Monday, September 5, 2011

Reason #16: Frivolous Lawsuits

The federal government has at long last filed suit against Bank of America and all the companies (I guess "financial institutions" is the correct term, but it's hard to adequately categorize a business that provides no apparent product or service) that contributed to the recent economic meltdown by selling Fannie and Freddie unsafe mortgage-backed securities (hereafter referred to as "thingies").

Even better, the suits name specific individuals at said institutions that are felt to have contributed significantly to the creation of said thingies, so even if the companies hold out, it could be the closest we ever get to punishing specific individuals for this mess.

Even better than that is the fact that the government waited until right after the closing bell on Friday afternoon to file the suits, so the stock market couldn't throw a fit about it, like it so loves doing these days.

Now, Tuesday - Tuesday will be interesting.

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