09 April 2016

Liar, Liar

The rabid right wingnut Republicans keep saying that the Damn Gummint caused the Great Recession. It was, in fact, caused by banksters just as the Great Depression was. Now, we get a bankster admitting it fudged the numbers. As usual, motive and incentive™ trumped the data.
According to the settlement, Wells Fargo "admits, acknowledges, and accepts responsibility" for having from 2001 to 2008 falsely certified that many of its home loans qualified for Federal Housing Administration insurance.

The bill?
Wells Fargo & Co admitted to deceiving the U.S. government into insuring thousands of risky mortgages, as it formally reached a record $1.2 billion settlement of a U.S. Department of Justice lawsuit.

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