This week we were able to discuss everything to do with corporations from all spectrums involved in unethical practices. From the auto industry to pharmaceuticals, questionable tactics used by corporations and individuals can be found everywhere. I hope this has left you feeling more vigilant rather than betrayed. It is true some corporations follow these practice, but the objective of this weeks discussion was to simply encourage the everyday consumer to stay informed.
So in conclusion with this weeks discussion, we focus our attention to resolution. As many know, in 2008, the housing market saw a tremendous crash regarding the selling and marketing of faulty mortgage securities to investors. Now, 8 years after this crisis, Goldman Sachs has finally reached a $5 Billion settlement in a civil suit, $1.8 billion of which will go to consumer relief. Surprisingly, this is a small amount compared to other corporations such as Bank of America and JP Morgan Chase, the New York Times reports. “Bank of America in 2014 paid about $16.6 billion in a similar settlement with federal and state agencies, and JPMorgan Chase paid about $13 billion in 2013. In all, the banks have paid more than $40 billion in settlements to resolve claims investigated by the task force.”
Regardless of timing, this is at least justice for the wrongdoing that Goldman and many others committed previous to the 08′ crisis. In other words, accountability hasn’t entirely vanished as this suit shows. The consumer should always be vigilant of past and present practices of the large banks and corporations however, as this could be a huge indicator of the future.