BANK OF AMERICA HAS JUST BEEN FINED $12 MILLION FOR REPORTING FAKE MORTGAGE DATA TO THE GOVERNMENT FOR AT LEAST THE LAST 4 YEARS PER BLOOMBERG
$BAC
Discussion
They lie because there is literally no cost to getting caught. $12 million to BAC is like a penny between the couch cushions.
If an individual citizen lies to the government they go to jail. When JPM lies to the government, no one goes to jail, and they pay 10% of one days profit-it is just the cost of doing business for them.
$12mm? So that's gotta be like... half an hour's worth of revenue for them?
Looked it up - according to https://www.macrotrends.net/stocks/charts/BAC/bank-of-america/revenue it's about 3 hours' worth, using their 12 months to Sep 23 revenue.
Wait no that's the quarterly number - it's actually 0.8 hours so my hyperbolic guess was incredibly close 🤣
Built in to their budget.
This is the “something” they have to give the regulators from time to time to give everyone their cut.
Someone comes out a hero and lands a nice office in the “private sector”
Nice tip.
“Mortgage officers failed to accurately report demographic data for applicants over a period of four years, the CFPB found.
The fine will be paid to the CFPB’s victims relief fund.”
Am I due compensation from the federal government because some third party software vendor forgot to put a race checkbox in the mortgage application program? A bunch of bullshit on all sides.
Too big to (truly) fine