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Billions in Fines, but No Jail Time for Bank of America?

Bank of America (BAC) has now joined JPMorgan Chase (JPM) in a special category called: Banks That Agreed to Pay Billions in Fraud Fines While No Executives Have Gone to Jail.

The company agreed to $9.5 billion in fines to settle civil lawsuits filed by the Federal Housing Finance Agency on behalf of Fannie Mae (FNMA) and Freddie Mac (FMCC), which claimed that Bank of America had fraudulently misrepresented the quality of $57.5 billion worth of residential mortgage-backed securities leading into the financial crisis.

via Billions in Fines, but No Jail Time for Bank of America – Businessweek.

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