Morgan Stanley in $2.6 Billion Mortgage Settlement

[n2doc]

Source: NYT

Morgan Stanley said on Wednesday that it had reached a $2.6 billion settlement with the Justice Department over the sale of mortgage securities before the financial crisis.

Other large banks have already struck similar settlements, with Bank of America agreeing to pay a record $16.7 billion last year and JPMorgan Chase settling for $13 billion in 2013.

Compared with other Wall Street banks, Morgan Stanley was responsible for a smaller volume of securities backed by troubled mortgages, the investments at the heart of the settlements.

The $2.6 billion price tag, which will be included in Morgan Stanley’s final fourth-quarter earnings results, will more than wipe out the $1 billion in quarterly profits that the firm had announced last month. It will also reduce the firm’s profits for the year by more than 40 percent, taking the bank’s earnings for 2014 to $1.61 a share from $2.96 a share.

Read more: http://www.nytimes.com/2015/02/26/business/dealbook/morgan-stanley-in-2-6-billion-mortgage-settlement.html?_r=1

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Poor banksters….

[KoKo]

1. How many Settlements has JP Morgan agreed to NOW? I've lost Count!

Jamie is blessed by the PTB it seems.....

[Wellstone ruled]

2. Woopie do,another give away by the DOJ.

[cstanleytech]

3. Agreed. I am tired of them fining companies what is essentially a minor amount compared to the

companies profits because the companies just laugh and shrug it off because its only a fraction of what they take it in so they dont mend their ways not to mention no one ever seems to really go to jail where as if I was say to embezzle from my boss my ass would be in jail.

[mpcamb]

4. I wonder if there is an issue here to overturn the Citizens United ruling.

Clearly a person can go to jail.
A corporation can't.
Therefore, a corporation isn't a person, doesn't have the characteristics of a person and doesn't have the rights of a person.
Hence the ruling is wrong, farcical actually, and must be reversed.

[cstanleytech]

5. I suppose then they need to go after the people who made the decisions

to commit a crime and take the money from them even if it means taking all their assets even the ones they try to hide by giving or selling to a spouse? If yes then I like this idea.