The nation's fourth-largest bank agreed to pay an $11 million fine this week to settle federal charges that it misled investors by hiding critical facts and charging them excessive prices on portions of two billion-dollar securities during the height of the housing boom.
Or put another way: For $11 million, one of the world's biggest investment firms was able to violate basic investor protection rules, defraud its customers, not admit wrongdoing, avoid a trial and likely pocket the profit off similar deals.
The investors lost millions. The firm pocketed millions more in profit, more than offsetting the fine.
Showing posts with label Critics Say. Show all posts
Showing posts with label Critics Say. Show all posts
Thursday, April 7, 2011
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