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Hullabaloo


Wednesday, March 26, 2014

 
If you're going to steal, steal big

by digby

There's just no margin in it unless you are stealing millions:

Charlotte Mayor Patrick Cannon has been arrested and indicted on corruption charges, including theft and bribery concerning programs receiving federal funds, honest services wire fraud and extortion under color of official right. For selling his office — before becoming mayor, Cannon had been mayor pro tem and a City Council member — received a total of $68,000 in cash, plus airline tickets, a hotel room, and use of a luxury apartment.

The three charges, which came after a 3 1/2-year undercover sting operation in which FBI agents posed as real-estate developers and allegedly bribed Cannon to use his office to do them favors, carry a combined maximum of 50 years in prison. Assuming Cannon is guilty on all counts, he still won’t do anything like 50, but he’ll do quite a number of years. And it won’t be in Alcatraz, but it won’t be in Club Fed, either. He also could be fined up to $1.5 million, which, for him, is years’ and years’ worth of income.

Meanwhile, retired Bank of America CEO Ken Lewis and the bank itself settled a civil lawsuit today with the New York attorney general’s office that had alleged securities fraud. Specifically, Lewis and the bank were accused of deceiving BoA stockholders about what crappy shape Merrill Lynch was in when the bank asked stockholders to approve a takeover of Merrill in December 2008. This transaction played a nontrivial role in blowing up the economy, although that demolition was well under way when the sale closed on Jan. 1, 2009.

Neither Lewis nor the bank is required by the settlement to admit any wrongdoing. The bank will have to pay $15 million. Lewis himself will have to pay $10 million, although that’s the equivalent of zero days’ worth of income for him because the bank will pay it for him. Given the bank’s net earnings of $4.2 billion in 2012 (the 2013 annual report is due out any day), those fines amount to about two days’ profits, give or take. That’ll certainly warn all the other banks not to screw their shareholders, I think.

Yes, it's all about sending messages...

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