Since 2009, the US Justice Department has been building cases against major financial institutions for the improprieties committed to cause the 2008 financial crisis. Just the institutions, not their wayward executives. Even though our Supreme Court says corporations are people, logos don’t serve jail time. Only people do. We all know someone made the idiotic decisions that nearly collapsed the entire free word economy.
We’ve grown accustomed to these big numbers. He is one way to find the scope of what 1 billion is versus 1 million. Supposing you had the time, it takes a person 12 days to count to 1 million, one second at a time. It takes just under 32 years to get to 1 billion.
$16.5 BILLION! That is A LOT of WRONG?! Right?
Obviously, BofA agreed to pay this enormous sum for some reason. Yet, they don’t admit to any wrong doing. Here is what their CEO, Brian Moynihan, said –
“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.”
No culpability, no admission of guilt. This is just a business decision so the bank can ‘focus on the future.’ Must be nice to be immune from personal responsibility.
In fact, not a single top-level executive has been tried for malfeasance since 2009. Why not? The Enron guys went to jail. Many bankers went to jail in the 1930’s following the Great Depression. I find this puzzling why so many banks would pay so much money yet the government can’t find a single guy who did anything illegal?
Little of it gets back to the folks on Main Street who got killed in the 2008 crisis. It mostly goes to various governmental agencies. This seems nuts to me. Shouldn’t this money come back to us? Taxpayers? We know if it goes to bureaucracies, it will be spent. Not always so wisely.
I won’t hold my breath counting to a billion hoping I get a tax break…
Matthew Everson (CA Insurance Lic. #0C73126) is a Registered Representative and Investment Adviser Representative with/and offers Securities and Advisory Services through Commonwealth Financial Network, member www.FINRA.org/www.SIPC.org, a Registered Investment Adviser.
This communication is strictly intended for individuals residing in the states of AZ, CA, CO, IL, MA, MT, NV, OR, TX, WA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services.
We are located at 1423 13th Street, Santa Rosa, CA 95404
Our phone number is 707-968-7237.
We ask that you do not call this address & number for any marketing or solicitation. It is reserved for clients and prospective clients only. http://www.commonwealth.com/termsofuse.html