Another Shakedown By Big Government - Bank Of America

Posted: 8/7/2014

Trigger

Just read “Bank of America Near $16 Billion to $17 Billion Settlement Accord with Justice Department to Resolve Mortgage Probes” (Subscription required) on the front page of wall street journal.

How many 10s of billions of dollars has the federal government now collected by extorting big businesses on trumped up charges regarding the Great Recession?

I have previously blogged about this subject here, here, and here.

Nagging Questions

1. Does this pattern not remind you of the infamous tobacco master settlement agreement of 1998, which, I would argue, salivated the federal government and states to look for opportunities to extort more money from businesses?
2. Would this agreement with the Federal Justice Department prevent individual victims from suing?
3. If Bank Of America agrees to such an outrageous amount then either they make to much profits and this would call for more competition in the financial sector or BofA thinks it would lose more money by litigating civil class action suits from which it will probably be protected now?

American CEOs Have No Spine

It happened so many times now! What is wrong with these American CEOs?

As a CEO of BofA, I would have told the federal government in no uncertain terms to go to hell!

Anybody Wondering Why The Great Recession Won’t End

Here is one of the answers! The business enmity of the Obama Administration is unprecedented since President Franklin D. Roosevelt.