Bank of America sued by US for $1B

Wow.. didn't they just get sued a few months back???

Bofa is on the phone with Bernanke, --- 1 billion no problem.

That is too cool, criminals suing criminals, what next.

sorry but...so what?

these guys get tens of billions in bailout funds
give themselves millions and millions in bonuses

and, oh noes, they might have to pay a billion in a lawsuit?
honestly, if someone gave you billions and billions and wanted ONE billion back wouldn't you be okay with that?

hell yeah you would

this is nothing but a farce
kind of like when big pharma or big oil or gmo corps like monsanto get sued and has to pay out millions for the wrong they've committed AFTER they've made billions and caused destruction

:Corzine and Obam:

:2 year old with :

You can not punish a money center or investment bank by collecting fines. It is like punishing a dog for peeing on the carpet by withholding its food. it will simply drink more water and pee more.

This basic fact is why the USA will be in a depression for 10 more years. we are in the phase now where mid-level elite are awakening. they are rejecting the final steps of training to become like the current PTB.

The 10 years we must endure is for the dirtbags like blankenfeild (god's work, on CNBC today) to atrophy and leave the system under their own power.

In china, they execute bankers, they dont fine them. in the USA, not a single architect of the evil was fired, much less imprisoned. in fact, we bailed their companies out, continued to give them bonuses, and then gave them positions in academia (hank paulson) or government (tim geithner)

Billion, Schmillion they don't care...

^THIS^

Where does the money from these "fines" go once they're collected? We never seem to hear that part of the story.

The money from the fines are spent on buying up all the MBS's, seriously, sort of anyway, I mean the Fed is buying up all the toxic mbs's to the tune of $45 BILLION each month, now we are suing One of the banks who committed these crimes in the first place?
Who the fuck is on first?

only a billion?

It goes to the same place other sin taxes go. 100% of casino and lottery money supports the schools. 100% of tobacco and alcohol taxes goes to healthcare for those people. So that the "non sinners" dont have their rates go up. 100% of the $1.00+/gal in gasoline taxes goes to pay for roads and bridges.

And this guy did not have sex with that woman.

Sarcasm aside, the money will go to the SEC. Its chairman was on the Blomberg Tevee two days ago saying he needs more staff because his agency can not detect the crimes that happened 10 years ago, much less the crimes that are occurring today. Not joking, thats what he said.

WHAT a laugh !

One bankrupt corporation suing another !

Guess who will pay the courtroom costs ?

That's right ! Taxpayers, debt slaves .... YOU !

Eagle

Who would that billion go to?

The people who were fraudulently foreclosed on?

Thanks for the info! 5*

Last Edited by Renegade () on 10/24/2012 01:54 PM

It probably won't phase them but I hope they burn and heads roll.

$1 billion? DROP IN THE BUCKET compared to what they were bailed out of and what they've been defrauding their customers for years.

Who says crime doesn't pay?

I'm loving it,BOA allowed my exwife to do a restructure mortgage/lower payments without my signature...whats really funny is i have the deed to the house in my hand and shes still paying that mortgage,roflmao...

smoke and mirrors. Bank of america provides EBt cards and payments. The US probably pays BOFa billions for this service. Us probably cannot afford the payment this month.

Ahh so this is how the Government launders money.


They get BOFA to buy Countrywide....then start QE1 and QE2 and give BOFA enough cash to get going again, then print a billion dollars...then sue BOFA.

So BOFA goes back to that FDIC money window, gets a printed billion dollars, then gives it to the government.

So that billion that never existed is now real.....


Neat little operation they have going there...

I am right in the middle of this with Countrywide/BoA/Freddymac.

I guess if we can't get our homes outright, the next best thing would be to have the gov adjust the principle amount owed so that people could stay in their homes with a lower monthly payment. I kind of see this happening with the mortgage backed securities being bought from the banks.

Like LW said - we would be paying our mortgages to the gov.

Hopefully the adjustment will be made from a combination of current home values and house hold income. This would take care of the many people displaced from their job due to the economy.

What I don't get- the banks surely know this will do in the dollar. Part of the plan?

This practice is widely supported by both major parties. But that does not matter.

Too big to matter.

The Fed will bail them out.

I am in the middle too. Think some of that billion will go to our mortgages?

Spit, rinse and repeat as needed.. not one single conviction, yet trillions of dollars have gone 'missing'. They'll keep doing it as long as they figure the people are buying it.

One billion lost turns up at another bank as a profit they borrow ten dollars on the dollar & bury the original fiction with nine new ones.. it's all fun and profitable until some one tosses a molotov into the lobby.

move the presses ,their on to us..

BofA is foreclosing on houses whose borrowers' mortgages were insured. They are foreclosing, collecting the insurance $ on the mortgage, they selling the foreclosed property as well. How can this be legal?

They are also not foreclosing on properties correctly. I am in the RE industry and am always extra careful when dealing with a BofA foreclosure property. Always get title insurance when buying a foreclosure!