Drudge Retort: The Other Side of the News
Thursday, August 21, 2014

In the largest settlement to come from the 2008 economic crash, Bank of America has agreed to fork over $17 billion for its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials told AP. The settlement was negotiated through a joint federal and state working group established by President Barack Obama two years ago and follows $13 billion and $7 billion settlements reached by JPMorgan and Chase and Co and Citigroup.

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Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

They simply get the money from their customers, pay themselves huge bonuses and no one does jail time.

Once again the 1% walk free while the rest of America suffers.

The deal requires Bank of America to acknowledge making serious misrepresentations about the quality of its residential mortgage-backed securities issued by itself and by Countrywide Financial and Merrill Lynch.

Otherwise known as FRAUD. What a joke.

#1 | Posted by 726 at 2014-08-21 07:39 AM | Reply | Flag: | Newsworthy 2

When is Goldman-Sachs going to have to pay up?

#2 | Posted by kudzu at 2014-08-21 09:05 AM | Reply | Flag:

Yep Corperations are people, eh???

#3 | Posted by cmbell73 at 2014-08-21 09:57 AM | Reply | Flag:

In Canada, the saying was, a healthy banking sector means a healthy country. I believe that still to be true. Nobody wants the banks to commit fraud but at the same time, if the banks fail, kiss the country goodbye. What did the President of Iceland tell his population when the financial sector collapsed? Go fish! Enough with the childish evil bankers talk.

#4 | Posted by CrisisStills at 2014-08-21 10:34 AM | Reply | Flag:

Throwing a half dozen corporate criminals in jail would go a long way towards preventing future crimes. It would do alot more good for us in the long run than this $17B ever will. But this is American and have two justice systems so nevermind.

#5 | Posted by Sully at 2014-08-21 10:35 AM | Reply | Flag: | Newsworthy 2

So one black kid gets shot and Eric Holder is on tv talking about it and he can't even comment on banks that sunk our economy? Then Corky post this crap as if it's some type of success. Pathetic.

#6 | Posted by Dalton at 2014-08-21 10:51 AM | Reply | Flag: | Newsworthy 1

#6 go back and also review Bush's policies on the banks situation. Don't forget to catch Paulson on his knees begging nancy pelosi to help do the bailouts.

#7 | Posted by kudzu at 2014-08-21 11:19 AM | Reply | Flag:

#7 I didn't see anyone say that this was a purely Democratic vice. The tenor of the conversation seems to be 1% vs. everyone else, not Democrat/Republican/liberal/
conservative/libertarian divisions.

#8 | Posted by DoofusOfDeath at 2014-08-21 11:22 AM | Reply | Flag:

What does Bush have to do with this. He and congress wrecked the economy wanting everyone to be a homeowner even if they couldn't afford it. This is about the fact that Eric Holder and Barack Obama wouldn't even prosecute the biggest criminals in this country. Yet they will comment on every little uproar based on race. I've said from day one that fine if we have to bail out the banks to save people from living on the streets but, someone needs to go to jail.

#9 | Posted by Dalton at 2014-08-21 11:22 AM | Reply | Flag: | Newsworthy 1

The real problem was what was legal for these banks to do, not what was illegal.

The 17 billion is better than nothing, but the big deal in this agreement was the precedent set by the bank admitting to "making serious misrepresentations about the quality of its residential mortgage-backed securities", which will help the government in future prosecutions.

#10 | Posted by Corky at 2014-08-21 11:24 AM | Reply | Flag:

Yeah Clinton repealing the Glass Steagal act didn't help.

#11 | Posted by Dalton at 2014-08-21 11:34 AM | Reply | Flag:

#8 | Posted by DoofusOfDeath at 2014-08-21 11:22 AM | Reply | Flag:

According to Partisan it does

#12 | Posted by cmbell73 at 2014-08-21 12:03 PM | Reply | Flag:

We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to OWN THEIR OWN HOME"
- President George W. Bush, Oct. 15, 2002

Bush pushed hard to expand home ownership, especially among minority groups, who could LEAST AFFORD IT . Bush took a lot of pride that home ownership had reached "historic highs". . But his housing policies and hands-off approach to regulation encouraged lax lending standards.

#13 | Posted by SammyAZ_RI at 2014-08-21 01:20 PM | Reply | Flag:

Bailed out for trillions, pay back a few billions.

Hope and change.

#14 | Posted by Shawn at 2014-08-21 03:15 PM | Reply | Flag:

Why aren't the heads of B of A going to prison?

#15 | Posted by Tor at 2014-08-21 03:23 PM | Reply | Flag:

Why aren't the heads of B of A going to prison?

Posted by Tor at 2014-08-21 03:23 PM | Reply

They bought congress perhaps???

#16 | Posted by LarryMohr at 2014-08-21 03:26 PM | Reply | Flag:

They bought congress perhaps???

#16 | Posted by LarryMohr at 2014-08-21 03:26 PM | Reply | Flag:

Good lord. It isn't up to congress. They would or should be prosecuted by Eric Holder. You know the AG that Obama picked.

#17 | Posted by Dalton at 2014-08-21 03:33 PM | Reply | Flag:

"They bought congress perhaps???"

How?

After all it's not like their was a massive way of idiots that got elected not long after 2008........oh right.

#18 | Posted by Tor at 2014-08-21 03:35 PM | Reply | Flag:

Executive crimes to be paid for by sucker shareholders. What a surprise.

#19 | Posted by nutcase at 2014-08-21 04:12 PM | Reply | Flag:

Actually paid for by taxpayers and shareholders as BofA writes off the costs as a loss against their profits.

#20 | Posted by nutcase at 2014-08-21 06:57 PM | Reply | Flag:

...but the big deal in this agreement was the precedent set by the bank admitting to "making serious misrepresentations about the quality of its residential mortgage-backed securities", which will help the government in future prosecutions.

Who cares? The bank can admit to whatever they want. They'll pay some superficial fines and once they threaten to tank the market from being squeezed, the government will fall in line.

#21 | Posted by Ben_Berkkake at 2014-08-21 08:07 PM | Reply | Flag:

Fanny Mae and Freddy Mac did far worse, but that's ok bc the gov'ment is here to help

#22 | Posted by korvhaal at 2014-08-22 01:35 AM | Reply | Flag:

Bush pushed hard to expand home ownership, especially among minority groups, who could LEAST AFFORD IT . Bush took a lot of pride that home ownership had reached "historic highs". . But his housing policies and hands-off approach to regulation encouraged lax lending standards.

#13 | POSTED BY SAMMYAZ_RI AT 2014-08-21 01:20 PM | FLAG: Not sorry to burst your bubble, BUT this actually started under the Clinton Administration. President Bush's Administration attempted to REPEATEDLY investigate Freddie Mac and was continually blocked by dems.

#23 | Posted by MSgt at 2014-08-22 01:38 AM | Reply | Flag:

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