Ball point pen on today's newsprint

Our government is just getting around to prosecuting some of the institutions that schemed to defraud government-backed mortgage agencies by churning out billions in bad loans, leaving taxpayers on the hook, triggering a world wide banking crisis, destroying the housing market and generally F-ing up the global economy.

They're looking to collect at least 1 billion in penalties from Bank of America.... It's a start.

The post Bank of America appeared first on Larry Roibal.

Ball point pen on the morning newsprint

Kenneth Lewis is stepping down as CEO of Bank of America, after presiding over the paying a premium for the failing Merrill Lynch, the ill advised bonuses, two government bailouts and the evaporation of fortunes when shares of Bank of America (BAC) slipped from a high of 54.85 in 2006 to 3.14. For said stewardship he was compensated handsomely. In 2007 his compensation was valued at more than $20.4 million, 10% less for 2006. He will collect a pension worth 53.2 million dollars.

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