Let’s see ... how was it the Fox News Channel anchor phrased it? Oh yeah. Here we go: “Bank of America is going to penalize some of its customers by charging them a fee for their checking accounts.”
After some 500 days of negotiation, the deed was done. On Thursday, February 9, attorneys general representing nearly all 50 states announced that five major banks – Ally Financial, Bank of America, Citibank, JPMorgan Chase and Wells Fargo – agreed to pay a combined $25 billion over three years in civil penalties and loan write-downs for having serviced mortgage foreclosure paperwork without proper review.
Chances are, you’ve heard economics referred to as “the dismal science.” That unflattering description is glib and catchy; it is also 100 percent wrong.
I provide this backdrop because you have to see that once again those who have a fiduciary responsibility to protect investors failed.
Reason's Anthony Randazzo explains why the Millennial generation stands to be the hardest hit by the Great Recession.
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