3 1 min 5 yrs

Barclays has agreed to pay $2bn (£1.4bn) to settle a lawsuit brought by the US government over the sale of mortgage-backed securities […]

Two former Barclays executives also agreed to pay a total of $2m.

Paul Menefee, who was Barclay’s subprime securitisation head, and John Carroll, Barclays’ head trader for subprime loan acquisitions, agreed to pay the money to dismiss all claims against them.

That’s quite a scam, though jolly fortunate for those involved that they can write a cheque and be done with it. I remember when a young man was sent to prison for six months for stealing a bottle of water during a riot. For some reason he wasn’t allowed to just pay it back.

Click to rate this post!
[Total: 0 Average: 0]

3 thoughts on “DEPENDS WHO YOU KNOW

  1. That’s quite a scam, though jolly fortunate for those involved that they can write a cheque and be done with it. I remember when a young man was sent to prison for six months for stealing a bottle of water during a riot. For some reason he wasn’t allowed to just pay it back.

    The 1% live by different laws, different sets of rules.

  2. The banksters have paid well north of $100 billion in fines since 2008. They regard it as the cost of doing business, though much to their annoyance the fines are not allowable for tax purposes.

  3. The $2bn will be levied against their clients. The CEO’s and the like will not feel a thing – except the $2m, which I am sure they will find somewhere at the back of the sofa.

    One law for the me, and another for thee.

Comments are closed.