The Washington Post reports today: Traders at Bank of America willfully misled investors about the quality
of the residential mortgages tucked into the securities the bank sold at
the start of the financial crisis, according to separate lawsuits filed
Tuesday by the Justice Department and the Securities and Exchange
Commission. . . . Justice claims the bank knew that more than 40 percent of the 1,191
mortgages it bundled into securities did not meet underwriting
guidelines and sold them anyway. Prosecutors estimate that the total
losses sustained by investors will exceed $100 million.
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U.S. Sues BofA over Sale of Mortgage-backed Securities
Don’t hold your breath regarding actual jail time….no no no! The system is rigged and unless we change the “system and “Get Money Out” we are doomed to this faux democracy! You can trace ever problem back to “money”. The people are corrupted by a system designed to fail and everybody knows it but hell it’s working for the power brokers so …. I’ve evolved over the years into a questioner of everything. Kept waiting for the “one” who never came. Fool me once shame on you, fool me again…shame on me!
Finally!!! The Oscar winning Documentary film, “Inside Job,” documented the step by step process of deregulation of investment banks to the 2008 crash. Narrated by Matt Damon, it was clear about who, what, and where the crimes occurred. At the Academy Awards, the writer/producer had said, “No one has gone to jail, yet.” That now may happen, first with the B of A, my mortgage holder.
Any fines imposed will be “just the cost of doing business”. Joe Lunchbox would go to jail for sins far less serious. Time to end plutocracy and restore representative government.
The Supreme Court ruled that corporations are people. People who steal and commit fraud are arrested, tried and sent to jail; ergo, BofA (its CEO and all decision makers) should go to jail….and because of the number of people and huge amount of money involved be sentenced to prison for life!! They ruined many, many lives with their greed. It could be that a long prison sentence would give these ‘people’ pause before they try their underhanded tricks again.