The Holidays are a time of Thanks and the DOJ has a lot to be thankful for this season: In fiscal year 2014, the U.S. Department of Justice collected a record $24.7 billion in penalties from fraud and other cases. According to a Reuters report, this total trounced 2013’s $8 billion and 2012’s $13 billion.
Multi-billion dollar payouts from JPMorgan Chase & Co. and Citigroup, including $11 billion to federal agencies or states, contributed to the substantial increase. The financial institutions attempted to “resolve claims they misled investors about the quality of mortgage bonds in the run up to the financial crisis.” The payouts also include hundreds of millions of dollars in fines paid by UBS AG and the Royal Bank of Scotland Group Plc.
The report quotes Attorney General Eric Holder:
“It shows the fruits of the Justice Department’s tireless work in enforcing federal laws … and in holding financial institutions accountable for their roles in causing the 2008 financial crisis.”
Speaking of the fruits of tireless work, it’s time to turn your attention to preparing for tomorrow’s feast, and football, of course.
Happy Thanksgiving to all. We are grateful for your readership.