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DOJ Announces Record $16.7 Billion Mortgage Settlement With Bank Of America: Live Feed
It was in June of 2011 when we reported that Bank Of America agreed to pay $8.5 billion to settle mortgage (mis)representation suit, where we said the bank was "about to part with more money than it has earned since 2008 in what will soon be the biggest financial settlement in the industry." Fast forward 3 years later when Bank of America once again makes history with its latest, and literally greatest, mortgage settlement with the US government, putting all of its MBS transgressions in the past, and which will cost the bank some $16.65 billion (of which, however, some $7 billion will be "consumer relief" and the remainder, which will have a cash portion consists of $5.02 billion in civil monetary penalty, including $4.63 billion in compensatory remediation payments, likely tax-deductible), a new record, and allow the bank to continue adding back "one-time, non-recurring" litigation charges to its adjusted, non-GAAP bottom line, thus once again "beating expectations".
Eric Holder has had a busy week - solving Ferguson's problems yesterday to record penalties for BofA today:
- BOFA AGREES TO PAY $16.65 BILLION TO END U.S. MORTGAGE PROBES
- BOFA U.S. SETTLEMENT INCLUDES $7 BILLION IN CONSUMER RELIEF
However...
- BOFA: SETTLEMENT DOESN'T COVER POTENTIAL CRIMINAL CLAIMS
At this point it is probably worth recalling what we wrote last week, namely that The Price To Keep Bankers Out Of Jail, is now $110 Billion And Rising:
Six years after the greatest financial crisis in modern history, not a single prominent - and bailed out - banker (or frankly any for that matter) has gone to prison. Still, in the great squid pro non-jail quo, regulators and the DOJ have had to be appeased somehow. That "somehow", as has been revealed over the past several years, is with quarter after quarter of massive legal charges, settlements, penalties and so on. Of course, since the banks wouldn't exist in the first place if it wasn't for a multi-trillion taxpayer bailout, they don't mind because the math is quite simple: being converted into a government utility is better than being bankrupt anyday. Also, it is shareholder money, not an actual clawback (oh, the horror).
So what is the total amount of shareholder (and by implication, taxpayer) money that has been spent by the bankers to distract regulators and the "cops" from not jailing a single one of them? According to the following chart from the WSJ, just the six biggest offenders have spent over a whopping $110 billion to keep the government happy and the US prison population in check.
Here, one could add a tangent, that the more money spent on settlements by any given bank, the more in need of a bailout it was in the first place. In which case one dreads to think just how bankrupt Bank of America will be when the next inevitable crisis hits, and how many trillions in taxpayer bailout funds it will need next time around...
And while in the past banks have gotten away without admitting or denying guilt, in this case things are different:
Bank of America admits to the facts set forth below and acknowledges that its conduct violated the federal securities laws.
Click image for live feed from Bloomberg (no embed)
Bank of America Admits Disclosure Failures to Settle SEC Charges
Bank Also Resolves Separate SEC Case in $245 Million Settlement
Washington D.C., Aug. 21, 2014 — The Securities and Exchange Commission today announced a settlement in which Bank of America admits that it failed to inform investors during the financial crisis about known uncertainties to future income from its exposure to repurchase claims on mortgage loans.
Bank of America also is resolving securities fraud charges that the SEC filed last year related to a residential mortgage-backed securities (RMBS) offering.
Bank of America has agreed to settle the two cases by paying $245 million as part of a major global settlement announced today by the U.S. Department of Justice in which Bank of America will pay $16.65 billion to resolve various investigations involving violations of laws regulated by other federal agencies.
“Bank of America failed to make accurate and complete disclosure to investors and its illegal conduct kept investors in the dark,” said Rhea Kemble Dignam, regional director of the SEC’s Atlanta office. “Requiring an admission of wrongdoing as part of Bank of America’s agreement to resolve the SEC charges filed today provides an additional level of accountability for its violation of the federal securities laws.”
