Platinum Contributing Member steve from amherst Posted March 29, 2018 Platinum Contributing Member Share Posted March 29, 2018 Barclays has agreed to pay $2bn (£1.4bn) to settle a lawsuit brought by the US government over the sale of mortgage-backed securities. The US alleged that the bank had misled investors about the quality of loans backing the securities in the run-up to the financial crisis. Barclays chief executive Jes Staley said the bank was "pleased that we have been able to reach a fair and proportionate settlement". The bank did not admit liability. US attorney for the eastern district of New York Richard Donoghue said: "The substantial penalty Barclays and its executives have agreed to pay is an important step in recognising the harm that was caused to the national economy and to investors in residential mortgage-backed securities." Priority case Barclays said the settlement resolves "all actual and potential civil claims" by the US Department of Justice related to the case, which involved the sale of securities between 2005 and 2007. Mr Staley added: "It has been a priority for this management team from the start to resolve these historic issues in a timely and appropriate manner wherever possible. "The completion of our restructuring in 2017, and putting significant legacy matters like this one behind us, mean Barclays is well positioned to produce stronger earnings going forward, and to start returning a greater proportion of those earnings to our shareholders over time." Two former Barclays executives also agreed to pay a total of $2m. Paul Menefee, who was Barclay's subprime securitisation head, and John Carroll, Barclays' head trader for subprime loan acquisitions, agreed to pay the money to dismiss all claims against them. Federal prosecutors said that the alleged scheme involved 36 residential mortgage-backed security deals covering more than $31bn of mortgage loans. More than half of the mortgages backing the securities defaulted, the suit alleged. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 29, 2018 Share Posted March 29, 2018 $2 billion? Getting off cheap. Quote Link to comment Share on other sites More sharing options...
Gold Member Kivalo Posted March 29, 2018 Gold Member Share Posted March 29, 2018 Its not enough. These companies need to be made to hurt, really hurt, and the people complacent need to held criminally liable. Quote Link to comment Share on other sites More sharing options...
1jkw Posted March 29, 2018 Share Posted March 29, 2018 And no one goes to jail. Fucking sickening. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted March 30, 2018 Share Posted March 30, 2018 3 hours ago, 1jkw said: And no one goes to jail. Fucking sickening. Yup. Sickening. Quote Link to comment Share on other sites More sharing options...
Momorider Posted March 30, 2018 Share Posted March 30, 2018 5 hours ago, Kivalo said: Its not enough. These companies need to be made to hurt, really hurt, and the people complacent need to held criminally liable. Yah make it 2 trillion and you might be fractionally there Quote Link to comment Share on other sites More sharing options...
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