Bank of America's phony mortgages are as fraudulent as fake Prada purses — and they get away with it

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Bank of America’s phony mortgages are as fraudulent as fake Prada purses — and they get away with it

Bank of America’s phony mortgages are as fraudulent as fake Prada purses — and they get away with it

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Matt Taibbi talks to Cenk about his recent Rolling Stone article, “Bank of America: Too Crooked to Fail.” Taibbi says, “It’s no different than here on the streets of New York where you see people selling fake Prada bags or phony blue jeans. What they were doing is selling phony mortgages… It was a giant fraud scheme. The fraud on Wall Street — they think it’s some kind of abstraction, it’s bankers ripping off other bankers, it’s some kind of insider-trading scheme where it’s a victimless crime. That’s not true — it’s bankers ripping off old people and retirees.”

But, as Cenk points out, “There’s never any consequences. They’re, in essence, too big to comply. They turn to government and go, ‘What are you going to do about it?’”

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