“The magnitude of falsity is enormous”: Federal judge rips into banks implicated in 2008 collapse

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“The magnitude of falsity is enormous”: Federal judge rips into banks implicated in 2008 collapse

“The magnitude of falsity is enormous”: Federal judge rips into banks implicated in 2008 collapse

SALON-

On Monday, a federal judge ruled, in no uncertain terms, that two banks deliberately misled Fannie Mae and Freddie Mac when it sold them subprime mortages during the housing boom, the New York Times’ Peter Eavis reports.

Judge Denise Cote of the Federal District Court in Manhattan wrote that Nomura Holdings and the Royal Bank of Scotland (RBS) directly contributed to the bond market collapse, then lied about their involvement, writing that “[t]he magnitude of falsity, conservatively measured, is enormous.” Unlike Goldman Sachs and Bank of America, which settled with the government for $18 billion in order to prevent the public from learning about the true extent of their behavior, Nomura and RBS challenged the government — which was not the best idea, according to Judge Cote.

Nomura and RBS “relied, as they are entitled to do, on a multifaceted attack on the plaintiff’s evidence. That attack failed.”

[SALON]

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