More bait for the boobs.
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I see where another TBTJ bank has been fined. Thirteen billion, I hear, bringing the total since the 2008 financial crisis to about 95 billion dollars. I mention no names, to protect the guilty.

So what? Corporations don’t pay fines. They don’t pay taxes, either. The customers of the corporations pay the fines, and the taxes. Fines and taxes are a cost of doing business, and passed right down the line to…who?…anyone?

I’ll believe that the DOJ is serious when someone goes to jail. Not until. And that ain’t gonna happen, ’cause someone’s campaign contribution might get sidetracked.

So far, they’re not serious.

Comments

More bait for the boobs. — 6 Comments

  1. Be serious, razorbacker. Next thing you’ll suggest is that local government officials or police “officers” be jailed for violating the law, rather than fining “the city” a million dollars, giving 20% to a handful of designated victims and the rest to law firms, and passing the bill on to the taxpayers.

  2. 13 billion is the after tax amount. Yes folks, they get a tax credit for a fine as if it were a loss.

    Btw Too Big to J? What is J?

    The irony is this is for Countrywide’s malfeasance mostly and BofA was stepping at the behest of the Fed and Treasury in order to “save the system”. Mostly they were saving Mozilla and his cronies from a total loss plus jail time. Of course, Mozilla had friends in high places.

  3. I imagine BoA acq of Merrill also had a hand in it. Once again a forced buy thru Fed/Treasury.

    I wonder how much Freddie/Fannie debt played a part. When I have a chance I’ll refresh my memory.