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Bank Of America To Pay $930,000 Restitution To Whistleblower Who Was Fired For Reporting Fraud At Countrywide
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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amount of restitution lower than expected.. this is bullish for the US stock market.
Nobody likes a snitch. Especially a well compensated one.
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.
You'll have to fill me in on when Banks were the former.
Fuck Bank of America.
"CountrySlide Mortgage. You will never find a more wretched hive of scum and villainy. We must be cautious."
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/
You can catch some old Bonanza episodes...
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.
Angelo? Is that you?
Thats 516.6 oz's of GOLD...BITCHES
It's more like 1100 ounces if valued at the time he was fired rather than today.
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.
Hi Robo. The name may change, but your words will always stamp you.
That's not Robo.
http://www.zerohedge.com/users/al-huxley
This is why Warren is such a big fan, an honest shop with a strong balance sheet.
LOL
I hope he'll get to enjoy it sometime before 2018.
What planet is this. I forgot.
Hellonearth. Third rock from sun. Greed is love. Money, the master.
Sounds sensible.
I'm with Bank of America, we'll take care of you.....
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....
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.
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.
Heheh, thanks Tyler. :)
MarketWatch
Meltdown fears emerge in Canada
This should be good for another 25 spoos points.
"drip" a small drop of blood on the test strip is all it takes with a pitchfork.
Hmmm... what just happened?
Bloomberg: BAC Whistleblower to use $933k restitution towards Greek bond purchases.
Whistleblower special - sale on hot tubs.
Stupid ass record number of shorts are getting their asses handed to them again today.
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
270 and up....unreal....simply unreal..
22,142 one troy oz Ag rounds
no shorts....ahem.
Commando
... is it one of those deals like the lottery? $6,642.85 a year, for the next 140 years ... before taxes.
no! No Way! I am SHOCKED...SHOCKED I TELL YA.....HARD TO BELIEVE...
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.
What? Barack didn't pay her bills?
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.
Laws really only deter honest people.
frequent public prosecutions are the only things that deter the dishonest.
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.
Laws make otherwise normally law abiding citizens, criminals.
All a lock does is keep an honest man, honest.
The employee must be reinstated? Talk about an awkward day returning to the office...
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.
Yeah, can you imagine what his duties might be?
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.
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?
I will answer my own questions
Yes, but it will be too late
No they do not understand.
"ok what happens when trust is lost in a credit based fiat system?"
Monetary aggregates decrease, spending declines, taxes decline, services decline, and we become a third world country.
Look at Mexico or Detroit if you want to see what endemic corruption brings.....
DoJ wants employees to rat out their companies and then the gov't can decide if it is fraud. Next step forward for the police state, can't have their snitches abused, then no one would do it.
This is probably somewhat true. The lesson here is not that ratting out bad companies is itself bad, but that promoting fraudulent operations and punishing anyone that tries to set things right advances us toward a police state.
What is at risk is fairness, and what is lost is decency. When we accept these as the norm because "that's business" then the police state (the ultimate fraud) is the next bump in the road.
Get real. Individual human beings legitimately have rights. Corporations are delusions AKA fictions (called "fictitious entities" in law).
The police state is indeed extremely dangerous for real living breathing individual human beings.
But corporations? They are fiction to start with, and fraudulant practices NEED to be found and punished, along with any individual who promotes, practices and protects those frauds.
Long live CORPORATE whistleblowers.
Snitch out friends and neighbors to government predators? You deserve to die.
I can imagine going back and the first day nobody will get in the elevator with you...
No. Everyone gets in the elevator with you with a 15 second tell-all, hoping for some personal cover and CYA when the big DoJ ax comes looking for fresh heads to cut off.
Rats when abandoning the ship have no loyalty.
30,000 out the door and 1 back in.....would that be considered "created" or "saved" by the administration?
$900K is chump change. BofA probably made 50x that penality in fraudulent gains by having the guy out of their hair for a while.
Brilliant. Reinstate the guy, so when BAC goes tits up, he can collent unemployment for 199 weeks. why not just make the settlement $1 shy of $1mil?
I bank at comerica because they pay me .00023 interest verses BAC .00021. To make 50k in interest I only need 12 million, in my 401 k.
I'm moving up, but still $11,934,00 short.
I picked the wrong career. I should have been a spy at BAC.
the employee….also must be reinstated
Whoever you are, be careful. I suggest you don’t eat any food in the company cafeteria that isn’t commercially pre-wrapped and don’t go to the bathroom alone.
P.S. You had better not be Angelo Mozilo!
Medal of Honor...Barry should award this guy with the Medal of Honor....the very medal he pinned on Buffet's fat chest.
Well, I think we all know who will be the first of the 30,000 to be laid off.