Bank Of America Sued By SEC For Muni Securities Fraud, Settles For $137 Million

Tyler Durden's picture

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azengrcat's picture

They paid their protection dues fair and square!

SWRichmond's picture

...and paid them from a taxpayer-provided slush fund, no less!  Justice, baby!

SheepDog-One's picture

Americans will never do anything to stop it, so the tyranny will march on.

Jim in MN's picture

Hey, SEC, read this!!!

Prison time for bank officers.  It's the only way they'll understand that systemic corruption is a threat to the USA's vital national security interests.

Where's that 'not 2Big2Jail' graphic again....

Rhodin's picture

So true, this won't stop until those responsible are charged as individuals.....or the system collapses.  My guess is collapse, would be nice to know WHEN though!

Cdad's picture

Correct.  And no matter how terrible the recession that might follow the collapse of BofA...and then hopefully of JP Morgan, the nation would ultimately be better off for the death of this bank.

The SEC continues to show itself to be entirely corrupt, or incompetent, or both.  They simply do not understand the nature of the crime...despite endless amounts of evidence at hand.

Denninger-is-a-douche's picture

System collapse.  Everyone is jerking off for a system collapse...

gkm's picture

What do you mean responsible?  They admitted and denied nothing.  How can they be responsible?

They used money that was created for them by the government to pay off the government.  So not only did they not do anything wrong, they paid nothing back in essence.  Too funny.

StychoKiller's picture

I had a dream yesterday that we have until New Year's Eve, then there will be an oil fire in Iraq, bringing down the empire. FWIW.

Ripped Chunk's picture

That was over quick

Ripped Chunk's picture

No I didn't. No perp. walk, no jail time, no accountability.

Dick Darlington's picture

This is how billions are made. Commit crimes, make billions with fraud, never admit or deny any charges, throw some change on the dirty face of the "regulator" to settle and go home. Rinse and repeat.

Fearless Rick's picture

I was thinking the exact same thing. Thanks. Why increase taxes when we can allow banks to commit crimes, sue and settle for cash?

Sure beat prosecuting and possibly losing.

buzzsaw99's picture

So much porn, so little time.

LongSoupLine's picture

fuking disgusting!  This sht country's govt can f-off!

Ned Zeppelin's picture

The beat goes on.

damnitalready's picture

I'm going to incorporate.  Then go rob the local 7-11, admit no wrong doing, and pay a % of my take as a "fine"... 

Traianus Augustus's picture

Oh boy, someone is going to get a smaller bonus now!!!!

erik's picture

Muni bonds are getting crushed today.  MUB down 1.3%.

I'm sure the Republicrats will find a way to get the Build America Bond program back on the docket.  After all, it accomplishes the primary objectives of increasing spending and worsening the US debt situation.

Cleanclog's picture

Whack a mole.  Bank fraud popping up all over the place, with fines that are nowhere near the profits pocketed by the perps.  F-ing frustrating, but same as it ever was over time.

f16hoser's picture

BAC had 137 million laying around in the back of an old desk drawer. CMON, 137 million????? Holder and Mary S. probably get half of it........

 

Hoser

Cdad's picture

Attorneys of the States instrumental in the settlement, of course.  Banks steal from citizens, gov't takes its cut, bank goes on with systemically fraudulent practices.

Capital will not form again in these obviously criminal syndicate banks.  Wall Street knows this.  All we need now is for the printing presses to be turned off, and justice will arrive like the wind.

Gordon_Gekko's picture

"Build America Bond"

BWAHHHAAAHAHAHAHHAAAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAAAAAAAHHHAAHAHAHAHAA

AHAHAHAHAAAAAAAAAAAAAAAHAHAHAHAHAHHAHAHAHAHAHA!!!!!!!!!!!!

Greater Fool's picture

Fine: 137 million style points. Please be less obvious about bribery of public officials in future. Perhaps consult K Street for a few pointers? Thanks, Your Friendly Neighborhood SEC

johngaltfla's picture

Wrist, meet slap.

snakeboat's picture

So, what is that, like .005% of their muni deal profits over the past decade??

 

Sonofa...

mudduck's picture

They lobbied to get the right to make unlimited political donations like any other citizen, how about 3 strikes rule like any other citizen. What a disgusting pathetic joke. 

jomama's picture

why wouldn't they settle?

it's not like it's their money anyway.