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Well, not "wrath" really -- probably just another million dollar "cost of doing business" nuisance fee.

And not really "the viewers" -- just the ire of their Securities Investors ...


Bank of America accused of misleading investors

by Kevin McCoy, USA TODAY -- August 6, 2013

Federal prosecutors announced a civil lawsuit Tuesday against Bank of America for allegedly failing to disclose risks and misleading investors in an of $850 million mortgage-bond deal offered in 2008.

The federal court complaint alleged that the bank lied to investors about the relative riskiness of the mortgage loans that backed the securities, made false statements and filled the offering with a disproportionate amount of risky home loans originated through third-party brokers.
[...]

"Bank of America's reckless and fraudulent origination and securitization practices in the lead-up to the financial crisis caused significant losses to investors," said U.S. Attorney Anne Tompkins of North Carolina's western district. "Now, Bank of America will have to face the consequences of its actions."
[...]


Instead if slapping the Bankers with another "$5.7 million penalty" or another "$9.7 million in prejudgment interest" parking ticket

-- why don't they force the bankers to put people back in their foreclosed homes?


Or better yet, why don't they make the bankers 'live in their cars' for a year -- to see how they like it?

They can make it a Reality TV Show to up the ante -- call it "Heels on Wheels" or some such attention-getter.


Most of them "misleadingly" deserve it.



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Comment Preferences

  •  Smells like RICO to me. (2+ / 0-)
    Recommended by:
    Kristina40, MartyM

    How corrupt and how widespread does it have to be, before it is a corrupt organization?

    Ayn is the bane! Take the Antidote To Ayn Rand and call your doctor in the morning: You have health insurance now! @floydbluealdus1

    by Floyd Blue on Wed Aug 07, 2013 at 06:01:32 AM PDT

    •  We never should've bailed them out (2+ / 0-)
      Recommended by:
      Darwinian Detrius, jamess

      TARP loans may have been recovered and even turned a profit, but it only treated a symptom.  The underlying infection is still alive and well.

      I'll believe corporations are people when one comes home from Afghanistan in a body bag.

      by mojo11 on Wed Aug 07, 2013 at 06:26:24 AM PDT

      [ Parent ]

      •  Imagine if (1+ / 0-)
        Recommended by:
        jamess

        The money had been given directly to us.  We could've all paid off our mortgages and kept our homes.  Or maybe just spent the money and kept the economy afloat, thus keeping our jobs.  In the meantime some crooked banks would have gone under and we might have ended up with real reform and some more honest banks...

        •  We could have learned a lesson from (1+ / 0-)
          Recommended by:
          Vatexia

          Iceland, who went through the same kind of collapse for the same kinds of reasons years earlier.  (In fact, we could learn a lot from Iceland STILL... if we would.)  But instead of taking that lesson and learning from it, we instead decided to repeat the same error and got -- guess what? -- the same results.  Only when WE did it, the economy of scale was so much greater that the ripples are still going.

          Banks and other financial institutions look only at what they CAN do -- legally.  If there's no law against it, and it looks like it will turn a short term profit, then it will be done.  If there IS a law against it, they have the lobby to get rid of or modify that law so that what they want to do BECOMES legal.  And until such time as it becomes ILLEGAL, they'll do it and give the rest of us the middle finger with both hands. (See: Son of BOSS.)

          And then, their minions in Washington and elsewhere will extol the virtues of "austerity", saying "we don't want to wind up like those Eurozone countries"... who are implementing strict ... uh... austerity.

          I'll believe corporations are people when one comes home from Afghanistan in a body bag.

          by mojo11 on Wed Aug 07, 2013 at 08:09:23 AM PDT

          [ Parent ]

    •  Well, see, the problem with banks is that they (0+ / 0-)

      are organized to relieve people of their money. I mean, if its a government run by the people and the government issues the currency, then it's all the people's money and any the banks claim for doing nothing, but intercepting the flow of the currency and passing it around to the financial crowd, is a theft. But, since it's perpetrated by a legally organized entity and people hand over their currency willingly, it's not thievery -- just as a doctor inserting a speculum in a vagina is not rape because the woman agreed to it. Whether the unwarranted insertion of a speculum that takes pictures is criminal and pornographic is yet to be decided. Conditioning payment for health care on an unwarranted intrusion should probably be considered extortion. But whom are we going to charge?
      Ordering something to be done that nobody actually wants to do is a clever invention. It lets lawmakers deprive individuals of their human rights remotely.

      Remote control. That's the ticket. It lets Presidents get away with assassination and the Pentagon with torture and the Congress with starving indigent women and children.

      We organize governments to deliver services and prevent abuse.

      by hannah on Wed Aug 07, 2013 at 06:54:15 AM PDT

      [ Parent ]

  •  I'd watch that show (2+ / 0-)
    Recommended by:
    Darwinian Detrius, jamess

    But they would be better suited on a Naked & Afraid episode, where they are placed in the rural area of high foreclosures and forced to become squatters. Maybe then you'd finally see them arrested.

    •  I don't know. Putting banksters in prison (1+ / 0-)
      Recommended by:
      jamess

      probably costs more than it's worth and being a prison guard is a demeaning occupation. Putting them under house arrest might be more effective. They'd have to organize their own sustenance--a novel experience that might prove really stressful.
      People who steal money, legally or illegally, probably do so because they aren't competent at anything else. Memorization, after all, only gets you so far.

      What would happen, if we changed the paradigm and determined that the 1% are a coterie of incompetents, a mutual admiration society with just one talent: accumulating worthless dollars? Might we then decide that the flaw lies not in their accumulation, but in our attention to their demands and in the deprivation we permit to be inflicted on other on their account.
      How did we let quantity become a substitute for quality? More is not better and bigger fails. How did we come to believe the opposite?

      We organize governments to deliver services and prevent abuse.

      by hannah on Wed Aug 07, 2013 at 07:06:06 AM PDT

      [ Parent ]

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