Divide by Matt Taibi paints a graphic picture of the have vs. have nots in the USA. The beaurocratic net involving the justice and legal system is ruthless when it comes to the poor while not lifting a little finger to go after the criminally rich. In this book, you get to read about the collpase of Lehman Brothers including the aftermath of a lawsuit years later to try and recover some money for creditors who were wiped out along with specific examples of how the poor are treated in this country in this day and age.
From page 406: Since the mid-2000's, and especially since 2008, we've seen one settlement after another with the same characteristics: very high fines, limited (or no) admission of responsibility, and no criminal charges against against individuals.
It's an incredibly long list. Take just one company, Bank of America, which paid out some 29 billion in settlements between 2009 and September 2012.
There was the $150 million settlement it paid to the SEC for lying to shareholders about the Merrill Lynch acquisition. There was the $600 million settlement for concealing a lack of underwriting standards in the loans put in pools mostly sold, as usual, to the defenseless elderly. There was a 3 billion settlement for defrauding Fannie and Freddie. Then there was $410 million paid for charging phony overdraft fees, $20 million paid to the DOJ for illegally foreclosing on actively serving members of the military, $11.8 billion paid out in a foreclosure settlement, $1.6 billion paid to Assured Guaranty for coaxing the insurer to wrap toxic bonds...the list goes on and on.
This book is an excellent read and will definitely pull on your heart strings. I couldn't put this book down and by the time you finish reading this you will be saying "Bring on the comets!"
From page 406: Since the mid-2000's, and especially since 2008, we've seen one settlement after another with the same characteristics: very high fines, limited (or no) admission of responsibility, and no criminal charges against against individuals.
It's an incredibly long list. Take just one company, Bank of America, which paid out some 29 billion in settlements between 2009 and September 2012.
There was the $150 million settlement it paid to the SEC for lying to shareholders about the Merrill Lynch acquisition. There was the $600 million settlement for concealing a lack of underwriting standards in the loans put in pools mostly sold, as usual, to the defenseless elderly. There was a 3 billion settlement for defrauding Fannie and Freddie. Then there was $410 million paid for charging phony overdraft fees, $20 million paid to the DOJ for illegally foreclosing on actively serving members of the military, $11.8 billion paid out in a foreclosure settlement, $1.6 billion paid to Assured Guaranty for coaxing the insurer to wrap toxic bonds...the list goes on and on.
This book is an excellent read and will definitely pull on your heart strings. I couldn't put this book down and by the time you finish reading this you will be saying "Bring on the comets!"
