how about a ride back to the future…
In 2002 all the big Wall Street firms had big ethics issues and they paid half a billion for SEC forgiveness (apparently when the dollar was worth twice as much).
Nobody really knows where all that dough went, some say Congress stashed it away for another paint the town social, some say legal fees and some say the SEC has huge coffers for when they have to leave town.
What do you think?
Bad Karma Bank and its subsidiary Fish Brothers paid the largest sum of $500m for misleading ordinary citizens. I actually received an ordinary citizen letter that stated that they had mishandled my account. Problem was there was no accountability, mucho bureaucracy and no dinero and I lost $30,000. That’s why SEC fines serve no purpose but to make a select few others happy for a very short time. Forevermore, Bad Karma Bank was in bailout karma, 907,000 links in Google for “Bad Karma bailout.”
“Credit Suisse First Boston is expected to have to pay $250m, while Bear Stearns, Goldman Sachs, Lehman Brothers, Deutsche Bank and UBS Warburg face payments of $75m apiece. Smaller sums, of between $50m and $60m will reportedly be sought from Thomas Weisel Partners, JP Morgan Chase and Morgan Stanley.”–yep they paid their way out and still got to mis-direct the past, present and future of “their” business.