The fine for this, levied by the SEC, was so ridiculously low (33 million dollars) that the Judge in the case was literally too embarrassed to sign off on it, calling a "facade of enforcement.” Ultimately, B of A paid a larger fine, one that still represented just 2% of the 5.8 billion. B of A was also caught hiding $5.8 billion in bonuses from shareholders as part of its takeover of Merrill Lynch.
Life ain’t nothing but Bitchez and Money.”ĭon’t believe me? Think this is just internet hyperbole? Take a look at this gangland-style pattern of behavior and you tell me where ethics or the rule of law applies in any of this:īank of America has been laundering enormous sums of drug money for international cartels: ( Link). As strange as it may sound, today’s Wall Street is the pure embodiment of Coolio’s vision of a Gangster’s Paradise.
To Coolio, the conditions of overwhelming criminality and undermanned law enforcement situated within a wealthy city combined to create a perfect storm of juicy prospects for a young man living the “thug life”.īut with all due respect to Coolio, he and Tupac and NWA and the rest could never have imagined that the gangster ethos they espoused would eventually be realized in its fullest incarnation by middle-aged bankers, pillaging their way through the wealth of an entire nation. In 1998 Los Angeles rapper Coolio recorded the legendary paean to the streets of LA titled “Gangsters Paradise”, an ode the particular combination of lawlessness and opportunity for crime of his hometown.
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