Bank of America fine $17 Billion dollars

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Flared Hicks said:
for it's part in the financial crisis.

The compensation will come in two parts: $9 billion in cash and $7 billion in consumer relief, such as modified home loans and refinanced mortgages

Any of our resident banking apologists still want to defend them?

My question is where does the fine money go? I guess we all know where it comes from - us!!

http://rt.com/business/178728-boa-record-compensation-payment/
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Didn't realise you had BoA accounts Flicky?
 
chunkylover53 said:
@chr1s1973 will blame the poor for this

The poor bairn
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I don't blame "the poor", not that I believe in those kinds of labels, for anything. I blame everybody.

If I'm not clear, of course the banks and financial institutions were to blame, but not solely. Everything was systemically wrong and messed up, nobody thought the good times would end. My big point these days is that people judge with hindsight and that the financial institutions these days are no where near the same as they were in 2006-07 when it started to hit the fan. They are also largely different people, the turnover of staff has been huge.

In this case, I saw it this morning and I think it's pretty unfair myself. They are blaming the current BoA (it's staff, company and shareholders) for the corporate culture and mistakes made by Countrywide. People forget that in those days, these takeovers were done heavily in conjunction with their Treasury Department and companies were encouraged to buy this shit to help mitigate the systemic risk. Countrywide were one of the first (the first I remember) to go and BoA really just picked the bones from it.

However, we live in a culture where the media and governments try to distract the masses as to the real issues which led to the credit crunch and blame the big bad bankers. It's the same as the them and us culture the left perpetually encourages to demonise "the rich".

These companies are settling to get it all out of the way and save legal costs, but it validates the perception.
 
chr1s1973 said:
I don't blame "the poor", not that I believe in those kinds of labels, for anything. I blame everybody.

If I'm not clear, of course the banks and financial institutions were to blame, but not solely. Everything was systemically wrong and messed up, nobody thought the good times would end. My big point these days is that people judge with hindsight and that the financial institutions these days are no where near the same as they were in 2006-07 when it started to hit the fan. They are also largely different people, the turnover of staff has been huge.

In this case, I saw it this morning and I think it's pretty unfair myself. They are blaming the current BoA (it's staff, company and shareholders) for the corporate culture and mistakes made by Countrywide. People forget that in those days, these takeovers were done heavily in conjunction with their Treasury Department and companies were encouraged to buy this shit to help mitigate the systemic risk. Countrywide were one of the first (the first I remember) to go and BoA really just picked the bones from it.

However, we live in a culture where the media and governments try to distract the masses as to the real issues which led to the credit crunch and blame the big bad bankers. It's the same as the them and us culture the left perpetually encourages to demonise "the rich".

These companies are settling to get it all out of the way and save legal costs, but it validates the perception.
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You sound like a banker.

I work in finance, I get it. But the culture of greed in banking is astonishing.

And most bankers add zero value to society. They produce nothing.

Frijj said:
I hope the BoA have squirrelled some cash away
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I love you mate
 
PS I also don't like it when people blame or criticise institutions and individuals when they were not to blame. People should rightly be livid with the former HBoS, Northern Rock, Bradford and Bingley and f***ing RBS. Countrywide and all of the others over here too. However, HSBC, Barclays, Goldmans, JP Morgan et al were not involved directly in anything that led to the problems. Some Chief Exec who guided a company through the bad times and their company thrived get a huge bonus, people say he shouldn't have it as the "bank" have done x,y,z.

Send wankers like Goodwin, Applegarth and the detestable Jon Corzine to jail. Those, that Labour let those two off was disgusting, never mind that they got those bonuses. Mind-boggling. But you have to apportion blame appropriately.
 
chr1s1973 said:
PS I also don't like it when people blame or criticise institutions and individuals when they were not to blame. People should rightly be livid with the former HBoS, Northern Rock, Bradford and Bingley and f***ing RBS. Countrywide and all of the others over here too. However, HSBC, Barclays, Goldmans, JP Morgan et al were not involved directly in anything that led to the problems. Some Chief Exec who guided a company through the bad times and their company thrived get a huge bonus, people say he shouldn't have it as the "bank" have done x,y,z.

Send wankers like Goodwin, Applegarth and the detestable Jon Corzine to jail. Those, that Labour let those two off was disgusting, never mind that they got those bonuses. Mind-boggling. But you have to apportion blame appropriately.
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Goldman taught Greece how to misrepresent it's debt ffs
 
chunkylover53 said:
You sound like a banker.

I work in finance, I get it. But the culture of greed in banking is astonishing.

And most bankers add zero value to society. They produce nothing.
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Well said marra. Pisses me off the way they call themselves the banking INDUSTRY implying they actually build or create something. And the way they refer to their schemes as 'products'. What exactly are they 'producing'?

I still say that members of the public should share some of the blame. When I bought my first gaff ten years ago there was a rule of thumb that I should aim to buy no higher than three times my gross salary. In reality any more than that would have scared me anyway. If you're making fifty grand a year you have no friggin business buying a four hundred grand gaff and if you try don't come crying when you go to the wall.
 
chunkylover53 said:
You sound like a banker.

I work in finance, I get it. But the culture of greed in banking is astonishing.

And most bankers add zero value to society. They produce nothing.
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I don't like the way people bandy the word greed around these days, as if ambition and wanting more money is a crime. So can you be more specific?

If someone breaks rules or makes the economy or markets less efficient through cheating then they are wankers and should be punished, it seems like a hell of a lot more are caught and punished these days.