In new charges filed by the SEC today in a settled administrative proceeding, Bank of America admits that it failed to disclose known uncertainties regarding potential increased costs related to mortgage loan repurchase claims stemming from more than $2 trillion in residential mortgage sales from 2004 through the first half of 2008 by the bank and certain companies it acquired. In connection with these sales, Bank of America made contractual representations and warranties about the underlying quality of the mortgage loans and underwriting. In the event that a loan buyer claimed a breach of a representation or warranty, the bank could be obligated to repurchase the related mortgage loan at its outstanding unpaid principal balance.
According to the SEC’s order, Regulation S-K requires public companies like Bank of America to disclose in the Management’s Discussion & Analysis (MD&A) section of its periodic financial reports any known uncertainties that it reasonably expects will have a material impact on income from continuing operations. Bank of America failed to adhere to these requirements by not disclosing known uncertainties about the future costs of mortgage repurchase claims when filing its financial reports for the second and third quarters of 2009. These uncertainties included whether Fannie Mae, a mortgage loan purchaser from Bank of America, had changed its repurchase claim practices after being put into conservatorship, the future volume of repurchase claims from Fannie Mae and certain monoline insurance companies that provided credit enhancements on certain mortgage loan sales, and the ultimate resolution of certain claims that Bank of America had reviewed and refused to repurchase but had not been rescinded by the claimants.
In the SEC’s original case against Bank of America filed in August 2013, the agency alleged that the bank in its own words “shifted the risk” for losses to investors when it failed to disclose that more than 70 percent of the mortgages backing the RMBS offering called BOAMS 2008-A originated through its “wholesale” channel of mortgage brokers unaffiliated with Bank of America entities. Bank of America knew that such wholesale channel loans – described internally as “toxic waste” – presented vastly greater risks of severe delinquencies, early defaults, underwriting defects, and prepayment.
As part of the global settlement, Bank of America agreed to resolve the SEC’s original case by paying disgorgement of $109.22 million, prejudgment interest of $6.62 million, and a penalty of $109.22 million while consenting to permanent injunctions against violations of Sections 5, 17(a)(2), and 17(a)(3) of the Securities Act of 1933. The settlement is subject to court approval. To settle the new case, Bank of America agreed to pay a $20 million penalty while admitting to facts set out in the SEC’s order, which requires Bank of America to cease and desist from causing any violations and any future violations of Section 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20 and 13a-13.
The SEC’s investigation into Bank of America’s MD&A-related violations was led by Mark A. Troszak, Kristin B. Wilhelm, and Peter J. Diskin in the SEC’s Atlanta office. The investigation into Bank of America’s RMBS-related violations was led by Mark Eric Harrison and Aaron W. Lipson, and the litigation was led by Ms. Wilhelm with assistance from Mr. Harrison. The investigations were supervised by Ms. Dignam and William P. Hicks, associate regional director for enforcement in the Atlanta office. The SEC appreciates the assistance of the Justice Department and the U.S. Attorney’s Office for the Western District of North Carolina.
Full SEC Charge:
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BAC is insolvent and has got no money, as most other primary dealers
BAC, as all others which are insolvent also, will use excess reserves from the Fed to make payments.
This is just theater
...and a new University is named in Washington DC..."The Mozilo and Corzine School in WFE Economics". We f*ck everyone
In addition, the billions will just go from 'bank' to 'government' to be used in wars and repression.
How much of that money will the victims of these FINANCIAL crimes ever see? The $ is not for them (obviously). It's just a facade to make it seem like the banksters' gov is being 'tough' on the banksters' biz, when in fact it's just two of their joints swapping assets and continuing business like before.
That is one sweet money laundering operation the government has going.
i just short sold my house, it took 6 months and wiped out 70k in debt. thats the kind of settlement every american needs.
Wait till you get the tax bill.
get the tax bill...
