Wednesday, December 14, 2011

FDIC reaches $64M settlement in WaMu case

Ok, THIS is what I mean when I say "no deterrent". The FDIC was looking for $900,000,000 and they settled for $64,000,000. Guess what the bankers get to pay? Approximately $400,000 each! Yes, you read that right. Wait, it gets better. Ready for this? The remainder of the $64,000,000 will be paid by liability insurance!!!!! So let me get this steer your ship into the largest bank collapse in U.S. history while getting paid millions of dollars a year. So, why would you do anything differently the second time around??

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