http://mobile.reuters.com/article/idUSBRE97I0ZX20130820?irpc=932
Ok, so apparently the gov't smells more blood in the water and settling with them for ridic sums of cash wasn't enough. Just ask Stephen Cohen. This move expands the reach and statute of limitations, and makes it a lot easier for the gov't to go after banks for fraud.
Why is the gov't doing this? Partly because they can. Their line of thinking is "I bailed out your sorry ass and I'm going to make sure I don't have to do it again". Part of this is popular anger from the majority of Americans who are still pissed off at how the banks screwed up royally and then got bailed out while they did not. Part of this is just folks in the gov't motivated by ambition or socialism, and nailing the banks gets them brownie points.
Are some poeople roaming around that are guilty of fraud? Probably. Is the public pissed off at banks because they didn't get their day in court? Probably. Will socialists still hate us even when those few rotten apples are rounded up and carted off to federal pound me in the ass prison?
.....probably.
That's life.
What does this mean for the rest of us who just show up and do our job? I don't know. Gauging by what UBS went through, I'm going to guess lower bonuses, layoffs, and a general sense of being emotionally raped, with the angst extending to areas not even involved in the proceedings.
I wish I came bearing good news, but today I do not. What do you all think?
" Few rotten apples"
There isn't a day without a flashing headline denouncing a crime, a fraud or some illicit transaction. I think "few" is an understatement.
I am willing to bet there are far fewer "criminals" in banking when compared to the number of criminals in government.
The irony in our government makes my brain hurt.
Ut deleniti voluptatem minima voluptatem nobis voluptatum. Magnam amet quod in cumque atque. Mollitia libero repellendus consequatur inventore qui vitae qui.
Suscipit sit eum rerum odit. Molestiae tempora ipsam et sit. Exercitationem harum doloremque nostrum quasi libero quam quia. Enim quibusdam voluptatum alias voluptatibus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...