Hey, what's a 70K bump in income among friends? Instead of owing 70K to an institution incapable of establishing legitimate standing to collect, you can now owe 30K to Lois Lerner and associates. You can bet she'll never relinquish the right of ownership. And take heart, it'll be back to 70K and counting once you claim your inability to service the debt.
No shit. Bank creates mortgage debt with a flick of the pen thanks to fiat fractional reserve banking, collects payments and front loaded interest from "customer", sells that same mortgage 10 times, or more, over and keeps all of the proceeds. Bank somehow gets into trouble after collecting all of these payments and interest, DC funnels currency (created out of nothing and future debt) to the bank to bail it out. Bank gets sued and takes some of that currency and funnels it back to the DOJ. Meanwhile, ZIRP, QE, Discount Window Operations, and other assorted machinations funnel currency from Fed to bank so bank can buy US bonds and sell them back to the Fed and pockets the difference. What a crock of shit.
The only part you left out was funding the government to shelter, feed and provide mobile communications to the FSA, who would in turn vote for more thieving politicians to continue the cycle.
yes because if Tyrone isnt cool with the above system, it wouldnt happen. Im sure they consulted Da Shawn and Monique before they put this con into effect.
How retarded are you? Do you really think the FSA or ANY other plebs have any power over Banks doing what banks were designed to do?
Don't forget all those 'working' for government, including those in the 'private sector' living off of government contracts spread among districts throughout the country.
@ Dr Richard Head - Now go try to explain that to your neighbor, or sister, or the cop on the street.
John Maynard Keynes :
"Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose."
Financial Crimes? Fuck that. How about War Crimes, Crimes Against Humanity, Crimes against The Ameriacn People followed up by Financial Terrorism Crimes for starters.
Some rich jerkoff once famously said Corporations are People my friends"
And in many states it's three strikes and you're in jail for life
Here the criminal banks just keep breaking the law and wheres the Life in Prison or the Death Penalty?
So corps arent people- they're worth More than people.
Looks like BofA got thrown in the briar patch.
There is a God, before whom these fuckers must give a account of themselves.
How come that guy in Ferguson didn't get a chance to just pay a fine?
Duh, he wasn't a financial criminal. Learn the difference your life might be in the balance.
You mean bail & probation, attorney fees, that is, if he could of afforded one. Na, its just cheaper these days to have the Criminal UNITED STATES, CORP. INC Pinkertin Thugs Execute us one by one in our own streets these days.
Fits in perfectly with the whole Global Depoplution Agenda scheme as well.
- "All done by Design, all done by Agengda."
- Chupacabra
Where's the god that holds accountable lying, thieving, social engineering politicians who are the root cause of this? This is not to say that the financial industry was not all-too-willing culprits in the great heist, they most certainly were.
As the Metal Band Cattle Decapitation would say, "Fuck God". http://vimeo.com/56447021
There isn't. Which is why we need to make them accountable here, on earth, asap. Not pray - act.
Not quite yet.
Hoping that movie is in the "coming soon" schedule though
It's nice that they stuck them with a big fine. How much of that is going to the people they (and Countrywide) fucked over?
Crickets.
Agree. Yes, money from Fed excess reserves to insolvent oligarchs who refuse to lose.
Watch out for bullets going through heads, soon, if this continues
I had a mortgage that was Countrywide then BoA, and they surprise foreclosed on me even though I was in the "Approved Shortsale Program" of BoA. The bank was given nine good offers, and they refused them all.
It has been over two years now, and I still get the LoC statements from the second mortgage. On my credit it supposedly says the debt has been charged off / settled. I can go out and get another mortgage already apparently, but I'm still waiting for the market to drop due to higher rates.
In the past I have received two checks related to wrongdoing on the part of BoA, so I'm not sure if this latest news will add to it. Those two checks were around 2K and 3K. While I lived in the place that the bank owned, I gave them nearly 150K over five years for a place that went from 384K to 130K in value. I did not squat in it, and I gave up the place as soon as I stopped paying for it. There's not an ounce of guilt on my part either. They got a ton of my money after all and surprise foreclosed on me even though I was doing everything by their rules.
