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

Tyler Durden's picture

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Tue, 12/07/2010 - 13:34 | 786093 azengrcat
azengrcat's picture

They paid their protection dues fair and square!

Tue, 12/07/2010 - 14:58 | 786416 SWRichmond
SWRichmond's picture

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

Tue, 12/07/2010 - 13:34 | 786095 SheepDog-One
SheepDog-One's picture

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

Tue, 12/07/2010 - 13:35 | 786096 Jim in MN
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....

Tue, 12/07/2010 - 13:47 | 786155 Rhodin
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!

Tue, 12/07/2010 - 13:51 | 786172 Cdad
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.

Tue, 12/07/2010 - 13:58 | 786201 Denninger-is-a-...
Denninger-is-a-douche's picture

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

Tue, 12/07/2010 - 20:43 | 787560 gkm
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.

Wed, 12/08/2010 - 02:40 | 788171 StychoKiller
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.

Tue, 12/07/2010 - 13:36 | 786101 Ripped Chunk
Ripped Chunk's picture

That was over quick

Tue, 12/07/2010 - 14:09 | 786254 Mark Medinnus
Mark Medinnus's picture

...but did you like it?

Tue, 12/07/2010 - 15:07 | 786442 Ripped Chunk
Ripped Chunk's picture

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

Tue, 12/07/2010 - 13:45 | 786146 Dick Darlington
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.

Tue, 12/07/2010 - 14:33 | 786348 Fearless Rick
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.

Tue, 12/07/2010 - 13:46 | 786157 buzzsaw99
buzzsaw99's picture

So much porn, so little time.

Tue, 12/07/2010 - 13:48 | 786161 LongSoupLine
LongSoupLine's picture

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

Tue, 12/07/2010 - 13:51 | 786175 Ned Zeppelin
Ned Zeppelin's picture

The beat goes on.

Tue, 12/07/2010 - 13:51 | 786176 damnitalready
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"... 

Tue, 12/07/2010 - 13:57 | 786200 Traianus Augustus
Traianus Augustus's picture

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

Tue, 12/07/2010 - 14:04 | 786202 erik
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.

Tue, 12/07/2010 - 13:59 | 786208 Cleanclog
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.

Tue, 12/07/2010 - 14:06 | 786242 f16hoser
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........



Tue, 12/07/2010 - 14:09 | 786246 Cdad
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.

Tue, 12/07/2010 - 14:09 | 786250 Gordon_Gekko
Gordon_Gekko's picture

"Build America Bond"



Tue, 12/07/2010 - 14:18 | 786286 Greater Fool
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

Tue, 12/07/2010 - 14:52 | 786403 johngaltfla
johngaltfla's picture

Wrist, meet slap.

Tue, 12/07/2010 - 16:41 | 786809 snakeboat
snakeboat's picture

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



Tue, 12/07/2010 - 17:09 | 786953 mudduck
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. 

Tue, 12/07/2010 - 19:46 | 787423 Bow Tie
Bow Tie's picture

chump change.

Tue, 12/07/2010 - 23:13 | 787877 jomama
jomama's picture

why wouldn't they settle?

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

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