http://www.courant.com/business/hc-bank-of-america-1208-20101207,0,5363581,print.story
How does it feel to be sold out Connecticut for a mere $600,000,
while Bank of America gets to admit no guilt for illegal practices that would have buried the average Joe for committing?
This wasn't a one time thing for the bank, it was an on going practice for 6 years. It robbed your state as well as your towns and cities of much needed revenue that you were purposely set up to pay.
But because of political pull once again, they get off scot free, while you're still held to the terms of the bogus contract that they set you up to pay.
How far does that $600,000 go in terms of how much those rigged contracts netted for the bank?
Not far is my guess. It's certainly not far enough to actually be able to terminate the original source of the banks indiscretion.
So while your tax revenues are tied up for an untold amount of time paying for a loan that was rigged for the banks and investors to make maximum profit off of Bank of America is off the hook and ready to start a brand new game.
Bank of America will pay $137 million in restitution for its part in a nationwide scheme that included bid rigging and other anti-competitive practices that defrauded state agencies, cities and towns, school districtss and nonprofits in the purchase of municipal bond derivative, Connecticut's attorney general said today.
Bank of America will pay $137 million to settle government accusations that it rigged bids to win business from municipal governments, Connecticut's attorney general said today.
Connecticut is among 20 states that will share $67 million of that total in restitution tied to nationwide anti-competitive practices that defrauded state agencies, cities and towns, school districts and non-profits in the purchase of municipal bond derivatives.
Connecticut's share is expected to be about $600,000, according to Connecticut Attorney General Richard Blumenthal
Bank of America, Connecticut's largest bank, cooperated with authorities in exchange for leniency. In settling, the bank neither admitted or denied the accusations.
The investigation covers practices occurring between 1998 and 2003. In addition to Bank of America, the wide-ranging investigation is targeting several other major financial institutions.
"Bank of America is pleased to put this matter behind it, and
Showing posts with label Connecticut. Show all posts
Showing posts with label Connecticut. Show all posts
Thursday, December 9, 2010
Monday, October 11, 2010
The adoption of MERS?
http://www.mersinc.org/news/details.aspx?id=243
Who made these decisions and were the taxpayers asked or told?
8/23/2010
Municipalities and States Adopt MERS® System to Ease Foreclosure, Vacant Property Registration
Boston, Los Angeles, Connecticut and Virginia allow the MERS® System
as an alternative to existing proprietary registries
RESTON, Va., Aug. 24, 2010—This month, the City of Los Angeles joined the Commonwealths of Virginia and Massachusetts, and the State of Connecticut, in accepting the MERS® System as an alternative to the City’s registry of foreclosed properties and property preservation contacts for vacant properties.
“Many law enforcement agencies and municipalities already use the MERS® System on an informal basis to find a loan’s servicer and identify the companies responsible for maintaining vacant properties in their area,” said R. K. Arnold, President and Chief Executive Officer of MERSCORP, Inc. “By formally allowing lenders and property preservation companies to use the MERS® System as a suitable location to store this information, the City of Los Angeles can save money and the time it takes to find the data.”
Current MERS members can use the system to register the identity of the property preservation company responsible for maintaining vacant properties, which are frequently in foreclosure. The MERS® System can track both residential and commercial properties.
“Maintaining residential vacant properties in foreclosure is important to prevent blight and to protect property values,” said Doug Guthrie, General Manager of Los Angeles Housing Department. “We’re able to see these benefits more quickly while saving on the city budget by partnering with MERS, whose system is immediately available and already in use by many property preservation companies.”
Who made these decisions and were the taxpayers asked or told?
8/23/2010
Municipalities and States Adopt MERS® System to Ease Foreclosure, Vacant Property Registration
Boston, Los Angeles, Connecticut and Virginia allow the MERS® System
as an alternative to existing proprietary registries
RESTON, Va., Aug. 24, 2010—This month, the City of Los Angeles joined the Commonwealths of Virginia and Massachusetts, and the State of Connecticut, in accepting the MERS® System as an alternative to the City’s registry of foreclosed properties and property preservation contacts for vacant properties.
“Many law enforcement agencies and municipalities already use the MERS® System on an informal basis to find a loan’s servicer and identify the companies responsible for maintaining vacant properties in their area,” said R. K. Arnold, President and Chief Executive Officer of MERSCORP, Inc. “By formally allowing lenders and property preservation companies to use the MERS® System as a suitable location to store this information, the City of Los Angeles can save money and the time it takes to find the data.”
Current MERS members can use the system to register the identity of the property preservation company responsible for maintaining vacant properties, which are frequently in foreclosure. The MERS® System can track both residential and commercial properties.
“Maintaining residential vacant properties in foreclosure is important to prevent blight and to protect property values,” said Doug Guthrie, General Manager of Los Angeles Housing Department. “We’re able to see these benefits more quickly while saving on the city budget by partnering with MERS, whose system is immediately available and already in use by many property preservation companies.”
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