Bank Of America To Pay $930,000 Restitution To Whistleblower Who Was Fired For Reporting Fraud At Countrywide

Tyler Durden's picture

We hardly needed confirmation that a) Bank of America is a den of criminals and thieves, that b) its toxic $1.3 trillion mortgage division, better known as Countrywide, is an even scarier and more putrid den of criminals and thieves, and that c) it retaliates against anyone who dares to remind the bank that there are such things as laws, and the aforementioned criminals and thieves actually have to follow these. Yet this is precisely what we just got after the Department of Labor said that it must pay $930,000 to an employee who led internal probes of abuses at its Countrywide Financial unit and was fired in violation of whistleblower protections.  Bloomberg reports "the employee, who also must be reinstated, had claimed that people who tried to report fraud to Countrywide’s employee- relations department suffered persistent retaliation, the agency said today in a statement. He was fired after Charlotte, North Carolina-based Bank of America’s 2008 purchase of Countrywide, according to the statement." So is it possible that the general public can now get the documentation that said whistleblower was fired for attempting to bring to his retaliating superiors' attention? And just how damaging will this development be to a bank which is already embroiled in litigation with virtually every single entity that has every transacted in mortgages both in America, and now abroad?

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Gubbmint Cheese's picture

amount of restitution lower than expected.. this is bullish for the US stock market.

 

A.W.E.S.O.M.-O 4000's picture

Nobody likes a snitch. Especially a well compensated one.

nope-1004's picture

Banks used to be a place that housed money, PM's, and wealth.

Now they house lies, deceit, two sets of books, and satanic policy objectives.  Rape the public at any and all cost.  Nice gig.  Quite the transformation.  Why we even allow them to stay open, let alone dominate gov't policy, makes me wonder.

 

LeBalance's picture

You'll have to fill me in on when Banks were the former.

Buckaroo Banzai's picture

"CountrySlide Mortgage. You will never find a more wretched hive of scum and villainy. We must be cautious."

FEDbuster's picture

I am starting to believe that Countrywide was a mafia run operation, or they at least had their hands in it.  There is a whole website devoted to exposing this and other crimes and financial terrorism:

http://www.deepcapture.com/

Silver Pullet's picture

You can catch some old Bonanza episodes...

Freewheelin Franklin's picture

Banks used to be a place that housed money, PM's, and wealth.

 

Banks used to be a tool for business. Now, business is a tool for banks.

SilverTree's picture

Thats 516.6 oz's of GOLD...BITCHES

Mad Max's picture

It's more like 1100 ounces if valued at the time he was fired rather than today.

Al Huxley's picture

S&P trading above 1200 - also bullish for the market. CNBC anchors must be creaming themselves on air at this. Meanwhile, Cramericans who followed advice to go to cash or short on Monday at S&P 1140 scratch their heads at the 60 point hole they now find themselves in.

TruthInSunshine's picture

Hi Robo. The name may change, but your words will always stamp you.

DonutBoy's picture

This is why Warren is such a big fan, an honest shop with a strong balance sheet.

EscapeKey's picture

I hope he'll get to enjoy it sometime before 2018.

monopoly's picture

What planet is this. I forgot.

slyhill's picture

Hellonearth. Third rock from sun. Greed is love. Money, the master.

1000yrdstare's picture

I'm with Bank of America, we'll take care of you.....

Sudden Debt's picture

MY BOSS HAS A AFFAIR AND ALMOST ALWAYS COMES IN LATE!!!

NOW WHERE'S MY MONEY BITCHEZ!!!

 

He's also a full blown retard, but I don't think that's a secret....

 

sunnydays's picture

For once they are having to pay for the truth being revealed as they tried to stop it.

 

Let's calculate - I wonder how many trillions they would have to pay for all the lies they have told, instead of the truth?

 

Everything about that bank is lies.

topcallingtroll's picture

that calculation is exactly why they will continue to punish and threaten whistle blowing.  It is better to take a small chance on a relatively small settlement or fine than it would be to let all the secrets out.  The die is cast.  They are in survival mode and merely calculating the least amount of loss.

JohnG's picture

Heheh, thanks Tyler. :)

monopoly's picture

MarketWatch

Meltdown fears emerge in Canada

 

This should be good for another 25 spoos points.

hunglow's picture

"drip"   a small drop of blood  on the test strip is all it takes with a pitchfork.

Catch-22's picture

Hmmm... what just happened?

Gubbmint Cheese's picture

Bloomberg: BAC Whistleblower to use $933k restitution towards Greek bond purchases.

Bagbalm's picture

Whistleblower special - sale on hot tubs.

Dr. Engali's picture

Stupid ass record number of shorts are getting their asses handed to them again today.

monopoly's picture

How can investors be so stupid as to buy these rumors. I mean I am not smart enough to work at the AAPL genius bar, but I do have a brain and can usually reason from time to time.

Gonna be up 300 soon. lol

1000yrdstare's picture

270 and up....unreal....simply unreal..

hunglow's picture

22,142 one troy oz Ag rounds

monopoly's picture

no shorts....ahem.

Catch-22's picture

... is it one of those deals like the lottery? $6,642.85 a year, for the next 140 years ... before taxes.

orangedrinkandchips's picture

no! No Way! I am SHOCKED...SHOCKED I TELL YA.....HARD TO BELIEVE...

chunga's picture

US Department of Housing and Urban Development (HUD) Evicts 101 Year Old Texana Hollis from Home of 58 Years

Isn't this sweet...I'm so proud of these hard workers at HUD I have a lump in my throat. This is the kind of thing that will get that old economy moving again.

LFMayor's picture

What?  Barack didn't pay her bills?

chunga's picture

No. Corporate welfare comes first. Actually HUD just back-pedaled and decided not to kick her out. Probably figured by the time they forged all of her docs she'd be dead anyway.

Joe Davola's picture

Laws really only deter honest people.

topcallingtroll's picture

frequent public prosecutions are the only things that deter the dishonest.

fyrebird's picture

I don't know about that one. From observations I don't think anything deters them. You can lock them up after you've caught them, but that's not detering them it's taking them out of circulation. Many (most?) when released from custody go right back to doing what they did before, if not worse.

Most criminality is in the blood, and there it remains.

Freewheelin Franklin's picture

Laws make otherwise normally law abiding citizens, criminals.

 

All a lock does is keep an honest man, honest.

faustian bargain's picture

The employee must be reinstated? Talk about an awkward day returning to the office...

chunga's picture

Ooops. Sorry about the down arrow. Bad shot today...lol.

If he's smart he'll catch his tie in one of their big shredders and whack 'em with a worker's comp claim.

steelhead23's picture

Yeah, can you imagine what his duties might be?

  • make coffee
  • empty trash (after its been shredded)
  • clean toilets

I am not a vindictive guy, but were I BAC's CEO, I'd make the dude an offer - a couple of million should get him to go away forever.  I simply cannot imagine him coming back into the "team."  Also, if he even spent a minute watching porn or reading ZH, they'd fire him for cause.

topcallingtroll's picture

Never quit Tyler

The world needs you.

Prosecuting CountryWide for fraud would be like shooting fish in a barrel.  But it probably won't be done because it would undermine confidence.

 

Will they still be concerned about undermining confidence when there is no trust in the system because it didn't correct abuses?

Do TPTB not understand what happens in a credit based system when there is no trust at all in institutions and no assurance that bad behavior will be stopped?