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Saturday, February 5, 2011

"Bank of America to Pay"- a Timeline

I saw a headline today (2/5/11) in which read:

Bank of America to Pay $410 Million in Overdraft Case -- "Bank of America Corp., the largest U.S. lender by assets, agreed to pay $410 million to settle lawsuits alleging deceptive practices in the management of customer accounts that led to excessive fees for overdrafts."

So for 'fun', I decided to keyword the phrase "Bank of America to Pay"

I got these headlines...

Bank of America to pay Mortgage Settlement Worth $3 Billion (CNN Money) 1/11/11 -- "Bank of America has reached a $3 billion agreement with Freddie Mac and Fannie Mae to resolve a faulty mortgage loan dispute involving Countrywide Financial Corp. Bank of America said that it paid nearly $1.3 billion to Freddie Mac and more than $1.3 billion to Fannie Mae on Dec. 31."

Bank of America to pay $67M Settlement (WFMZ-TV) 12/11/10 -- "Bank of America will pay $67 million as part of a multistate settlement concerning a nationwide scheme to ring bids and other other anticompetitive conduct that defrauded state agencies, municipalities, school districts and non-profit organizations, Pennsylvania Attorney General Tom Corbett announced Tuesday"

Bank of America to pay $137 Million, Avoid Conviction (Wash. Times) 12/7/10 -- "Bank of America agreed on Tuesday to pay $137.3 million in restitution to federal and state agencies for its role in a conspiracy to rig bids in the municipal bond derivatives market and as a condition of its admission to a Justice Department leniency program allowing it to avoid criminal convictions and fines."

Bank of America to pay $2.5 million penalty in Merrill Lynch fee-discount case (Orlando Sentinel) 8/19/10 -- "Securities industry regulators have levied penalties totaling $2.5 million against Bank of America Corp.'s Merrill Lynch operation for failing to give investors proper fee discounts"

Bank of America to pay about $200K to settle no-call suit  (St.Louis Post-Dispatch) 6/10/10 --  "Bank of America will pay Missouri $195,000 to settle allegations that the Charlotte, N.C.-based behemoth violated the state's telemarketing laws, the Missouri Attorney General's office announced today"

Bank of America to pay Borrowers $108 Million (AP)  6/7/10 -- "Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure."

That's a lot of $$ to be paying out isn't it?

It seems in early 2010, B & A sure had enough $$ to also do this...

Bank of America to pay out $4 BILLION+ to its bankers, traders (Reuters) 2/3/10 -- "Bank of America Corp has approved more than $4 billion in 2009 pay for its investment bankers and traders, according to the Wall Street Journal... Each banker and trader will collect an average $300,000 to $500,000 for 2009, a figure close to what Bank of America paid in 2006, its peak year for such payouts, the report said."

Hmm.. where did all this $$ originally come from?  Where O' Where...

Bank of America bail-out agreed (BBC) 1/16/09 -- "Bank of America will receive $20 billion in fresh US government aid and $118 billion worth of guarantees against bad assets."

~ See how this works folks?  

1) Corrupt, unethical bank in trouble
2) Gets government bailout
3) Uses taxpayer money to pay fines and other restitution for corrupt/unethical behaviors which it is caught doing
4) Large pay bonuses to most corrupt/unethical employees as Reward
5) Continue business as usual
6) People gripe to themselves and Keep On Taking It...

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