Exclusive: BofA asks Holder to meet with its CEO - sources
Representatives of Bank of America Corp have asked U.S. Attorney General Eric Holder to meet with Moynihan, its chief executive officer, in an attempt to resolve differences over a possible multibillion-dollar settlement involving shoddy mortgage securities sold by the second-largest U.S. bank and its units, according to people familiar with the negotiations.
Negotiators for Bank of America and the Justice Department have not met in more than a week and have no plans to do so after a flurry of meetings did not bring them close to a settlement amount, sources said.
Bank of America spokesman Lawrence Grayson and Justice Department spokeswoman Dena Iverson declined to comment.
Dimon, the CEO of JPMorgan Chase & Co, took a much-ballyhooed trip to Washington in September to meet with Holder in an effort to close a deal that would allow the largest U.S. bank by assets to put its mortgage securities problems behind it.
In November, the two sides reached a $13 billion accord that Holder has said he planned to use as a template for other banks.
Wait for it......
Sources said the Justice Department's silence about a meeting between Moynihan and Holder suggested Bank of America's request was premature.
Bank of America has discussed paying about $12 billion, including more than $5 billion to help struggling homeowners, to resolve a range of federal and state probes, primarily into whether the company and its units defrauded mortgage bond investors in the run-up to the financial crisis, people familiar with the matter said.
The Justice Department suggested a $17 billion settlement in the latest round of negotiations and did not view Bank of America's offer as a serious one, one source said last week.
One sticking point is what the mix of fines and relief will be, sources said. Bank of America wants more consumer relief, they said.
You're almost there......
In recent months, banks and their lawyers have become increasingly alarmed at the upward trajectory of financial penalties from U.S. authorities in a range of cases.
Executives and their allies have gotten involved in negotiations to try to reduce the penalties.
There is the money shot.
You know, I personally believe that these people should be increasingly alarmed at the prospect of mass jailings.
But no.
They buy their way out of some of the most egregious examples of theft you can imagine, by using a percentage of the illicit profits generated by their illegal theft to buy their way out of trouble, pocket the rest and continue on stealing like nothing happened.
It's just part of doing business to these rotten cocksuckers and the Justice Department is an active partner in this charade.
The whole fucking scheme is criminal from start to finish and the ones who are really paying for all this horseshit are me and you!
I know I got caught up and upside down in a fucking mortgage back in the late nineties when all this started and only by the skin of my teeth did I manage to sell the fucking thing scant days before the foreclosure started.
I barely broke even and actually made just enough to pay for the fucking gas to move out.
The real big bubble didn't pop until later but it started growing in the nineties.
That's how long these sonsabitches have been fleecing us and getting away with it.
You try to tell me that the motherfucking government is pursuing justice in this matter and I will laugh in your face for being so damn naive.
They are in on it and raking in the bucks while letting the theiving assholes sit in their cozy little offices and get huge fucking bonuses for screwing the entire planet over.
This is quite literally the biggest case of theft the world has ever seen in the history of man.
Remember though, corporations are people too and they take some of that money and outright purchase lawmakers.
Now take a look at the big picture.
The Fed prints money out of thin air to try and keep the economy staggering and lurching along.
Just enough of that money trickles down to you and me to make us think we can buy a house.
The Banksters step in and start fucking us over, bundle up a shit load of these bad mortages and then sell them world wide to investors.
Along this circle, some people get incredibly wealthy.
The banksters finally get nailed because they can't hide the theft anymore, pay a big fine and promise to be good.
The motherfucking government then pockets a shit load of the money they have been printing out of thin air and the process begins all over again.
It's fucking brilliant, I gotta give 'em that but when the scam collapses, they are going to take all the rest of us down and those few who got fabulously rich will take care of the big boys in the government who let them get away with all this shit and the rest of us will all be sucking hind tit.
Figured it out yet Sparky?
Heads they win, tails you lose and thanks for playing.
3 comments:
There is no honor among thieves. The Cartels, the bankers, the "lawmakers", their lawyers, and their judicial branch allies have all made tons of money through their little system. It really puts things into perspective doesn't it? The most corrupt thieves and crooks wear suits and ties, while they provide Oscar worthy performances.
What they should be worried about is being hung from lamp posts by their guts.
I'm more ambivalent about this. Does the financial industry, particularly the private investment banks, deserve some blame for the 2008-2009 meltdown of the housing market? Sure. Was it criminal? Not likely. At least no more criminal than what the government did through Fannie Mae and Freddie Mac, and strong armed the home mortgage industry into lending to a swath of citizens who never should have been given the credit to get into those houses in the first place.
Take BOA, for example. Their major crime was being threatened by the FedGov into buying Merrill Lynch when FedGov was worried that ML was going to capsize the listing ship of the economy, and most particularly the mortgage backed derivatives market.
In my mind, the major criminals aren't major ... they are the suckers who believed the BS and hype from the mortgage originators and lied on their mortgage applications and bought into the ridiculous myth that real estate only went up. They actually believed the honey coated turds of wisdom from our elected officials who pushed the idea of home ownership onto those least likely to be able to assume the risk of home ownership.
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