Randy Wray — More on the Bankster License to Steal (Homes)

Fraud on Fraud is where you commit a second fraud to try to cover up the first. What this latest settlement tries to do is cover up the flaws of the first settlement. So what we essentially have here is settlement on settlement.

Better for them to throw money at us than face the harsh light of day. The banks recognized it was going to be too expensive and too unwieldy for them to go through with these reviews.

Economonitor | Great Leap Forward
More on the Bankster License to Steal (Homes)
L. Randall Wray

More of the same: now it's Morgan Stanley turn to get a slap on the wrist for committing fraud

This time it's Morgan Stanley getting the slap on the wrist for robo signing and foreclosure-related fraud.

(MoneyWatch) The Federal Reserve plans to fine Morgan Stanley (MS) over "a pattern of misconduct and negligence" in how the investment bank handles foreclosures. The Fed also ordered the company to review thousands of foreclosures and reimburse homeowners who were improperly forced out of their homes.

Add Morgan Stanley to a long list of financial sector fraudsters that include Goldman, JP Morgan, BofA and many, many, more.

If you or I would have done anything remotely approaching that, they'd lock us up and throw away the key. However, the entire financial sector goes on the mother of all fraud sprees and nobody goes to jail. Oh, wait, Corzine will probably end up going to jail because of how masterfully he was "played" by JP Morgan Chief, Jamie Dimon.