FIVE BILLION they have to pay out. For lying, basically, for lying. Stating the RMBS' were good when they, in fact, were crappy, with a likelihood of failing.
Did I mention FIVE BILLION? Now, I don't feel sorry for them at all. In fact, I think it probably should have been more, but I wasn't privvy to the fine details at all. Yet, you have to think, if they have 5B to pay out....they must have a helluva a lot more in their coffers to still stay afloat.
It was a long article, read on Housing Wire. Feel free to read the detailed version here:
At any rate, they deserve to be punished for the wrongful acts they committed. Remarkable that it took a decade to bring them to justice. The people that suffered won't even begin to be compensated....IMHO. But, do the crime, pay the fine. Another one crossed off the DOJ's list!
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