The Wall Street settlements and the new aristocracy - World Socialist Web Site
▻http://www.wsws.org/en/articles/2014/04/02/pers-a02.html
The Wall Street settlements and the new aristocracy
2 April 2014
Last week, Bank of America became the latest major financial institution to announce a multi-billion-dollar settlement with US regulators of charges related to the 2008 financial meltdown. In a settlement worked out with the Federal Housing Finance Agency, the bank agreed to pay $5.83 billion in fines and buy back $3.2 billion in mortgage-backed securities from the government-sponsored mortgage finance companies Fannie Mae and Freddie Mac, to whom it sold the toxic assets in the run-up to the Wall Street crash. The settlement involves the largest fine levied by a single federal regulator in US history.