CHARLESTON, W.Va. -- Wall Street was jolted this month when a Goldman Sachs executive not only resigned, but also wrote a blistering newspaper commentary accusing the financial giant of shafting its investors to enrich itself.
How much of the U.S. finance industry is guilty of similar greed? A disturbing example may be seen in scandals tainting Bank of America.
After shabby "derivative" securities concocted from shaky subprime mortgages caused the Great Recession, a flood of fraud accusations hit the coast-to-coast megabank, along with its Countrywide Financial and Merrill Lynch divisions.
Bank of America agreed to pay $8.5 billion to 22 institutional investors that suffered heavy losses in mortgage securities.
AIG insurance giant filed a fraud suit demanding $10 billion.
Fifty state attorneys general demanded redress for improper foreclosures.
Allstate insurance accused the megabank of duping it into buying $700 million worth of worthless mortgage-backed securities.
Bank of America agreed to repay $3 billion to Fannie Mae and Freddie Mac for losses -- and also agreed to refund $624 million to New York public pension systems.