The Bank of America/SEC settlement is in, and the government will be collecting $150 million.
On the other hand, the management of BofA perpetrated a fraud on its shareholders that cost them something on the order of $20 billion.
BofA remains a zombie ward of the US government.
The judge who made the ruling called it “half-baked justice”, since no one in management was punished and there is no evidence that BofA practices will change as a result of this decision.
So, it’s another example of the US government condoning fraud, just as it’s also condoned torture, so as to serve the political interests of Movingforwardville by avoiding any accountability in Goingbackwardville.
And it demonstrates, once again, that being a wholly owned subsidiary of Wall Street means never having to admit you’re a failure.
Gorilla paraphrases: “When you owe trillions, it’s always the government’s problem!”
Tags: Bank Of America, goingbackwardville, movingforwardville