Jim says in his latest blog, no evidence of fat cats hurting the economy Well Countrywide Financial, acquired by Bank of America in 2008, was a central figure in the housing collapse and subsequent foreclosure crisis. Once America's largest mortgage lender, the company has agreed to a litany of settlements since 2008, including a $600 million class-action settlement, an $108 million settlement with the Federal Trade Commission and the ousting of former CEO Angelo Mozilo, who paid $67.5 million in penalties to the Securities and Exchange Commission, the Wall Street Journal reports.
Still, no top level finance executives have faced federal prosecution for actions related to the financial crisis, despite several reports,that fraud was a common practice. At the same time, as Federal prosecution of financial fraud falls to a 20-year low, while over two thousand people have been arrested in connection with the Occupy Wall Street protests.
Yes let's get those Occupy Wall street people, their ruining America.