By Gary Null
So, here is the raw data. The next time you see the head of one of these private corporations appearing as an objective independent expert on CNBC, CNN or FOX, return to this list and see how many times his/her company has been found guilty of criminal activities. How much have they paid in fines? Then ask yourself, in good conscience: Can you believe anything someone says after having been a repeated offender of illegal activities for decades? What does it tell us about ourselves that we would trust our policy leaders and opinion makers who have been serial offenders? Finally, why, in God’s name, would we forgive corporate crime completely, only to have them commit the same act again. It is time for true reform at every level of our society.
Our data collection has found that over the past 30 years, over $430 billion has been paid to parties by Wall Street firms in over 1500 cases.
Some data highlights:
- Bank of America has spent $14.9 billion to settle 15 cases alleging various charges such as securities violations and mismanagement;
- Citigroup has spent over $13.9 billion to settle 12 cases alleging various charges including abusive lending practices and involvement in fraudulent activities;
- Merrill Lynch has spent $12.2 billion to settle cases involving various allegations including negligence and mismanagement of funds;
- Morgan Stanley has spent over $5 billion to settle 11 cases involving various allegation including failure to disclose material information to customers;
- Wachovia has spent over $9.5 billion to resolve allegations including misleading investors and conflicts of interest;
- UBS has spent $19.5 billion to settle 6 cases with various charges including misleading investors.
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