Banks Shocked To Learn Breaking The Law Can Hurt Business

This reads to me like the banks are trying to get out of being held accountable for what they do, since if they get in trouble and have to pay fines that could make them go broke. If you catch them and fine them, they will go broke, so don't catch them and fine them. Uh, yeah, that sounds cool. Is this an apology? The average guy knows that if you break the law you could lose your business. I guess this is why average guys aren't bankers. You don't see many bankers bowling, do you? Well that's what average guys do, so I rest my case.

And this is one area, foreclosures, where it was unanimous. EVERY state is going after them. The banks were throwing people out of their houses and now that it turns out they shouldn't have done that they should get a break. Like the break they were giving the people they were throwing out. That means no break, ok?

It would be great if one of the attorney general guys would say "hey, you know what, if paying a fine makes you go broke, we'll forget the whole thing." And then the bank guy would say, "really?" And the attorney general guy would laugh and say "NO! I was just kidding, we're going to nail you to the wall."

Please God let me see this happen and I'll stop asking for money.

Probes by state attorneys general and other government agencies into banks' foreclosure practices carry the risk of fines and other major costs, according to regulatory filings from three of the country's biggest banks.

Revelations that major U.S. banks rammed through hundreds of foreclosures daily without giving many borrowers a fair shot at keeping their homes triggered investigations from all 50 states' attorneys general and from state and federal regulators. They also sparked pressure from lawmakers and class-action lawsuits.

Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. called out possible financial repercussions in annual filings with the Securities and Exchange Commission Friday. None of them provided any details on how much was at risk.

"Those investigations and any irregularities that might be found in our foreclosure processes, along with any remedial steps taken in response to governmental investigations or to our own internal assessment, could have a material adverse effect on our financial condition and results of operations," Bank of America said.

[Associated Press]