Sorry Settlement
07/10/2014 | | BNP Paribas, Bankers, DOJ, Economic forecasting, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, Graphsandlaughs, MLS, Multiple listing service, Public speaking economist, econ70, economist on TV, economist on radio, eisenberg and economics, funniest economist, funny housing economist, graphsandlaughs and eisenberg, housing sales, mortgage banking, politics and economics, sanctions, www.econ70.com
While Citi will soon pay $7 billion to settle with the DOJ over mortgage abuses, and BNP Paribas just paid $9 billion for violations of US sanctions, and recently JP Morgan paid $13 billion over various residential-backed mortgage securities, the problem is bankers don’t do time! These fines, large as they are, have simply become a cost of doing business. Unless future settlements involve jail time, these abuses will continue.