"...the worst deal in the history of American finance."

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    Jun 30, 2012 12:39 AM GMT
    I have little sympathy for american banks and financial institutes. I hope the bad business coming home to roost will cause them to mend their business practices....since our Congress is totally bought. I'm glad some of the pension funds got their money back.

    "A huge mistake is weighing on Bank of America.

    The bank’s acquisition of mortgage lender Countrywide in 2008 has cost BofA more than $40 billion, the Wall Street Journal reports. ...

    To put the sum in perspective, JPMorgan Chase’s infamous trading loss could amount to $9 billion -- less than one-fourth of the Countrywide losses.

    "It is the worst deal in the history of American finance," Tony Plath, a banking and finance professor at the University of North Carolina at Charlotte told the WSJ. "Hands down."

    .... Just some of the settlements BofA has had to payout as a result of Countrywide: $600 million to pension investors claiming shoddy Countrywide mortgage securities lost them money, $108 million to the SEC over allegations Countrywide charged excessive fees to homeowners facing foreclosure."

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    Jun 30, 2012 2:08 AM GMT
    This is great news for Americans and their pension programs they lost. I hope this starts and avalanche of suits and rulings against these lieing skeeming crooks who are a great deal to blame for our current economic troubles. Let you or me in our work be guilty of frauding just .0001% of what these people have done and we would be fired on the spot,

    What's been the result for these cheats in the banks and Wall street ? Not a GDamn thing except higher wages and higher bonuses. (with a very few exceptions)