The amount of money big banks have spent on settlements in just the last four years will blow your mind – and these totals are about to get higher.
No one expects Andrew Ross Sorkin’s slavish “Deal Book” lackeys to demand that the elite Wall Street bankers whose frauds drove the financial crisis be imprisoned, but the slavishness to the banks revealed when major news stories emerge continues to irritate if not surprise. A recent embarrassment
I will note three puzzling aspects to this story as preliminaries. Why did JPMorgan (or WaMu) engage in “nationwide … fraudulent activity” in its sales to the secondary market? An honest bank does not have to make fraudulent reps and warranties to sell its loans.
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