Who gets the money?
Q: Who has an INSATIABLE appetite for MONEY?
A: GOVERNMENT.
Here was the breakdown of JP Morgan's 13 BILLION dollar fine last October.
The Federal Housing Finance Agency: $4 billion The government agency that oversees Fannie Mae and Freddie Mac will get $4 billion of the $13 billion settlement. That looks pretty good until you consider it bought $33 billion worth of lousy mortgage-backed securities from JPMorgan, Washington Mutual, and Bear Stearns between 2005 and 2007 — so, in effect, the FHFA is getting back 12 cents on every dollar it invested.
http://www.thefiscaltimes.com/Articles/2013/10/21/JPMorgan-s-13-Billion-Fine-Where-Will-Money-Go
That is the 16 Billion dollar question?
One thing I believe; BOA will in no way be hurt by this, it is just a financial recycling scheme, scam, fraud, whatever you want to call it, to demonstrate Gov’t is the solution not the problem, deceit begets deceit and most are played as fools.
If you defend BOA or any global bank, you are defending the scam, these Banks and the Gov’t got each others back...IMO!