“As a result, California homeowners received over $18.4 million in debt mortgage relief. She forced Ally Financial, Bank of America, Citibank, Wells Fargo, and Chase to pay out millions of dollars to cheated customers.”
That’s less than $0.50 per person in the state, or about $1.60 per household. Granted, they didn’t defraud EVERY person/household in the state, but can you maybe see why a lot of people think that’s woefully insufficient remuneration? It’s not even an effective deterrent — it’s just under 12% of what ONE of those bank’s CEOs (Bank of America for this particular example) PERSONALLY took home from 2001–2008, and 0.12% of just one of those institution’s (Citigroup) ANNUAL PROFIT. That’s the income-adjusted equivalent of fining me and four friends a combined $40.
