Monday 26 March 2012

would you sue if you had to pay the defendant's bill?

That's what we're left with these days.
The very few times that lawyers have got off their arses
to do the work of governments, by suing companies
that should have their executives in jail for fraud,
are only making a hole in the water.

In the end, if banks "don't have money" to pay the settlement,
so the public picks up the bill for the whole mess.

IshitUnot:
The Farce-Hole Gets Deeper: Obama's "Robo-Settlement For Votes" Cost To Taxpayers: $40 Billion
Submitted by Tyler Durden on 02/16/2012 22:52 -0500
Plunging deeper into the farce-hole, the FT reports tonight that Obama's foreclosure settlement with the banks over their improper seizure of tax-paying US citizens' homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it is committed to provide - which means, in a (as TARP inspector general Neil Barofsky describes) 'scandalous' turn of events the bank will receive payments for averting a borrower default and be reimbursed by the taxpayer for the principal write-down. We have much stronger words for how we are feeling about this but Barofsky sums it up calmly "It turns the notion that this is about justice and accountability on its head". Are the Big Five banks truly beyond the law?