People have received compensation however. I did not buy the place as a sub prime either, and I paid my bills as I agreed until I could no longer do it. My reason? I went from single to married with multiple children, and my wife had MASSIVE medical issues that resulted in equally massive bills. We were going under and had to move no matter what. If I could have sold the place in a better way, I gladly would have too.
Title 11, Chapter 7
I hope this means my cunt sister in law
who BAC has decided to not kick out of her home
will finally get kicked out
She has not paid the mortgage since 2008
and she still is living there
Why didnt IIIIIIIIII buy a house I couldnt afford???
I am such a stupid fool.
:(
Good on her. You, not so sure about. No real party of interest to make valid claim against her. She turned out to be ahead!
so you like people who are idiots to have benefitted for their idiocy?
how is that fair to me????
I pay $1200 rent every month
she got a free house !!!
If you wish to be happy, joyous and free, accept the realities and inherent ironies that are involved in this slow steady collapse of our society.
You must be happy with yourself and your own actions, not the actions of others.
:)
The drum circle on the San Francisco bay must have conjured good chakra today.
One of the funniest posts on ZeroH was the average time you could spend in a house without paying the mortgage, by state.
Comedy Gold for a Funny Nation.
My cunt sister inlaw is in NY
Her mortgage was $1500 a month
Thats $1500 * 12 months * 6 years
Thats $108,000 she has saved / made !
Wanna hear something truly aghast
She even stopped paying her HOA dues !!! Fucking idiot.
And after 6 years,...the development brought her to court.
And the judge dismissed the developers claim...because of laches [delayed prosecution] !!!!!
So my cunt sister in law said ..afterwards......
I SWEAR TO GAWD...
"So,...
does this mean I dont have to pay anymore?"
That was her response!!!
Any more? More? She hasnt paid shit for 6 fucking years.
PS- BanKiller....I think you are a piece of shit. You say 'Good on her'. I hope you are in her complex and all YOUR HOA dues go up because you are now forced to foot her bill. YOU ARE EITHER A CLUELESS DOLT AND DO NOT GET IT or some anarchist dipwad who has no idea wht he wishes for.
If you wish to be happy, joyous and free, accept the realities and inherent ironies that are involved in this slow steady collapse of our society.
You must be happy with yourself and your own actions, not the actions of others.
Yes yes
THERE IS NO SPOON
But seriously though...
I HAVE A RIGHT TO BE PISSED !!!!!!!!!!!!!!
Actually, you are incorrect.
+1 He is wrong. If the banks are the crooks who created this massive fraud, why is he blaming those who figured it out and said fuck you? It was game over when the SHTF in 2008/2009 and the trillions poured into the banks via the FED. Suspending FASB 157 was the end of the line for accounting and any integrity in valuations. There is no going back now.
Nobody figured ANYTHING out.
You make it seem like people who stumbled into a good thing are smart
They are idiots
THIS IS CALLED INCENTIVES PEVERSE U MORON !!!
ONLY PERSON WHO LOSES IS THE HONEST, HARD WORKING, SMART PEOPLE.
Bullshit. Wake up. The only moron around here is you yelling at people, and calling people names.
We all lose in the end because of the FED driven TBTF bailouts and fraud ridden and corrupted markets.
Don't you think that not being angry and hateful might take some of the joy out of life?
You do realize your sentence with the word 'NOT' results in the exact opposite meaning of what you are trying to say?
ps - you dont know me and my level of anger. i am merely expressing disgust at inequity. I have the right to do such without all the hippie turn the other cheeck psycho shit being thrown at me.
---------------------------
Don't you think that not being angry and hateful might take some of the joy out of life?
I know you very, very well. I used to be you.
