Banks don't cheat people; people cheat people

  • Goldman and Wells were small-fry, and not one executive has been penalized.
  • American corporate governance relies on boards of directors to guide and control senior officers, and the American people are paying these fines through additional institutional fees.

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Goldman Sachs’ $5 billion and Wells Fargo’s $1.2 billion settlements of mortgage wrongdoing would be grounds for giggling if it were not all so painful. Goldman has — at last — this week settled with the Department of Justice for securitizing bad loans from 2005-2007, and Wells for lousy underwriting of FHA loans from 2001-2008.