Who adds value to society these days anyway? You could say that by making money markets efficient and enabling people to borrow money to buy things they otherwise wouldn't have been able to adds value to society. Using a credit card to pay for things, higher security, moving money instantly and so many other things adds efficiency and value. What kind of "bankers" are you talking about?

Generally, I find these arguments to be flawed. People want to live in the past and want things to be the way they were before technology changed things, the brunt of this service-based, recycling of money economy we have is taken out on "bankers", whatever they are.

chunkylover53 said:
Goldman taught Greece how to misrepresent it's debt ffs
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It's all a function of trends to me, whoever someone decides should be the bad guy. Santander misrepresented their balance sheet by using out-dated accounting methods which were meant to be banned by the EU, that let them pick up bargain banks that were struggling due to liquidity. Nobody has ever taken any action against them over it, if they'd represented their assets appropriately then they'd have been as weak as Lloyds (before they realised they were completely fucked by HBoS).

chunkylover53 said:
Goldman taught Greece how to misrepresent it's debt ffs
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Anyway, are we not talking about the Sub-prime crisis?
 
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chr1s1973 said:
I don't blame "the poor", not that I believe in those kinds of labels, for anything. I blame everybody.

If I'm not clear, of course the banks and financial institutions were to blame, but not solely. Everything was systemically wrong and messed up, nobody thought the good times would end.
Click to expand...

Had off man.
 
---Nemo--- said:
Had off man.
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Ok then, while many were uncomfortable with the debt society, or didn't understand how the economy kept growing without any problems. The consensus among most people was that they couldn't see it ending. As such, companies bent already weak rules, some breaking them, and individuals over-extended themselves.

It's all in the past. As I keep saying, regulations have increased massively and the corporate culture is generally more conservative. You can't turn back time and learn from mistakes that haven't happened yet. The western world is still trying to adjust to a world with substantially reduced heavy industry and make the best of the situation.

si73 said:
If the fine, they've negotiated, is $17bn how much did they make from the embezzlement??
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Seriously?

This guy is bang on.

http://www.cnbc.com/id/101936510#.

People should be taking responsibility for breaking rules or laws, but it doesn't fit the agenda.
 
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chr1s1973 said:
Seriously?
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Yeah f***ing seriously! They're still making a $5bn profit even with the fine and they negotiated how much they would pay ffs. While the good times rolled did they make any attempt to follow their own advice and save something for a rainy day?? Did they fuck, huge dividends and bonuses and let the public bail us out.
 
chr1s1973 said:
Ok then, while many were uncomfortable with the debt society, or didn't understand how the economy kept growing without any problems. The consensus among most people was that they couldn't see it ending. As such, companies bent already weak rules, some breaking them, and individuals over-extended themselves.

It's all in the past. As I keep saying, regulations have increased massively and the corporate culture is generally more conservative. You can't turn back time and learn from mistakes that haven't happened yet. The western world is still trying to adjust to a world with substantially reduced heavy industry and make the best of the situation.


Seriously?

This guy is bang on.

http://www.cnbc.com/id/101936510#.

People should be taking responsibility for breaking rules or laws, but it doesn't fit the agenda.
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Garbage from first to last. I particularly enjoyed this pile of wank.

"You can't turn back time and learn from mistakes that haven't happened yet."

:D
 
---Nemo--- said:
Garbage from first to last. I particularly enjoyed this pile of wank.

"You can't turn back time and learn from mistakes that haven't happened yet."

:D
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So you are saying that we can turn back time and pass the message to those institutions and regulators of what happened, yet has not happened in their time line?

si73 said:
Yeah f***ing seriously! They're still making a $5bn profit even with the fine and they negotiated how much they would pay ffs. While the good times rolled did they make any attempt to follow their own advice and save something for a rainy day?? Did they fuck, huge dividends and bonuses and let the public bail us out.
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Dear oh dear. Did you even read the article?

Who are dividends paid to?
 
chr1s1973 said:
PS I also don't like it when people blame or criticise institutions and individuals when they were not to blame. People should rightly be livid with the former HBoS, Northern Rock, Bradford and Bingley and f***ing RBS. Countrywide and all of the others over here too. However, HSBC, Barclays, Goldmans, JP Morgan et al were not involved directly in anything that led to the problems. Some Chief Exec who guided a company through the bad times and their company thrived get a huge bonus, people say he shouldn't have it as the "bank" have done x,y,z.

Send wankers like Goodwin, Applegarth and the detestable Jon Corzine to jail. Those, that Labour let those two off was disgusting, never mind that they got those bonuses. Mind-boggling. But you have to apportion blame appropriately.
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Didn't the whole of the banking phenomenon in Charlotte, and I'm gonna project a hypothesis here and guess that you're now working for BoA there now, precisely come about because of the greed and blind competitiveness of the likes of Storrs and McColl, then latterly Crutchfield, Lewis & Thompson who went on stupendously crazing buying sprees once the regulations allowed them to spread beyond 1 branch per state, and then to go national?

If memory serves, BoA even tried to buy Merrill Lynch, going on the verge of tits up before a $45 Billion handout from the taxpayer?

BoA ballsed up with Countrywide, Wachovia ballsed up with Golden West, Lloyds ballsed up with RBS, Coop ballsed up with …

Spot the pattern yet, and you still think it wasn't down to greed? They thought they were invincible while the dice were rolling out the 7's then they threw one hand too many. That, my friend, is greed, plain & simple.
 
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