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Global Economic Intersection Article of the Week
Shahien Nasirpour has an article at the Huffington Post today (July 11) that really has me steaming. He writes about state and federal prosecutors moving toward a proposed settlement with major home loan companies. Nasirpour reports the estimate is that the settlement of abuses is expected to come in at about $30 billion, without any admission of wrongdoing.In other words, all the criminal activities from origination, through misrepresented securities to mortgage processing and registration fraud would be absolved for a sum of money.
Part of the deal will be that the firms will "adhere to better practices going forward." Better than what? Better than rape, plunder and creating a mess out of the world financial system? For this commentator that seems like a hell of deal. If I did tens of trillions of dollars of damage and got off for less than 0.5 cents on the dollar (and maybe even less than 0.1 cents), I'd be overjoyed. And without admitting I'd done anything wrong? Wow!
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