State Street Corp (STT.N) agreed to pay a $115 million criminal penalty and enter a deferred prosecution agreement to resolve charges the bank defrauded customers by secretly overcharging them for back-office expenses, the U.S. Department of Justice said on Thursday.
According to settlement papers, State Street admitted that from 1998 to 2015 its executives defrauded customers out of more than $290 million through hidden markups.
No prison. Less than half what they stole. Allegedly they'll "give it back"; so what? It's been more than 20 years since this started.
How much did they make during those 23 years with all the robbed money?
They admitted to fraud.
They admitted intent.
They admitted doing it.
But nobody went to jail.
Not the first time either. 2016, here.
Or, if you prefer, how about in California back to 2001?
This is all the first time so we let them off, you know, once, right?
I want this deal.
I want to rob banks.
I'll give back the money if I get caught, plus 50%, but you have to wait 20 years so I can put it in the stock market and make five times as much money and then that way I still get to keep a good part of what I stole.
RISK FREE, since (1) I might not get caught and (2) I don't go to prison even if I do get caught.
If ordinary people can't have this deal then why shouldn't we tell the government to go to Hell and do whatever we want, law be damned, and if necessary force them to leave us alone?
After all that's the deal Wall Street -- and Pharma -- gets.
Speaking of pharma, you know Pfizer, the Coof-shot maker? Yeah, they're innocent too.
PS: Not one person has gone to prison from there either.