“HSBC to Pay $765 Million in U.S. Pact,” The Wall Street Journal, October 10, 2018 B12. Bank hid the risks of defective mortgages for at least 2 years. Sold mortgaged-back securities in the meantime.
“Wells Fargo … [paid] $2.09 billion to settle similar claims.” Four other banks also settled.
Why do we keep our money in banks? Weren’t they supposed to be safe? What does it say about the Boards of these companies? Did the directors screw up?