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Wednesday, September 07, 2016

Justice Dept. approved diverting funds in Bank of America settlement

Bank of America was able to wipe about $225 million off its record $16.6 billion Justice Department mortgage fraud settlement by making donations to nonprofit and legal groups approved by the Obama administration.

But the bank only had to make $100 million in donations to do that, thanks to little-known provisions in the settlement, included at the Obama administration's insistence.

Groups receiving the money include liberal organizations such as Hispanic civil rights group the National Council of La Raza ($1.5 million), the National Urban League ($1.1 million) and the Neighborhood Assistance Corporation of America ($750,000). Another $4.3 million went to the Local Initiatives Support Corporation, a nonprofit where former Clinton administration Treasury Secretary Robert Rubin is chairman.

The bank disclosed all of the donations made and credit received in a document published online Wednesday. The more than 2-for-1 credit was a key part of the deal the Justice Department offered to get the bank to settle. For every $1 the bank has given the nonprofits, it has claimed at least $2 off the settlement, sometimes more. The Obama administration included the provision to ensure that some of the settlement funds would go to friendly liberal groups, bypassing the normal congressional appropriations process.

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6 comments:

Anonymous said...

More crooks of obama's

Anonymous said...

Some people really need to go to jail over this crap. BO #1.

Anonymous said...

Sicking, these are all communist orginazations

Anonymous said...

This has to be the most corrupt government to ever serve the American people. Just when will the people get enough of this crap?

Anonymous said...

How about the actual people, the victims who were defrauded? No reimbursement for them?

lmclain said...

You mean the serfs?
You actually thought the SERFS would benefit in any way?

BRIBERY gets you "benefits".
And you and I don't have the kind of money to get what we want from politicians.
But, there ARE ohters means of accomplishing that.
wink wink.
Keep cheering.