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SunTrust Banks, Inc. Message Board

  • bank_stock_investor bank_stock_investor Apr 14, 2011 11:39 AM Flag

    Nobody is accountable?

    According to this article not ONE senior manager of any large financial concern has been prosecuted as a result of the financial crisis. Why?

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    • How come these same charges are not being pressed against US banks? They did the same thing.

      "To date, the U.S. government has brought few cases against big Wall Street banks in response to the mortgage crisis that nearly toppled the world's financial system almost three years ago. But the Justice Department today filed suit against Deutsche Bank for hundreds of millions of dollars, alleging that the banking giant unfairly stuck taxpayers with the tab for bad home loans it issued.
      The complaint, filed in Federal District Court in New York, accused Deutsche Bank of failing to adequately scrutinize potential borrowers, then lying to government officials about its lapses of due diligence.
      The bank "ignored every type of red flag and breached every duty of due diligence before underwriting thousands of federally insured mortgages," U.S. Attorney Preet Bharara charged in a statement to reporters. "While the homes the defendants issued loans for may have been built on solid ground, the defendants' lending practices were built on quicksand. Ultimately, prudence was trumped by profit, and good faith took a back seat to good fees."

    • Are you aware of how much $ banks give the government every year?

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