Don't you wish you were treated like a Big Bank?
@thegreatdebater (7316)
United States
May 26, 2010 8:03pm CST
Bank of America and Citi announced that they "accidentally" reported as much as $10 billion a quarter in income that really wasn't. Now, if you personally were to do this, than you would open yourself up to lawsuits, and possible prosecution by the government. As the company puts it, this is a minute part of their business, but that is still a lot of money. What do you think of this?
http://www.cnbc.com/id/37366067
2 responses
@Taskr36 (13963)
• United States
27 May 10
Replace "possible prosecution" with "brutal prosecution" and you've got it. This is all part of the "too big to fail" crap. See they're also too big to prosecute. Oh sure, they might make a token example of an exec here and there, but they're never really going to hold them responsible for their actions. Everyone knows those two banks have been the worst in the country for a long long time. Obama is proving that he is just as weak with banks as Bush.
2 people like this
@thegreatdebater (7316)
• United States
28 May 10
I agree with you Taskr, if anyone will be blamed it will be some enter level person who will be the scapegoat. It is so sad that corporate crooks are smarter than the government watchdogs.
@Taskr36 (13963)
• United States
28 May 10
Yeah, they'll likely promote some poor schmo just in time to take the fall, kind of like in Fun with D!ck and Jane when the guy gets the promotion, and makes an appearance on TV where suddenly the company is dissolving and the guy in charge is moving all his money to the Cayman Islands.
@thegreatdebater (7316)
• United States
28 May 10
I have never seen that movie, but it did sound funny.
@EvanHunter (4026)
• United States
28 May 10
Must be nice to accidentally hide $10 billion. You know what I left out less than $300 dollars in income and the IRS was all over it. But I am sure that they will be forgiven since its only 1% and its only $10 billion!
@thegreatdebater (7316)
• United States
28 May 10
I think it would be interesting to look at the stock sales of the executives of both banks. $10 billion in profit instead of lose could be the difference between a good quarter, and a bad one.
