Former Wells Fargo CEO is no lightweight within financial circles. He packed a heavy punch just yesterday in railing on the Department of Justice’s $17 billion settlement with Bank of America.
Kovacevich defined this penalty imposed on BOA as purely political. I do not necessarily agree with everything stated by Kovacevich in this 4-minute video clip but I certainly agree with his major point. He reiterates the comment I highlighted yesterday that banks do not engage in criminal behaviors, bankers do.
For Kovacevich to make the case that individuals should have been pursued criminally speaks volumes. In the process of making that point, he breaks ranks with his industry brethren who have been typically mute when addressing the rampant fraud that was perpetrated and brought on our ongoing economic crisis.
Navigate accordingly.
Larry Doyle
