just borrow $150 million from the Fed at 0.077%.
I'm not feeling the outrage. The size of the damages isn't very big, implying the benefit they got and the harm caused to the victims was not very great either. And, they self-reported which suggests to me they probably never would have been caught if they kept their mouths shut, but they fessed up in an effort to clean up their own practices. Obviously, this anticompetitive behavior is bad, but given those two things, I wouldn't think it warrants killing the bank. Anyone, feel free to explain why it is I should be more upset.
They can self-report before DOJ knows there is a crime or they can "self-report" before the DOJ has enough evidence for a conviction. It's not clear which one we're talking about here. Of course, the question must be asked why there is an official "Corporate Leniency Program" administered by DOJ at all. It's not like I can steal a car and then admit it... and only be punished monetarily. I'd be in jail.
If Conservatives are all about the "deterrent factor" and being tough on crime, then can we get this done?
havent you forgotten. teddy was the one that helped standard oil and Rockefeller. who had the biggest trust portfolio ever
Interesting. And here I thought all along that Roosevelt's administration passed several laws reducing the influence of Standard Oil and started the lawsuits that led to a 1911 Supreme Court decision that dismantled Standard Oil.
