Mortgage Fraud Whitewash: $20 Billion “Get Out of Jail Free” Settlement Floated « naked capitalism

Last weeks news - but very important. great article

Mortgage Fraud Whitewash: $20 Billion “Get Out of Jail Free” Settlement Floated « naked capitalism: "Even so, the mortgage “settlement” trial balloon floated in the Wall Street Journal this evening is an offense to common sense and decency. Notice how the word “fraud” is pretty much verboten in the MSM; the latest code word for what went awry is “breakdown”. This implies a benign sort of neglect, simply of not doing sufficient maintenance which led fussy machinery to quit working. It is mean to avoid contemplating, let along uncovering, Pinto-type decisions of weighing the costs of making the vehicle safer versus the litigation losses resulting from incineration by exploding gas tanks.

The magic number across the industry is a mere $20 billion"