As usual, this liberal government is acting very shortsighted in screwing these acquiring banks for fraud committed by the other banks.
If the govt wants help in the future, I would tell them to jump in a shallow lake.
unlike JPM, who acquire two failing institutions at the government’s request, BoA acquired Countrywide without any urging of the government.
At least the jury got this one write and limited the recovery to the actual damage incurred by Fannie and Freddie. The $13B against JPM is insane – especially since the majority of the wrong doing was done by two entities that had basically shut their doors.
What’s funny is these banks have the money to pay the fines the Fed’s throw at them. But when you sign up with them, they have fees for everything because they need the money. Well at least it’s going full circle now.
As usual, this liberal government is acting very shortsighted in screwing these acquiring banks for fraud committed by the other banks.
If the govt wants help in the future, I would tell them to jump in a shallow lake.
unlike JPM, who acquire two failing institutions at the government’s request, BoA acquired Countrywide without any urging of the government.
At least the jury got this one write and limited the recovery to the actual damage incurred by Fannie and Freddie. The $13B against JPM is insane – especially since the majority of the wrong doing was done by two entities that had basically shut their doors.
What’s funny is these banks have the money to pay the fines the Fed’s throw at them. But when you sign up with them, they have fees for everything because they need the money. Well at least it’s going full circle now.