Happened last week. I saw it in the hallway at work as I was passing by. The Federal Government is suing America’s largest retail bank, Bank of America, for deliberately selling defective loans to its clients. Coincidentally, a woman who happened to be beside me said she was just working with BoA on a project dealing with those defective loans and how it was very bluntly obvious it was malpractice.
I’m surprised that banks would still engage in such fraudulent activities since so many banks have been sued by the fed govt for malpractice (as well as shut down, i.e., Riggs Bank), not to mention, all the new govt regulations imposed on the financial industry monitoring safe and fair practice.
What are your thoughts on how this will affect the economy and the financial world? Will we see more government regulations imposed on the financial industry? Will they use this as another way to gain further control on the way business is conducted and keep Big Brother watching us more closely?