....until the accident
There was no accident. I chose to do the things that I did.
What kinda dolt buys a place with HOA anyway?
It's nothing more than another skimming operation.
Agreed
mydumbass cunt sister in law
Don't move to Florida
They decided to buy toxic shit in the first place it all should have gone down burning the bond holders cleaning the system.
No,no,no this is their financial stability with BS fines and a debt jailed public as economy goes nowhere.
Customer Relations
Barclays Bank Plc
Leicester LE87 2BB
26 August 2011
Sort Code: XX-XX-XX
Account Number: XXXXXXXX
Account Name: XXXXXXXX
Dear Sir or Madam
As a Barclays customer, I was disgusted to read the recent articles in the i newspaper regarding your involvement in funding companies that manufacture CLUSTER BOMBS (or any arms for that matter). This is a very serious issue to me (and for many others, I know), compounded by the financial climate in which we live, when our banks and bankers are gambling with peoples lives as well as their money.
‘In April 2009, Barclays and HSBC were involved in a major financing deal with Textron, a US arms manufacturer that builds a “sensor fused weapon” – the world’s most powerful cluster bomb… Textron issued $757.4m worth of bonds and shares with the financial aid of a 10-bank syndicate. HSBC and Barclays combined underwrote $44.6m worth of loans. Barclays then went on to invest a further $75m in a separate Textron bond deal five months later.’ – www.independent.co.uk
As a result of these revelations, I am seriously considering closing my account with you at the soonest opportunity and will encourage others to do so, as I do not want to be associated (however remotely) with such hideous weapons!
Under the Freedom of Information Act (2000), can you confirm to me whether or not Barclays continues to finance companies that manufacture cluster bombs and/or other types of arms? What measures are you taking to ensure that this does not happen in the future, if any? And what are you doing to claw back the money you have contributed to the murder (and maiming) of innocent men, women and children across the world? Do you plan to reinvest this money into charities that help victims of war? Or are you just part of the war machine, only interested in lining your own pockets, no matter what the cost to people’s lives?
Yours faithlessly
XXXXXXXX
To pay in part for this fine, expect Bank of America to announce a round of layoffs and branch closings. No matter what he says now, former bank CEO Kenneth Lewis originally stated publicly that he did not want to take over Countrywide, he did not like their business model. Bank of America shareholders got robbed when the feds forced Lewis to acquire Countrywide and Merrill Lynch. The big winner was David Tepper, who bought call options and shares of BofA when its share price was just over $3 and facing bankruptcy before taxpayers bailed out the bank. Tepper personnally made almost $4 billion banking on a federal bailout. Isn't life wonderful when you know the right people. But don't use the words "insider trading."
Wow! I guess that will affect service levels? (laugh track deafening, painful..........PPFFFFFFFFFFFFFFFFFFFFT - speakers blew (again))
It's stealth redistribution. Just like the soon to be "fines" for "misrepresented auto loans." Everyone knows where the money is going and where it is coming from. Reparations people, get used to it.
Oh no....not the belt!
$16+7 billion?... chump change for the cost of doing business.
Again, nobody goes to jail.
Your math is off there. it's 16-7, because that 7 will never actually be seen. still a complete and total joke though. their penalty for flat out fraud and the destruction of continuity which puts into question virtually every deed in the nation is... a few billion dollars, which will be written off for taxes, which means in the end, the taxpayers end up having to pay for it.
is it too much to ask for to just clawback every last cent and strip every single asset from the fuckers at the top, throw them in prison, break apart the damn thing and auction it off?
"is it too much to ask for to just clawback every last cent and strip every single asset from the fuckers at the top?"
Well now that would involve some accounting which as you may have noticed was once a needed functional requirement for sane investing that is now also subject to widespread criminal activity.
break apart the damn thing and auction it off?...
