- General Electric Co will pay a $1.5 billion civil fine to resolve a long-running U.S. probe into defective subprime mortgages from its former WMC Mortgage unit prior to the 2008 global financial crisis.
The Justice Department said WMC overstated the quality of a majority of loans it packaged into residential mortgage-backed securities, and its fraudulent practices resulted in billions of dollars of investor losses. The settlement is part of the efforts by Chief Executive Larry Culp, who took over GE’s top job at the beginning of October, to reduce liabilities incurred through expansion by his predecessors, as he attempts to improve profitability and cash flow at GE’s core industrial operations.
Well, that’ll hurt.
What this means is that they profited many billions more. Cost of doing business. Fake Fine, fake laws and fake news.
Has be physically proof cyber crimes
Funny this was the last time Republicans were in power. With knowing Bank & Finance Corruption was happening Republicans left the US & the World the biggest Recession in US History. With Republicans Deregulation we are again headed down that road. 2020 may not come soon enough .
Wow, that was a speedy... oh never mind
Good