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“Banks Do Not Commit Misconduct, Bankers Do”

Posted by Larry Doyle on August 21, 2014 8:56 AM |

The Department of Justice is soon expected to announce a $17 billion settlement with Bank of America. Is this justice?

I will defer in writing my own commentary this morning because the words and details on this topic provided by Dean Starkman qualify as a Sense on Cents Instant Classic:

There’s a much deeper problem here, however, and one that has received far less attention: Not only has the Department of Jus­tice (DOJ) failed to build any criminal cases for financial-crisis misdeeds, but it’s also now settling with these banks without even filing civil complaints.

A complaint is the cornerstone of civil litigation, the foundation for even routine lawsuits. One of its primary benefitsand of adversarial legal proceedings generallyis that a complaint can bring huge amounts of previously undisclosed information into the public record. In these mortgage securities cases, the Justice Department had not only an obligation but an opportunity: to show the country what it found, to deter future misconduct, to complete the story of the financial crisis in humanizing, clarifying, searing detail.

And to do all that, the department didn’t need to do anything special. Just what lawyers normally do. Instead, by imposing a fine without documenting the underlying abuses, the Justice Department has permitted the banks, for a price, to bury their sins.

. . .  New York’s superintendent of financial services, Benjamin M. Lawsky, made the following observation: “In order to deter future offenses, it is important to remember that banks do not commit misconductbankers do.”

After reading Starkman’s piece is there any doubt that the Department of Justice is a misnomer? The fines imposed by DOJ on Wall Street banks are anything but justice.

I could not possibly more highly recommend, Wrecking An Economy Never Means Having To Say You’re Sorry

Navigate accordingly.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

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  • Van

    JUST LOOK INTO THE ACTUAL SITUATION. ANY WORTH TO THE DOLLAR IS ON YOUR BACK, ON THE DEBT OF THE AMERICAN PEOPLE.

    ADD THAT UP AND LET ME KNOW IF IT COULD EVER BE PAID…..AND IT GROWS EVERY DAY THAT PASSES.

    TAKE A LOOK AT THE REAL WORLD, MOST COUNTRIES HATE THE US, AND FOR GOOD REASON. IT IS EVEN HATING ITSELF. THE GOVERNMENT IS CORRUPT, CRIMINAL, PARANOID , AND EVIL, IT’S BIGGEST WORRY IS PEOPLE THAT CAN THINK.

    IT HAS BECOME SO OBVIOUS THAT THE CITIZENRY HAS BEEN LIED TO SINCE THE DAY THEY WERE BORN, ALL FOR MONEY FOR THE FEW, AND I MEAN THE VERY FEW.

    THIS COUNTRY IS MADE UP OF SLAVES TO THE VERY RICH, THEY HAVE GONE SO FAR NOW THAT EXCESSIVE GREED IS ON THE VERGE OF DESTROYING THEM. IN THEIR PROCESS , THEY HAVE KILLED MILLIONS UPON MILLIONS OF HUMANS, MOSTLY INNOCENT CIVILIANS.

    THIS FACT HAS NOT BOTHERED THEM ONE LITTLE BIT, AND THEY CONTINUE.






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