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Posts Tagged ‘Bank America settlement’

Dick Kovacevich Calls BofA $17Bln Fine, ‘Extortion’; “You Have To Put People in Prison”

Posted by Larry Doyle on August 22nd, 2014 4:54 AM |

Former Wells Fargo CEO is no lightweight within financial circles. He packed a heavy punch just yesterday in railing on the Department of Justice’s $17 billion settlement with Bank of America.

Kovacevich defined this penalty imposed on BOA as purely political. I do not necessarily agree with everything stated by Kovacevich in this 4-minute video clip but I certainly agree with his major point. He reiterates the comment I highlighted yesterday that banks do not engage in criminal behaviors, bankers do.

For Kovacevich to make the case that individuals should have been pursued criminally speaks volumes. In the process of making that point, he breaks ranks with his industry brethren who have been typically mute when addressing the rampant fraud that was perpetrated and brought on our ongoing economic crisis.

BofA settlement political theater: Kovacevich from CNBC.

Navigate accordingly.

Larry Doyle

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“Banks Do Not Commit Misconduct, Bankers Do”

Posted by Larry Doyle on August 21st, 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. (more…)

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