Even if the banks get slapped with the “large” $30 billion penalty, that is only a net loss of 50% more than was saved by cutting corners. More likely, though, the settlement will cost the banks less than $30 billion. If I know the maximum punishment for robbing a bank was only being required to pay back what I stole plus at most another 50%, my life of crime would start tomorrow.

[Welcome Simon Johnson, and Host William Black, author of The Best Way to Rob a Bank is to Own One [As a courtesy to our guests, please keep comments to the book.  Please take other conversations to a previous thread.] Thirteen Bankers: The Wall Street Takeover and the Next Financial Meltdown The authors begin their book [...]