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Bank Of America In Record $16.7Bn Mortgage Settlement

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To be fair the scams were at Merrill Lynch and Countrywide not BoA. But they have the ultimate responsibility to pay. TBH this will be seen as the cost of doing business and no doubt BoA's share price will be up on the news as it presents certainly on the financials. The only way to punish a bank is to prevent them making loans to break up their business. The rest is irrelevant. Think about it, if you get a guaranteed income every month and then one day someone take a few months of income away, you can just keep going and borrow against your future income if you need to.

Just humans playing the system...

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Slap on the wrist for their part in the spectacularly fraudulent financial alchemy of mortgage-backed securities. The claim to have converted subprime lead into AAA gold is something only charlatans could have come up with; ratings agencies and regulators should have been very, very sceptical. Criminal action and inaction all round.

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Is this the same as a benefit fraudster 'misclaiming' some benefits?

Or what about a bank robber' misacquiring' some bags of cash?

Funny how it's ok for the banks to rob the people, but if the people rob the banks they get jail time.

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In the UK it used to go towards reducing the fees the banks paid to the regulator as apparently the banks fund their own regulation. So the fines indirectly went back to the banking system.

However since April 2012 it's apparently changed and fines now go to the Treasury/government who give it to armed forces charities and the military community plus the police, ambulance and fire service (although it might also go to government general expenditure).

Apparently in 2012 there were fines of about £341 million and in 2013 upto about December there were fines of about £500 million - and the BBC accounts for about £135 million of that going to the armed forces charities etc.

11 December 2013



It would be interesting to have the remainder accounted for - about £706 million by December 2013? and probably a remainder of more than £1 billion by now. If it was for government general expenditure what was it spent on. Help To Sell? some other property related bailout scheme? not to those who suffered due to the financial sector's malpractices?

Edited by billybong

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