Financial stars behind bars?

Bankers and the US government are reaching settlements before the criminal courts have a chance to investigate.

Hardly a day goes by without a settlement between a bank and a US government agency or regulator. The latest one is between Bank of America and the government-backed mortgage underwriter Fannie Mae: $3.55 billion in cash; $6.75bn in repurchases of bad mortgages that Countrywide, later acquired by Bank of America, sold to Fannie; and an additional $1.3bn in cash to resolve Fannie’s servicing issues with Bank of America.

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