That would require the US legislatitve branch to do their job of establishing Uniform Laws of Bankruptcy. We certainly can't have that, now can we? Next thing you know they might get the silly notion to take control of US currency creation. Best to leave the auctioning off of assets to the professionals at KKR, (aka 2 jews and a german), Mecum and that big guy and his side kick on Storage Wars.
jmo.
Now this is the kind of sarcasm I can really get behind while laughing hard.
I didn't relize B of A was still in business. Why would anyone still bank with them?
$16.65 Billion of ZIRP central bank taxpayer money....get it? You, the sheeple tax payer, got screwed and ripped off, and now you will pay the fine for BoFa for their naughty behavior....where's Rex? We need a snappy 50's pep talk to keep it all going...
http://whitehousewhispers.com/five-ways-the-u-s-can-have-an-icelandic-re...
"16.64 Billion$ will be kept in a secure account personally registered to the Attorney General in the Cayman Islands."
Why so cynical, guy?
That's 35,000 MRAPs that won't have to appear in any budget. All Patriotic Americans agree we need moar on the streets of the Homeland..... to protect us.
You got a point there. Does anyone really know what happens to the money they collect in fines afterwards. Is there any accounting records or way for the public to do any forensics on the books to hold them accountable for using that money in a responsible manner that best benefits we the people through their actions afterwards?
A bribe to stay out of jail. Nothing more.
Thank God lawyers and the government are going to profit from this.
I was worried there for a while.
Sweet, sweet justice.
"chump change!"
best,
jon corzine
That'll teach em'!
This is Bozo shit
Four words.....damn you're good!
Laughable man. ~ Jesus Quintana
https://www.youtube.com/watch?v=O3_ww66EeN8
Death, by law, to Banksters. Just to be sure.
One more payoff so no one knows the notes, in the securitizations, were never properly endorsed before they went into the security or trust. Usually three different assignments were needed but never done. So invester did not have the clear chain of title needed in case of foreclosure. Hence the investor suing for damages. "I won't be here when this shit unwinds", wall street mantra.
Thank you greedy Banksters, three years free in my home....no real party in interest can come forward.....broken chain of title!
http://en.ria.ru/russia/20140820/192191774/China-India-to-Replace-Canada...
Would have to do it anyway.
Our cows are nothing but leather and hooves from the drought.
Nothing new really... every sane nation bans the fuck out of US meat anyways.
Too bad the US is not more like China eh? I heard you can go to the river in China and harvest top quality pork for free, right out of the river!
And that only the tastiest and highest quality feces are fed to the tilapia there too. Yummy!
Grimaldus
China is replacing it? Okay all that means is that they'll buy the cheapest meat they can get from ANY source (including the U.S., Canada, Australia if those are less) then slap a Chinese flag on it and off it goes to Moscow.
China also bans US meat... just like the rest of the world does.
if someone go to jail call me
When will the government be prosecuted? What will their fine be? Any jailtime for Jimmy Carter, Bill Clinton and the senators from the Bush admin? How about Bawney Fwank? I thought as citizens we need to embrace equality for all. Maybe only for the serfs I guess.
The narrative is clear, no prosecutions for the upper class and riches beyond your wildest dreams, and for the lower class, traffic fines, murder, police brutality and above all poverty.
"When will the government be prosecuted?"
Government "prosecutions" have, in the past come in the form of bloody revolutions.
If no criminal charges, it's just a payoff for doing business. Like we pay sales taxes.
BTW, what kind of finder's fee does Holder personally get from these agreements?
http://www.businessweek.com/news/2014-08-19/credit-swaps-polished-in-19-...
$19T !!???!!?
me thinks that number a bit low? No?
The sheeple are protesting in Ferguson for entirely the wrong reason.
Really? You think getting robbed by the government is worse than getting murdered daily by its thugs?
You would be happy to get murdered by Judge Dredds, if only they would stop the fraud?
Yes really. 99% of them have no idea who their real enemy is. They think it's some bald headed, white cop.
