(GEORGE CURRY MEDIA)—While our attention was focused last week on Bill Clinton becoming unhinged while defending his indefensible crime bill and insulting the Black Lives Matter Movement in the process, Wells Fargo and billionaire casino magnate Sheldon Adelson were demonstrating how the wealthy escape personal responsibility when they misbehave badly.
In the case of Wells Fargo, bank executives agreed to pay a $1.2 billion fine for hiding their bad loans leading up to the 2008 housing market debacle. The bank admitted certifying that thousands of faulty home mortgage loans were eligible for Federal Housing Administration insurance when, in fact, they weren’t.
“Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust,” Manhattan U.S. Attorney Preet Bharara said in a statement Friday announcing the settlement. “Today, Wells Fargo, one of the biggest mortgage lenders in the world, has been held responsible for years of reckless underwriting.”