In less than 5 years, these 5 banks have amassed nearly $100 Billion dollars in fines n 81 settlements:

 

 

click for ginormous graphic
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Source: Economist via Washington Post

 

Category: Bailouts, Corporate Management, Really, really bad calls, Regulation

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

8 Responses to “US Bank Fines = $95 Billion Dollars”

  1. ByteMe says:

    And how much from the senior executives who personally profited from all this fraud? Or are the current shareholders the only ones on the hook for losing money?

  2. A says:

    And no one is going to jail.

  3. Greg0658 says:

    thing about money is it always comes from Labor (or thought) 1st
    so initial Labor – did they get theirs building the bubble – did those initials do things legit enough (under employment for all guise) – do the initials deserve a clawback ?
    is this now the paperpusher Labors workload get ?

    is this opsys going to keep going ? I think WS thinks so (for them anyway) yes it will

  4. raycharles says:

    How much tax savings resulted?
    I am assuming they get to write those fines off as business costs.
    Does anyone know if there are provisions in the laws that prevent them from writing fines off thus avoiding taxes?

    -TIA

  5. willid3 says:

    of course all these fines just mean that banks aren’t hiring, but reducing employment. so this is just wrong that the government is doing this.

    course any thing that impacts the company, is always taken out on employees. but not by executives. seems like executives would get fired when their decisions lead to losses. not any more, instead its the employees who get hit, executives get their bonuses

  6. uzer says:

    clawbacks??? how about some effing convictions?!?

  7. Were the fines greater than the ill-gotten profits? I think not. (Certainly not at the individual level, since bonuses aren’t being clawed back.)

    In which case, these “fines” are not a penalty for wrongdoing at all, only a cost of doing business (for the banks) and a profit-sharing arrangement (for the government).

    People need to start standing up for justice.

  8. patslatt says:

    The banking industry sold about two trillion in mortgages to Fannie and Freddie in the years leading to the financial crash. A condition of those sales allows Fannie and Freddie to return those mortgages to the banks where proper procedures of mortgage origination were not followed. Could the banks be stuck with hundreds of billions of under water mortgages that may not meet those conditions of sale? Do Fannie and Freddie have the political backing to give back most of faulty mortgages?