Top Five Banks Pay $25 Billion for Legal Immunity from Foreclosure Fraud

**solanis** · 2012-01-25 23:45

whether they broke the law or not has nothing to do with it. it doesn't matter whether they did or not, since the choice right now is between putting a bunch of people smarter than you on trial and coming up with nothing, or taking 25 billion dollars and actually doing work. if you actually think trials would be the superior choice, then there's some funds I'd love to sell you.

**Talint** · 2012-01-26 01:00

I'm sorry. Are you saying we shouldn't throw them in jail because they're smart?

**solanis** · 2012-01-26 01:12

I'm saying you can't throw them in jail because they will wriggle out of it no matter what you do. so it's better to take the 25 billion now and use it rather than spend the next few years trying to nail people unsuccessfully.

**Francisco** · 2012-01-26 01:26

No, the $25 billion should not be a settlement, it should be a fine or the result of a class action lawsuit.

And these guys should still be going to jail. They're smart because they know a sweet deal when they see it; spending money that isn't theirs to save their own asses.

Do some damn digging, incriminated the scumbag execs. Seize their finances, bankrupt them... then toss their ass in prison.

**solanis** · 2012-01-26 01:28

it's adorable that you think such a thing could happen

**Mazmaz** · 2012-01-26 01:28

He's saying it should, not it could.

**solanis** · 2012-01-26 01:31

oh so it's just pointless conjecture on his part and not actual naivete. carry on then

Demosthenes11 · 2012-01-26 02:34

Originally Posted by solanis

pointless conjecture

such as nothing could possibly come out of the trials but a waste of time because they are so much smarter than everyone?

**solanis** · 2012-01-26 02:47

do you think if there were trials, that more justice than 25 billion could be extracted?

Demosthenes11 · 2012-01-26 02:55

Originally Posted by solanis

do you think if there were trials, that more justice than 25 billion could be extracted?

I think that is impossible for people like us to know. I think it's important these people are prosecuted for the good of public perception. If this country continually keeps telling the american people that those with money are above the law, it leads us closer and closer to a real revolution.

**solanis** · 2012-01-26 03:12

isn't that what you want?

**Churchill** · 2012-01-26 09:24

If there was at least I'd be well compensated for my services

**Churchill** · 2012-01-26 09:27

I also feel treason should be one of the charges they are brought up on. There is less wiggle room there.

**Churchill** · 2012-01-26 09:28

That would imply our government wasn't in bed with them, obviously ipso facto banks charges, governments charges, etc.

**RKenshin** · 2012-01-26 17:08

I don't think it's a matter of their intelligence as much as it's the fact that their limitless bankrolls will talk them out of it. Throw enough money at a lawyer and they'll find some dumb loopholes and become oscar-winning actors in front of the jury, that is enough to hurt the 'beyond a reasonable doubt' clause.

Not to say that it isn't worth pursuing a case, but I think we all know the likely outcome of it as much as we would like to see jail-time. I'd honestly rather see both a fine and a court case, spinnable somehow.

**djzombie** · 2012-01-26 17:34

So what you're saying then is the legal system in this country is a gigantic failure and for sale to the highest bidder?

Nothing new there. Move along.

**Francisco** · 2012-01-26 22:28

What it comes down to is, they need to make examples out of these assholes.

Fine the banks. Prosecute the executives.

People like to talk about regulation and deregulation, and whether or not the government is too big, too nosy and too bossy - but there are obviously those who need to be babysat.

Financial institutions should not be allowed to reign freely unchecked, for instance.

As for fining the banks billions of dollars, I'm honestly not sure of precedent that high... CVS was fined $75M a few years back for illegal psuedophedrine sales... BP has been fined $87M, $50M and $25M for various, non-gulf related issues... one drug company was fined $500M+ for making false claims about one of their drugs... granted, none of these are in the billions... I've seen the number $60B thrown around for the gulf spill fines though (but I highly doubt it)...

I'm fine with $25 billion as a settlement for us to consider the dollar issue closed - but the criminals are still criminals, and need to go to jail.

**BaneTheBrawler** · 2012-01-26 23:12

Well, see, that's not what a settlement does. A settlement is essentially the accused saying "Oops, I fucked up. Here, have some money! Please drop the charges." and the accuser saying "Yeah alright"

If you settle, there can be no charges. What you're looking for is court-ordered restitution.

**Kainos** · 2012-01-27 10:03

The problems are with the regulators

Top tier graduates have no incentive to work for the government as a regulator when they can get 3x times the starting salary plus stock options

And the ones who do become regulators don't want to fuck up their chances of getting a cushy job at a big firm after they retire.

Either offer a big enough salary to compete with the banks for talent or stop letting banks hire regulators to police themselves which does nothing

**Francisco** · 2012-01-27 10:34

The way I'm looking at it is, you can't call a bank a criminal. You can call people within the bank criminals, however.

As an example, Bank of America alone might be willing to pay out $5 billion to settle. Investigations and court might cost them $10 billion, for instance. Institutionally, the $5 billion settlement might make sense. They are, as institutions, responsible for enabling the criminal executives. The settlement would obviously absolve the bank of further financial responsibility in this matter.

The individuals who committed the crimes, however, are still criminals... and should not be protected as part of the institution's immunity. They should be prosecuted individually.

Thread: Top Five Banks Pay $25 Billion for Legal Immunity from Foreclosure Fraud

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