Thursday, August 21, 2014
Bank of America agrees to $17B settlement, debits petty cash account
Because, after paying out over $80 Billion in previous fines and settlements, what's $17 Billion among friends? And in the end, the taxpayers, bank customers and shareholders will pay for whatever the insurance won't cover. And about those who committed the crimes that led to this settlement? They were richly rewarded for the profits generated by those crimes. None of their gains will be clawed back and you can bet your last dollar they will be rewarded for this settlement.
“We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future,” Bank of America’s chief executive, Brian T. Moynihan, said in a statement.Willie Sutton, a noted bank robber of the '50s once was asked why he robbed banks and replied "Because that's where the money is". Poor Willie didn't think big, he robbed banks with a gun. Nowadays the smart crooks know that you use the whole bank as your weapon to steal from more people than anyone can imagine. And unlike Willie and other bank robbers, famous or not, when you use the bank as your weapon, you don't get shot at or go to jail.
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