The Obama Justice Department A Boon For Lawyers


The financial crisis of 2008 continues to have a devastating effect on the lives of many Americans. However that same crisis has been a blessing for many others- namely lawyers. With each new round of Eric Holder justice department fines and penalties against banks for their role on the crisis, a few New York law firms are reaping billions in Fees. J.P Morgan Chase, which has by far paid the largest penalties, has set aside approximately $23 billion in legal reserves to settle claims and expenses. High powered firms like Sullivan & Cromwell, Paul, Weiss, Rifkin, Garrison; and Wilmer Hale represent JP Morgan. Other large banks such as Citi, Bank of America, Morgan Stanley and Wells Fargo have ponied up an additional $50 billion in fines to the feds. To date, the largest banks have forked over $128 billion in fees and counting. So far the largest chunk paid out by bank of America. No doubt that their lawyers are also enjoying a windfall. Whenever regulators go after big banks and corporations, it's very good business for the lawyers that represent them,". said Allen D. Applbaum, a co-leader of global risk and investigations at FTI consulting and a former federal prosecutor.

President Obama has given the impression that he is the friend of working class America while his policies continue to widen the income gap between them and the rich. His war on the wealthy has indeed backfired since his cheap money monetary policy enacted by the fed has made them wealthier. This is clear evidence that Obama is not the enemy of the 1% that some believe. If this is how he treats his enemies, how does he treat his friends? See Israel.





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