Monday, February 03, 2014

C(RED)it Fraud

With all the wingnut self-wetting about a Coca-Cola  commercial aired last night, most people seem to have overlooked the 800 millon pound convicted fraudster in the digital room:
(Reuters) - The U.S. government has raised the amount it is seeking in penalties from Bank of America Corp (BAC.N) to $2.1 billion after a jury found the bank was liable for fraud over defective mortgages sold by its Countrywide unit.
The request in a court filing late on Wednesday was based on gross revenue generated by the fraud, the government said. The Justice Department had previously asked for $863.6 million.
The initial request was based on gross losses it said government-sponsored mortgage finance companies Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) incurred on loans purchased from Countrywide Financial Corp in 2007 and 2008.
How about some free download cash for the victims of Bank of America, Bank of America?  You could buy 525 Super Bowl ads with the cash earned from homeowners you fucked over.

(Yes, I know civil liability isn't a criminal conviction. I speak rhetorically.)  

1 comment:

ifthethunderdontgetya™³²®© said...

I speak rhetorically.

BOA executives almost certainly have committed crimes. But yeah, this Administration's DOJ will not be going there.