The End of the BAMTOR Principle?

Alas, I can only hope. However, I do know better.

Somebody’s actually going to jail for fraud at a mortgage company that caused another bank to collapse. I’m quite pleased that finally, somebody is actually being punished for a crime. But frankly, we need a lot more bankers being escorted off premises in handcuffs. The only way to break the BAMTOR Principle is to make it so Joe Banker tells his boss: “I can’t do that! It’s against the law! Don’t you remember that they arrested Bob for that?”

Elsewhere, Bank of America and Wells Fargo are whining that they may actually have to pay “material fines” for breaking the law in foreclosures. Poor babies. B of A may also have to pay investors a few hundred million dollars for delaying foreclosures because it turns out that some pesky activist judges wanted them to follow the law! It seems like the only way to make a bank pay up is when it’s paying another financial institution. Gee FDIC, I hope you’ve got a plan for what to do when one of these big boys finally collapses.

Finally, some pesky activist judges are finally saying to big institutions “Just because it’s standard practice doesn’t make it legal.”

In Closing: Americans without passports; a recap; another reason to quit smoking; Bring It; no TSA required; stagflation; the center is way off here, no, a little more to the left; worth reading; budget cutting their own throats; stop manipulating me!; that sounds easy; free in Tokyo (did you know Tokyo is 4 syllables long?); and you know I don’t generally do celebrity news, but this sounds like the setup for a re-make of Weekend at Bernie’s. What could possibly go wrong??