Throughout the media the figure of $17 billion has been paraded out as the penalty Bank of America will pay for its crimes in the mortgage security market that led to the 2008 financial crisis and resulting Great Recession. But will BofA really be paying that much? If the other deals struck for the same crisis causing activity are any indication, no.
|By: DSWright Thursday August 21, 2014 11:10 am|
|By: DSWright Thursday May 22, 2014 6:41 am|
One step forward two steps back? Though one Wall Street megabank, Credit Suisse, finally faced a bit of justice for criminal activity it seems there still has not been much of a change in some of the bankster community’s more unsavory practices – such as money laundering for drug cartels.
|By: Peterr Tuesday April 29, 2014 10:45 am|
Can you say “regulatory capture”? Sure you can. The acquisition of Merrill Lynch was in 2009, Bank of America only caught this mistake last week, and you’re happy they are handling it swiftly? How about asking how it got through for 5 years? Bank of America has been structuring those inherited notes since 2009, and only now noticed a problem? Earth to Janet Yellen: this is NOT good news.
This disclosure doesn’t raise credibility issues; it confirms credibility problems.
|By: DSWright Thursday April 10, 2014 6:44 am|
Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act.
|By: masaccio Sunday January 19, 2014 10:38 am|
Interest rate swaps are a tool for transferring money from taxpayers to banks, thanks to the Fed’s low interest rate policy.
|By: DSWright Friday October 25, 2013 1:00 pm|
The Bank of America executive at the center of the recent mortgage fraud case – for which Bank of America was found liable by a jury – is not only still working on Wall Street, she is still working in the housing market. Rebecca Mairone, the architect of the scam known as “the Hustle”, now works for JPMorgan Chase as the Managing Director of Home Lending.
|By: DSWright Thursday October 24, 2013 6:45 am|
Yesterday a jury found Bank of America liable for knowingly selling defective mortgages. Bank of America’s Countrywide unit was ground zero for the housing crash by degrading credit standards, creating horrendously unstable mortgages, then pushing their poisonous products onto the world.
|By: DSWright Thursday August 8, 2013 12:35 pm|
One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market. JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007.
|By: DSWright Tuesday July 2, 2013 9:25 am|
A San Diego jury decided that a man should not face up to 13 years in jail for protesting Bank of America by writing in water-soluble chalk on the sidewalk in front of bank branch buildings. The man, Jeff Olson, said he was inspired by the Occupy Wall Street movement and was engaging in political protest.
|By: DSWright Wednesday June 19, 2013 6:35 am|
Another heartwarming Bank of America story. The latest story is courtesy of one of those much maligned whistle-blowers who saw something and said something. In this case the whistle-blower disclosed that the Too Big To Fail/Jail bank had a bonus system setup encouraging foreclosure on desperate homeowners.