Thursday, January 19, 2017

As Obama leaves.. a raft of settlements with big business

 Before the last call, President Obama has reached settlements to the tune of 20 billion dollars. The settlements involving wrongdoing ranging from misdeeds during the financial crises to emissions cheating and discrimination in lending. The players who will have to pay, 5.3 billion from Credit Suisse Group, 64 million from State Street Corp and 100 million from Irish drug maker Mallinckrodt. Others include 7.2 billion from Deutsche Bank, Volkswagen 4.3 billion for cheating on emissions, Takata 1 billion for defective air bags and Moody's 864 million for the per-crisis mortgage securities.

While most of us will never forget the near collapse of our economy in 2008, it does give me some solace in knowing some of the biggest players will have to pay billions in fines over their part in the financial crisis and others who intentionally cheat this country. I applaud the out going administration for dealing with this before Trump takes over.