The banks just make more money by ‘paying’ a fine; they trade the bill of exchange for 10 times its value on the fractional reserve system; which means they made almost 29 billion in this particular scam; nice game to play. The bank always wins. in peace
Source: Activist Post, by Brianna Acuesta
Morgan Stanley’s settlement for $3.2 billion pales in comparison to what they borrowed.
While some may claim that the settlements made with big banks in recent years are better than nothing or are significant amounts, no matter how much that bank borrowed in 2008-2009, to say that these settlements are minuscule at best is an understatement. Last month, Morgan Stanley, one of the largest investment banks in the world and biggest borrowers in the 2008 financial crisis, agreed to pay $3.2 billion in a settlement with federal authorities.
Although $3.2 billion may seem like a lot of money, and it absolutely is for people not in the investment banking business, let’s compare this settlement to other settlements reached in relation to the crisis. JPMorgan reached a $13 billion settlement, Citigroup reached a $7 billion agreement, and Bank of America agreed to a “historic”…
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