Economía marxista para el Siglo XXI

Getting off scot-free


Michael Roberts Blog

The banks and bankers that triggered or caused the global financial crash with their reckless drive for grotesque profits continue to get away with the consequences of their actions.  The latest fine by US regulators on the Bank of America was a whopping $17bn.  But, as has been pointed out by various bloggers and the Economist, it was not really so whopping.  That’s because of the $17bn fine, for selling misleading mortgages to poor householders and distributing rubbish mortgage bonds to customers and investors, only $9bn is in cash.  The rest is an amount reckoned to be equivalent to revising mortgages for householders in difficulty.  That’s something that should have been done anyway by the banks.  Instead, the US Justice department has done sweetheart deals with the banks so that they can count part of the fine as providing the service they ought to have done before.

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