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Tribal war ina Wall Street

The FHFA just filed massive lawsuits totalling $196 billion against 17 banks and 268 assorted banksters alleging violations of securities laws. They aren’t criminal indictments, but this is a seriously big deal. The banks will certainly fight among themselves, try to blame the Fed for ordering them to do things, and in general, the pack of thieves and parasites in and out of the government will be attacking each other to avoid being blamed themselves.

Washington’s Blog details these and many other lawsuits now pending as well, noting:

Finally, after trillions in fraudulent activity, trillions in bailouts, trillions in printed money, billions in political bribing and billions in bonuses, the criminal cartel members on Wall Street are beginning to get what they deserve.

Felix Salmon

The total number of named defendants here, including various different individuals and corporate entities, is a whopping 268, including a small amount of double-counting. This is a full-employment act for lawyers, and I’m pretty sure they’re going to be fighting this one out for a long time; I can’t imagine, having put all of this work into these suits, that the government is going to be remotely willing to simply give all of these banks blanket immunity as part of a global settlement with the 50 state attorneys general.

In the chart, BofA is actually first, since they own Countrywide and Merrill, as well as being quite possibly the most hated bank in the country.

I’m sure forces in the government will try to kill the lawsuits but for now, this is good news indeed. Except of course, that there still are no criminal indictments.

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