A look at the day’s political happenings, including another legal challenge to President Obama’s health care law and billionaire Warren Buffet discusses what Congress should do about taxing the wealthy.
Bank of America: $11.9 billion; JPMorgan: $5.44 billion; Wells Fargo: $4.35 billion. These are the fines the banks have paid so far in settlements to the government for wrongdoing amid the financial crisis.
It’s a start, but let’s hope Friday’s fraud charges against six former higher-ups at Fannie Mae and Freddie Mac don’t represent the only attempts that the Securities and Exchange Commission will make to hold financial executives responsible for the disastrous economic mess that’s still upon us.
Three recent news headlines illustrate how shameless some American officials have become when it comes to breaking the rules or messing up and pretending that everything is still OK. They also prove that in modern America, it’s possible for screwups to continue their lives and careers with hardly a blip.
Another head of another big bank is rolling ... all the way out the door. On Wednesday, Bank of America CEO Kenneth Lewis made the startling announcement that he was opting to take early retirement, effective the last day of this calendar year.