Monday, June 07, 2010

EconomicsUSA: Financial Regulation: New draft law passes Senate

Bank of America, an institution on which I may become dependent and which I want to love, was cawt short in financial shenanigans for a deal it made in July 2008 has settled with Countrywide housing mortage firm, makes a $108 million settlement for having "ripped off borrowers hit during the subprime crisis by inflating fees and overcharging" (MarketWatch, click blog-entry title; MW frontpage here).

May the responsibles at Bank of America rectify their ways, and as in the case of this settlement with Countrywide (itself a most dubious character -- if a firm is legally a "person," then legally it can be said to have character flaws, correct?); may the two enterprises restitute the people who lost their homes due to corporate greed and instiutional malfeasance.  Where appropriate, may heads roll!

Come on, Federal law-makers and enforcers, let financial regulation to reform the structural flaws and officials' trickery or incompetence flow forth like rivers of water that refresh an industry too lacking hitherto in justice to its ordinary consumers and clients.

Update:  In the 'slow slide' of New York Stock Exchange trading yesterday,  the "Bank of America (BAC 14.83-0.52-3.39%) fell the hardest among blue chips, losing 3.4% " (MW).

-- EconoMix

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