Morgan Stanley to pay $3.2 bln to settle financial crisis-era charges

[deminks]

Source: Reuters

Morgan Stanley Morgan Stanley is poised to pay $3.2 billion to settle federal and state charges that it misled investors in residential mortgage-backed securities that later soured during the financial crisis, the New York Attorney General's office said on Thursday.

The case stems from an investigation by the Residential Mortgage-Backed Securities Group, a joint federal and state task force unveiled in 2012 by President Barack Obama that serves to investigate potential misconduct from the 2007-2009 financial crisis.


Read more: http://www.cnbc.com/2016/02/11/morgan-stanley-to-read-32b-deal-with-federal-state-govts-over-financial-crisis.html

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Will they notice? Will it even get paid?

[LittleGirl]

1. Anybody going to jail?

anybody?

[Red Oak]

2. Anyone charged wih a crime?

Thought not.

$3.2 thousand million paid in fines, but not one even charged with a parking ticket.

Rigged system. Unfair system. Corrupt system.

[navarth]

3. How many days worth of profit for them is that?

Does it amount to a slap on the wrist?

[Kip Humphrey]

5. not to worry - the fine is tax-deductible.

[Deny and Shred]

7. Basic for the past two reported years, in billions

2014 = $34.275 in revenue, $3.152 profit

2013 = $32.493 in revenue, $2.655 profit

[jalan48]

4. And how many people went to prison over this?

As Bernie points out a teenager busted with marijuana faces a stiffer sentence and something that becomes a permanent part of his/her record. The banksters? They just dip into their petty cash drawer and the fawning regulators say thank you!

[postulater]

6. I'm expecting my check is in the mail.

Whatever penalty they pay will never reach the people who were damaged by their actions. It is meaningless.

[ChairmanAgnostic]

8. However, the comptroller accidently made out the check to Hillary Clinton

He explained,"We've been doing this so often, I just assumed."

[NCjack]

9. Three strikes and you're out? [Not for too-big-to-fail corporations.] Does MS

have friends in high places? [Yes; it owns a controlling interest in the Congress, President, and Supreme Court.] Hillary's correction plan: "Hey you guys -- you cut that out." Bernie's corrective plan: Break up the TBTF corporations like MS and send criminals CEOs to prison. When a corporation steals from the public, it should get a fine so large that the result is bankruptcy and the forced sell-off of its assets. Just like what would happen to us.

[Dems to Win]

10. Not even a slap on the wrist.

America cannot tolerate another president who refuses to prosecute Wall Street criminals.

America cannot tolerate another president funded by Wall Street.

Go Bernie Go!

[Moral Compass]

11. How nice...

Oh wow! Another fine.

The people that misled investors haven't been fined a dime. Morgan Stanley will pay the fine and deduct it from their taxes and the U.S. (and New York) will probably end up owing Morgan Stanley a refund on federal and state taxes.

The monetary penalty assessed has no impact on Morgan Stanley and the Morgan Stanley personnel that executed this scheme get to keep all the money they made in the scam.

Fraud pays and pays exceedingly well.

There is 0 incentive to not do this or something like it again. Looking at how this has played out... Why would anyone even hesitate? The profits from the fraud were immense for everyone in the fraud ecosystem. Only the investors lost. And, in U.S. (and presumably New York) law there are really no protections for investors. They must sue to recover and they law provides little ground on which to sue.

Money for nothing and chicks for free indeed.

The next scam is probably underway. And the crooks know they won't go to jail and they won't have to give the money back.

Selling worthless garbage has never been so good.

[ChairmanAgnostic]

12. given how much they profit from their crimes, this fine amounts to

approximately a 1% tax. Well worth the crime, and almost risk free, given how Eric Holder coddled and protected that entire criminal class before he sold out and joined one of their favorite lawfirms and lobbying groups.

[AllyCat]

13. Who gets that money? The people who were kicked out of their homes?

Repair of their credit? Anything good going to come of this even if they do pay the money? I doubt it. Chump change for these crooks.