Wells Fargo to pay $6.5 mln to settle MBS charges [NotSoBreaking] - MarketTicker Forums


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User Info	Wells Fargo to pay $6.5 mln to settle MBS charges in forum [NotSoBreaking]
Mondocondo Posts: 3684 Incept: 2007-12-03 Miami	Quote: WASHINGTON (MarketWatch) - Wells Fargo & Co. on Tuesday agreed to pay more than $6.5 million to settle charges with the Securities and Exchange Commission that the firm's brokerage unit improperly sold investments tied to mortgage-backed securities without understanding their complexity or disclosing the risks to investors. The SEC said the money will be placed into a fund for the benefit of harmed investors. "Municipalities and other non-profit institutions were harmed because Wells Fargo abdicated its fundamental responsibility as a broker to have a reasonable basis for its investment recommendations to customers," said Elaine Greenberg, chief of the SEC Enforcement Division's Municipal Securities and Public Pensions unit. http://www.marketwatch.com/story/wells-f.... 2012-08-14 14:47:49 Permalink
Jackl Posts: 2235 Incept: 2008-01-17	Wait. Why is there an M instead of B in "million"? 2012-08-14 15:48:21 Permalink
Pcaldallas Posts: 1343 Incept: 2009-03-02 Unicorn Ranch	That will make them think twice about operating in an illegal manner again. The SEC Short Bus Brigade wins again. ---------- "The appearance of law must be upheld, especially when it's being broken." - Boss Tweed, Gangs of New York 2012-08-14 16:11:17 Permalink
Randy123 Posts: 5776 Incept: 2008-09-24 Earth	OMG what a joke ---------- China is the Enemy. Wake Up. New Normal. Same As The Old Awful. 2012-08-14 16:15:12 Permalink
Matt_bear Posts: 6346 Incept: 2008-07-15 a week early on spy puts	that's like paying the cop a dollar to get out of a speeding ticket for doing 160 in your Ferrari. ---------- In terms of real-world fundamentals, I expect that most of the people around me, whom I work with day to day, and whom I pass on the street ... will be dead within five years. 2012-08-14 17:11:23 Permalink
Passivesf Posts: 5495 Incept: 2008-02-01	Good analogy but probably more like 3 cents, what a pittance ---------- "Banking institutions are more dangerous to our liberties than standing armies. The issuing power of currency should be taken from central banks and restored to the people, to whom it properly belongs" 2012-08-14 17:15:14 From PDA Permalink
Iou Posts: 1025 Incept: 2009-03-16 The Twilight Zone	I've been long boiled rope for several years. Looks like it's going to pay off. ---------- "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."- Fr�d�ric Bastiat 2012-08-14 20:01:24 Permalink
Mrgone Posts: 4229 Incept: 2007-09-15 The Event Horizon	Pocket change. Click "like" for oligarchy. ---------- �The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." - Leo Tolstoy 2012-08-14 20:07:15 Permalink
Frat Posts: 1935 Incept: 2009-07-15 NKY	$6.5mill to ME would mean my family through my grandchildren could live comfortably on self-sufficient land I'd purchase, and hopefully only work for property taxes and vacation fun. To them? Bitch, please. Chump **ing change. Using Karl's example, that's like paying back $100 bill after robbing the place of $100k. ---------- We're *ed. Where's Henry Bowman when you need him? 2012-08-14 20:12:21 From PDA* Permalink
Bjonsson Posts: 347 Incept: 2010-03-10 California	$6.5 million? That's it?? That's going to hurt Wells about as much as their CEO getting his house tee peed. "Okay, okay you SEC punks... you've had your fun and made your point. Now get off my ***ing lawn." Last modified: 2012-08-15 00:30:04 by bjonsson 2012-08-15 00:28:28 Permalink*