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The Bank of America Settlement and the “Justice” of Capitalism

Bank accused of 'breathtaking arrogance' after handing 121 UK staff payouts totalling £370million

‘Attorney General Eric Holder, the head of the Department of Justice, returned to Washington Thursday from his tour of Ferguson, Missouri—which was this month put effectively under martial law—to announce a cash settlement with Bank of America over its role in helping cause the 2008 financial crisis by making billions selling fraudulent mortgage-backed securities.

The deal will cost the bank only about a third of the $16 billion the Justice Department claims as the size of the settlement. Like previous settlements, it effectively shields the bank from further prosecution and protects the bankers responsible for forcing more than ten million families from their homes.’

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