It seems as if no sooner than I posted an entry on bank fraud and etc by the major banks than this jumps up and it was just too good to pass on.
However, this is not just about Capital One, included were Bank of America, JPMorgan Chase and HSBC. Now, as bad as the charges may be and regardless of the millions of dollars that have been fleeced from clients, my bet is that not one man or women that was a part of the fleecing will ever see the inside of a courtroom much less the inside of a prison.
Post script: It appears that I stand corrected. This is a break out of how the money is to be spent. ‘…The government said $150 million of the sanctions will go to reimburse affected customers, while the remaining penalty will be split between the Office of the Comptroller of the Currency, which fined the bank $35 million, and the CFPB, which will collect $25 million…’
In a way, I am sure that these amounts could be considered ‘….chump change…’ in the eyes of big finance but to me, it is real money. Consumer agency fines Capital One for card marketing
As I was cleaning or attempting to clean this up, it occurred to me that these were clear violations of the law and the fines were that the banks buckled under without further comment were criminal violations that speak to premeditated actions with clear intent to violate a law or various laws of the nation. Why on earth did or has the Department of Justice not entered the fray with criminal proceedings as follow-up actions. I guess the question becomes that they and other government agencies have a vested interest in fleecing the wrong doer rather than preventing future wrong doing.