Bingo!!!! Misdirection play
Stupid ignorant foolish whitey goyim SMH...
THE tRUE PRINCES oF BABYLON GUIDED BY THE TALMUD DO NOT GO TO PRISON THAT IS FOR THE UNWASHED GENTILE YOU WANT TO SEE A HEAD ROLL GO TO NEW YORK SIT OUT SIDE B OF A HEADQUARTERS AND MAKE A CITIZENS ARREST OF ALL HIGH LEVEL MANAGERS THAT YOUR ONLY HOPE!
HOW FOOLISH FOR THE IGNORNT WHITEY GOYIM TO THINK THAT UNHOLY HORDES OF BABYLON AND THIER COMPLICIT COMPATRIOTS FOR DOING WHAT THEY WERE PUT ON EARTH TO DO....ROB LOOT STEAL KILL ALL THE UNWASHED GENTILE FILTH
hedge accordingly. "idiots"
I'll look for you in the newspapers.
"Mental case attempts citizens arrest of bank secretary."
"Bank worker claims assailant "Was filthy and smelled really awful."
Member: 1 week 2days.
Sheesh. Who left the door open again?
NOT THE SHOVELPUS AGAIN UH OH...IT IS YOUR COUNTRY THAT IT IS BEING STOLEN IS THIS NOT THE PROTESTANT CHRISTAIN NATION THE SHINING BEACON OF THE WORLD? gimme a fukn break accept defeat you are being pillaged plundered and abused on a astronomical scale and wat is your form of resistance? logging in to zerohedge daily and venting with your fellow filthy goyim!
Your founders are rolling in their graves if redcoats were to invade tommorow with the weapons they fought with against the colonists you all would still be beat hahaha ASK A NAVY SEAL HE TELL U THE WILL TO WIN TRUMPS ALL THE FANCY TOYS AND THE SKILL TO WIN! KEEP POLISHIN THAT FANCY AR15 THO IT WILL BE A GREAT ADDITION TO THE RUSSIAN PARATROOPERS COLLECTION AFTER HE RAPES YOUR FAMILY AND SHOOTS YOU ALL IN THE HEAD
hedge accordingly. "idiots"
Go back to Yahoo with the rest of the children.
I get a feeling that all these DOJ deals is left hand now recovering what right hand of FED gave the TBTF via ZIRP/QE pumping n dumping.
For 6 years the FED has doled out free money for the banks to re-establish their margins via the derivative casino, all the while the government debt builds up.
Now the statists say to the TBTF Oligarchy : Ok now cough up a little, just a little, of what we have given you and that will save our faces in Congress in front of the people.
But the real issue is this : And if the FED's Yellen is dovish does this contradict what FED's George says :
http://www.businessinsider.com/r-feds-george-says-the-us-economy-is-read...
I'll steal $100 bucks from you and give you back $1. Now pat me on the back and tell me I done a good job. Farking BS!
I suppose deep down you know i am correct
most people think you are a shithead....just saying.
.
where the fark is the jail term? Life atleast without parole within the Metas wing!! LOL
Too bad, I cut the likes of you by paying cash, cut out the banking middle man.
Who really is going to payoff this lawsuit, you (bank scumbag) or the taxpayers?
You can thank the taxpayers. Pat yourself on the back to score a commission on something which should of ended in the death penalty.
Attorney settlement to increase GDP. How will BLS adjust for this? Seasonal adjustment or weather related? -1.2% or 3.8% pencil whipping GDP?
Doves get killed and Hawks are shot. What is your fears Yellen? Might want to make a new currency out of play dough. We always aid to assist the Federal Reserve in tackling a monetary crisis.
Can we value your chrome dome for 10 trillion, that should enable us to kick the can down the road. What are your thoughts about that?
You know the irony of all this? The people paid the bill, but BofA gets the headline to say it paid. I'm mean that is insult to injury!!!!!!!
