Posted on 06/24/2016 4:45:54 AM PDT by ConservativeWarrior
Washington D.C., June 23, 2016 — The Securities and Exchange Commission today announced that Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges that it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors.
(Excerpt) Read more at sec.gov ...
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Obama and Congressional Democrats----with a huge assist from then-AG Eric Holder----have given NeighborWorks America (formerly ACORN) and La Raza a huge funding source of tax dollars to achieve Obama's dream of a permanent Democrat majority.
Obama/Holder/Dems are forcing taxpayers via DOJ litigation WRT bank settlements----into paying off these nefarious organizations.
DOJ went after CitiCorp and ordered them to pay $50 million to La Raza and NeighborWorks America as part of the settlement.
Another clause in the agreement makes it possible for La Raza and NeighborWorks America to rake in even larger amounts of money.
Of the remaining money the banks needed to pay in settlements, the banks were able to contribute additional money to La Raza and NeighborWorks America. For every dollar they contribute, it reduces their debt to the government by 2 dollars. That’s some mighty powerful incentive to give generously.
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House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and House Financial Services Chairman Jeb Hensarling have questioned why this money was sent to the ACORN clone and the blood-thirsty LaRaza----rather than to the alleged victims of the bank’s crime. The administration of course declined to answer.
Here's part of the Congressmen's letter to Holder: “It seems that the alleged victims are not the primary beneficiaries of these multi-billion dollar settlements. Instead, the terms in the Justice Department’s two latest settlements look less like consumer relief and more like a scheme to funnel money to politically favored special interest groups.”
“This makes donations to activist groups far more attractive to banks than providing direct relief to injured consumers. As a result, the settlements appear to serve as a vehicle for funding activist groups rather than as a means of securing relief for consumers actually harmed.”
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So now, with tons of money to fix the presidential election, the largest and most successful voter fraud campaign may alter the course of the elections not to mention the future of the United States.
NO WONDER HILLARY KEEPS SMILING.
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Obama bullied bank to pay racial settlement without proof: report
NY Post ^ | 2/7/2016 | Paul Sperry / FR Posted by DCdude
Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a racial justice campaign that's looking more like a massive government extortion and shakedown operation
Obama's Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti- discrimination crusade against the industry in 2013. Several other banks are under active investigation. That's despite the fact that the CFPB had no actual complaints of racial discrimination--- it was all just based on half-baked statistics.
A 23-page internal report detailing CFPB's strategy for going after lenders shows why these companies are forking over millions of dollars in restitution and fines to the government despite denying any wrongdoing.
CFPB applied the screws to Ally, saying it had statistical evidence showing its participating dealers were œmarking up loan prices for blacks and Hispanics vs. whites (by an average of $3 a month). Ally fought back, insisting non-discriminatory factors, such as credit history, down payments, trade-ins, promotions and rate- shopping, explained differences in loan pricing. After conducting a preliminary regression analysis, the bank found these factors alone accounted for at least 70 percent of the “racial disparities†the government was claiming.
CFPB admits in the memo that it never considered these or other legitimate business aspects of the car deals it investigated
Also in its initial rebuttal, Ally complained CFPB's entire case was based on disparate impact statistics, not actual complaints by consumers, and that those estimates relied on guesswork about the race of the borrowers. (The auto industry does not report borrower race, so CFPB tried to ID race by last name and ZIP code, a so-called proxy method that is wildly inaccurate.)
(Excerpt) Read more at nypost.com ...
===========================================
Obama and Congressional Democrats----with a huge assist from then-AG Eric Holder----have given NeighborWorks America (formerly ACORN) and La Raza a huge funding source of tax dollars to achieve Obama's dream of a permanent Democrat majority.
Obama/Holder/Dems are forcing taxpayers via DOJ litigation WRT bank settlements----into paying off these nefarious organizations.
