GE settles (no terms announced) a FHFA lawsuit accusing it of misleading Freddie Mac into buying...

GE settles (no terms announced) a FHFA lawsuit accusing it of misleading Freddie Mac into buying $549M of MBS during the housing boom. The settlement is the first in a series of suits brought by the FHFA against last cycle's big lenders. The bid daddies here are the suits against BofA (BAC) and JPM. Look for settlements over the next year.
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Comments (4)
  • Worn out 123
    , contributor
    Comments (462) | Send Message
    That's fine as far as it goes, which is not far enough. Corporations make billions, later their attorneys settle with govt. for millions. Pennies on the dollar actually. GE CEO, JPMorgan CEO's, and BAC CEO's walk away with huge grins to their respective boards for their "atta boys" and "back slapping". They broke laws and ethical standards; misrepresented investors and clients, and walk away with huge company profits. Forgotten is the notion that voters are the taxpayers these ceo's have just ripped off. Then, in the height of hypocrisy, they feign amazement at their unpopularity by voters.
    23 Jan 2013, 06:29 PM Reply Like
  • Braydin
    , contributor
    Comment (1) | Send Message
    You are so right are we the only one's that see thiswhat is wrong with the courts are they blind.
    23 Jan 2013, 09:48 PM Reply Like
  • john henry johnson
    , contributor
    Comments (3) | Send Message
    Amen-- if you drove a truck and you could make an extra $100 a day by speeding--- and the fine if you got caught was $.50 cents--- What would you do?
    The same applies to Banking--- the penalty is not sufficient to deter the behavior!!
    24 Jan 2013, 03:05 PM Reply Like
  • Retired34
    , contributor
    Comments (7) | Send Message
    Considering the implosion in the housing market, 523M could not be much of a violation.


    It's always easy to throw stones from the side lines.


    Go look into the requirements that the gov't forced on lenders for sub prime lending.
    23 Jan 2013, 09:45 PM Reply Like
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