The United States government just reached a settlement with Bank of America that requires this organization to donate $16.65 billion of its money in the US Treasury Department. Bank of America is charged with misleading investors into purchasing faulty troubled mortgages. Once again, a major banking institution is charged, and convicted of illegal behavior that resulted in loss of billions by the American people. It is gratifying knowing that banks are being fined for their behavior, but this episode also raises questions.
1. How come not a single banker was personally fined?
2. How come not a single banker ever appeared in a court of law?
3. How come not a single banker will do a day of jail time?
Of course, if some poor kid steals five dollars in a bodega, jail time might be one to five years.
The moral of this tale is: If you desire to steal and rob from people, make certain you go for broke and rob them of millions!