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Judge Rakoff Putting the Bank of America on Trial

Judge Jed Rakoff, an honest judge if there was one, has rejected a settlement between the Bank of America, and the SEC, an agency that may well have been "captured" by financial institutions. He rightly opined that a small monetary settlement would only represent a token "win" for  the SEC without providing real deterrence.

Instead, he wants to see the Bank of America put on trial in open court. Which means that he wants the dirty laundry to be aired. He wants names, dates, and facts of specific instances of malfeasance.

This is a step in the right direction. MANY banks did what Bank of America did. ALL of them should be put on trial. Then we will find out who the real villains are.