The mofo Fed montized via the treasury so the banks could be re-capitalized and the bill is presented to the American people. HEAD I WIN TAILS I WIN. Basically American Citizens are FARKED DAY and NIGHT with the FED!
This is just the government's latest revenue raising scam. They can't collect taxes because their services aren't wanted. They have to fake inflation numbers because it will raise the interest they pay on their debt. So, they collude and conspire with the financial sector ... catch them in a huge scam (which they purposely overlooked), assess a 10% levy on their ill gotten gains, and move on to the next ... even larger levy. Like inflation, this is just a form of tax imposed on the consumer.
What-a country.
"This is just the government's latest revenue raising scam."
1) How should the government raise revenue?
2) Why can't they collect taxes?
3) Why aren't their services wanted?
/sarc
the real question:
Why does trollboy withglee keep posing questions like the above to other reader's comments, when clearly, he is a troll with all the answes? Just check his recent comments.
Inquiring minds want to know!
Jrobby did you edit your comment or did zerohedge jus go commie cuz im here now! that tirade was poetic masterful the george carlin clips u linked i just watched both WTF IS GOING ON HERE????????
O AND BY THE WAY ALL THE STUPID IDIOT WHITEY GOYIM THEE AMOUNT IS NOT RELAVENT ASK THEM WHY THEY DONT HAVE A DETAILED PAYMENT STRUCTURE IMPLEMENTED WHERE WE KNOW HOW MUCH AND WHEN? SO FUNNY THE FIRST PAYMENT WONT HAVE TO COME DUE TILL IDK MAYBE 2020 OR SUM SHIT HAHAH YES INDEED ALL KABUKI THEATER!!!!
IM PRETTY SUREIN THE FUTURE WEN YOUR PROGENY ARE ALL SLAVES AND USED FOR SEXUAL GRATIFICATION AND SCIENTIFIC EXPERIMENTATION OF THE MOST UNHOLY KIND I BELIEVE THEY WOULD SAY YOU DA SHITHEAD. I AM NOT THE ENEMY HERE I AM NOT THE DARKIES IN FERGUSON. MKAY?
What a sick joke. No prison terms and very little of that money will go to the victims.
Fuck you "deferred prosecution"!
So in other words the big banks aren't allowed to steal from U.S. citizens unless they portion off a healthy share for the government afterwards. Well, I feel safe. Can we just label this a fraud tax and publish the schedule for the banks now so we don't have to go through this ridiculous public specktackle pretending to be justice?
Things won't change until they start finding death cards on the dead bankers bodies.
What percent of the original spoils is the fine? And who will actually pay that fine? The same people who pay ALL of the so-called corporate taxes - the customers and, possibly shareholders.
a small price to pay in overturning 500 years of established real estate law.
well done, sir. well done.
In reply to Corporatewhore: How about MERS, Mortgage Electronic Registration System, that steal local registration fees?
Talk about cute, How about illegal cramming MERS into place and than legalizing the criminal act!
The fascist criminals are in full control. Bring the Empire globalist criminal banksters and their corrupt legal system and their bribed and corrupted Congress to Justice!
Oh No, we will not bring the criminals to Justice, we are helpless victims that are hording our gold and silver with the hope that we will survive in the future. Brainwashed stupid Americans are not any different than the millions of Jews that lined up for their own execution. Ha. Ha.
All of you dumb-asses are about to witness the greatest genocide on Earth. Everyone will have a front row seat, but before you go, remember you could have brought the criminals to Justice and prevented the genocide.
Make a list and scream: No more! Hang the criminals for Treason!
To all youse little people who lost yer homes and yer retirement, and to all youse bambinos who lost yer paltry inheritances and tuition funds, sorry 'bout dat.
Aw haw haw, haw haw haw, haw haw, haw haw. Sheese I really crack me up.
bank of america credit card interest is currently 17.84% while they borrow from the fed for 0. Thieves.