The Cody Word
« Some Heads Are Gonna Roll: Bernanke, Paulson, Bank Execs, SEC and FDIC People and the Incumbents
A Little Levity, Anger and Paranoia Go a Long Way In a Depression »

  • October 8, 2008 03:01 PM EDT by Cody Willard

    Hmm: We Give The Banks Hundreds of Billions of Taxpayer Money and Then Fine Them A Few Million?

    So the fine folks in the government who were supposed to be making sure that any and all profits and losses from all contracts in this country belong to those who take the risks are forcing shareholders of Bank of America to pay the government $50 million in fines for misleading investors and causing this financial meltdown that we're all now living through.

    Bank of America to Return $4.5 Billion in Auction Rate Accord

    By Karen Freifeld

    Oct. 8 (Bloomberg) -- Bank of America Corp. agreed to buy back $4.5 billion in auction-rate securities and pay a $50 million fine in a nationwide settlement announced by New York Attorney General Andrew Cuomo.

    I have one question -- if Bank of America has already and is going to continue get billions of dollars in support from government money and they're having to give the government $50 million to "settle" the charges that they screwed the government and a bunch of investors...then who's actually being punished here? Seems to me that taxpayers are paying taxpayers, no? Should we even bother fining these corrupt, criminal institutions since we're bailing them out with taxpayer money anyway?

    I don't get how taxing people to give money to corporations to give back to the government does any good for anybody. Feeling confident yet? No, not so much? I'm shocked.

RSS Subscribe to Comments

Jeff

And the execs are laughing all the way to the bank...er, work

October 8, 2008 at 3:52 pm

Terrie

To funny, Does this mean Bank of America get to take spa trips too?? Nice to see we are bailing out the Banks & Politicians who screwed us and we have no say so in the matter. Well why not screw us, we have no choice but to pay the government what ever money they want to take from us ... we never did have a say so .. this is the land of the false freedom. We elected a bunch of criminals.. I wonder how many bankers and politicians are going to get rich off of this 700 billion + bailout.. Who gets the biggest amounts in their pockets.. kinda of like Dodds, Frank & Obama with Freddie Mae and Frannie Mac and I know its not us tax payers.. I strongly believe the only reason why the bail out happened was not to save us but themselves of loosing their own money. Must be a nice life when you can say oh, just give me more money even when its not ours to take, the tax payers will pay it.. after all isnt that what the banks did... Lets not forget who are the hard working Americans... doesn't sound like them if they can only sit around and think about scamming more money out of us. Talk about a bunch of bull and giving and killing the American Dream....

October 8, 2008 at 3:47 pm

Jane

Cody...right on!! I am with ya all the way!!

October 8, 2008 at 3:46 pm

Hillbilly ED

We really are a generous nation, we have to put our money to work, the banking industry needed the money and individuals are in pretty good shape, and Blake, remember Dave Ramsey's advice, "beans and rice,rice and beans"

October 8, 2008 at 3:36 pm

Blake

Shocked? No, no longer shocked. We have been abandoned by our elected officials. Think long and hard about the future.....it will involve quite a bit of tribulation. Nothing is about to change anytime soon. As you read this--and do your job--think about the reality: Our world in the USA is changing. Uncle Sam is not stepping in to help--even if Obama the socialist is elected. Money can be printed......but that doesn't mean it is worth a hill of beans. Speaking of beans.....buy them. You will need to eat.

October 8, 2008 at 3:27 pm

about this blog

  • Cody Willard is an anchor on the FOX Business Network. Willard is also the principal of an investment management company. He was a long-time featured columnist for the Financial Times and TheStreet.com as well as a regular featured economist and stock picker on CNBC's ''Kudlow & Company."

browse posts

most popular posts