The corrupt live a life enveloped in a sense of security, with a sense of well-being, money, and then power, vanity and pride. But who pays the price of such a life of corruption?
“The poor pay it.”
— Pope Francis in a homily on I Kings 21**
Meanwhile …. corrupt, conservative politicians and their allies in the corrupt press continue to scapegoat immigrants and the poor for all the nation’s economic and social issues….
In news you might have missed or payed scant attention to since corruption by the rich and powerful at the expense of the poor and vulnerable is just how America rolls, there have been a few signs of justice maybe rolling around the corner for the corrupt fat cats that are in charge of Washington and in charge of the country ….
That’s assuming that our President finds the guts to finally bring white-collar criminals to justice in the criminal courts.
These “landmark federal fines” are just the price of doing business in thoroughly corrupt America now.
WASHINGTON — Citigroup has agreed to pay $7 billion as part of a landmark settlement with the Justice Department for misdeeds associated with the sale of mortgage-backed securities tied to the 2008 financial crisis, Attorney General Eric Holder announced Monday.
The agreement includes a $4 billion penalty, which Holder described as the largest penalty of its kind and “appropriate given the strength of the evidence of the wrongdoing committed by Citi.” The company will pay $500 million to state attorneys general and the Federal Deposit Insurance Corp. The remaining $2.5 billion will go to help consumers struggling with mortgages and other problems from the 2007-2009 financial crisis.
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“Despite the fact that Citigroup learned of serious and widespread defects among the increasingly risky loans they were scrutinizing, the bank and its employees concealed these defects,” Holder said in a statement Monday.
“The bank’s conduct was egregious. And under terms of this settlement, the bank has admitted to its misdeeds in great detail.”
Because of the bank’s assertions that its “toxic financial products were sound,” Holder said Citi was able to pad its own financial position.
“They did so at the expense of millions of ordinary Americans and investors of all types, including other financial institutions, universities and pension funds, cities and towns and even hospitals and charities,” the attorney general said. “Ultimately, these investors suffered billions of dollars in losses when Citi’s false and fraudulent claims came crashing down.”
Holder said the agreement does not “absolve” Citi or its employees from possible future criminal charges.
“We believe the size and scope of this resolution goes beyond what could be considered the mere cost of doing business,” he said. “In fact, it was not all inevitable in the these last few weeks that this case would be resolved out of court.”
The bank has been under investigation by federal authorities for faulty mortgage securities that fueled the housing bubble a decade ago.
The Monday announcement came just before Citigroup’s second-quarter earnings report.
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Last year, the U.S.’s largest bank, JPMorgan Chase, settled a similar dispute with Justice, paying out $13 billion in a settlement..
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**The pope does point out that we’re all susceptible to corruption. He also condemns corruption not just in business but in the church and politics. See more here.
Jitterbugging for Jesus 
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