For destroying the entire US economy by scamming low-income home-buyers with subprime home loans, the final punishments were:
Bank of America: $16 billion fine
Goldman Sachs: $5 billion fine
Wells Fargo: $1.2 billion fine
Total current value of all 3 companies: $563 billion
Total executives arrested to date: zero
There's a teachable lesson in there maybe?
@esaeger --The "Too big to fail" mantra is bullshit. The SEC has traditionally placed ombudsman in public companies that fail bigly when it comes to compliance. But the real solution is to mandate a full management change at the top of the company. Failing that, the Feds can mandate a sale or liquidation. Wells Fargo should be at the top of this list. Their only goal is corporate greed while fleecing their customers.
@s3friedman - IKR, this ain'tour daddies' systemic failure like in 1929.