DOJ went after CitiCorp and ordered them to pay $50 million to La Raza and NeighborWorks America as part of the settlement.
Another clause in the agreement makes it possible for La Raza and NeighborWorks America to rake in even larger amounts of money.
Of the remaining money the banks needed to pay in settlements, the banks were able to contribute additional money to La Raza and NeighborWorks America. For every dollar they contribute, it reduces their debt to the government by 2 dollars. That’s some mighty powerful incentive to give generously.
==================================================
House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and House Financial Services Chairman Jeb Hensarling have questioned why this money was sent to the ACORN clone and the blood-thirsty LaRaza----rather than to the alleged victims of the bank’s crime. The administration of course declined to answer.
Here's part of the Congressmen's letter to Holder: “It seems that the alleged victims are not the primary beneficiaries of these multi-billion dollar settlements. Instead, the terms in the Justice Department’s two latest settlements look less like consumer relief and more like a scheme to funnel money to politically favored special interest groups.”
“This makes donations to activist groups far more attractive to banks than providing direct relief to injured consumers. As a result, the settlements appear to serve as a vehicle for funding activist groups rather than as a means of securing relief for consumers actually harmed.”
=====================================
So now, with tons of money to fix the presidential election, the largest and most successful voter fraud campaign may alter the course of the elections not to mention the future of the United States.
NO WONDER HILLARY KEEPS SMILING.
=======================================
Obama bullied bank to pay racial settlement without proof: report
NY Post ^ | 2/7/2016 | Paul Sperry / FR Posted by DCdude
Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a racial justice campaign that's looking more like a massive government extortion and shakedown operation
Obama's Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti- discrimination crusade against the industry in 2013. Several other banks are under active investigation. That's despite the fact that the CFPB had no actual complaints of racial discrimination--- it was all just based on half-baked statistics.
A 23-page internal report detailing CFPB's strategy for going after lenders shows why these companies are forking over millions of dollars in restitution and fines to the government despite denying any wrongdoing.
CFPB applied the screws to Ally, saying it had statistical evidence showing its participating dealers were œmarking up loan prices for blacks and Hispanics vs. whites (by an average of $3 a month). Ally fought back, insisting non-discriminatory factors, such as credit history, down payments, trade-ins, promotions and rate- shopping, explained differences in loan pricing. After conducting a preliminary regression analysis, the bank found these factors alone accounted for at least 70 percent of the “racial disparities†the government was claiming.
CFPB admits in the memo that it never considered these or other legitimate business aspects of the car deals it investigated
Also in its initial rebuttal, Ally complained CFPB's entire case was based on disparate impact statistics, not actual complaints by consumers, and that those estimates relied on guesswork about the race of the borrowers. (The auto industry does not report borrower race, so CFPB tried to ID race by last name and ZIP code, a so-called proxy method that is wildly inaccurate.)
(Excerpt) Read more at nypost.com ...
Pay the grift. Nobody goes to jail.
I notice that what corporations get fined and for what reason, the customers that are supposedly wronged never seem to get compensated. The shakedown cash always goes to the government coffers to be used for...who knows what.
Little people get shaken down on the roadways for seat belt and cell phone violations. Big corporations get shaken down for allegedly doing wrong to their customers.
It all goes to Caesar.
Oooooh, from the headline I thought it was about another donation to Hitlery.
These penalties are insane. Why don't they use all of this penalty money to pay interest on CD savings?
The fines go to the DNC via various organizations. This is total corruption. Obama and Holder created this situation and couldn’t care less who knows.
“Oooooh, from the headline I thought it was about another donation to Hitlery.”
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Now that’s funny. haha
Well at least nobody is GOING TO PRISON FOR FRAUD!
Putting aside the guilt or innocence of ML, this $416 million is simply a shakedown in the usual Obama admin fashion. As with other ‘settlements”, it will result in the usual rake of leftwing activist causes receiving windfall millions to use to further termite into the foundations of the Republic.
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