The city of Cleveland has taken legal action against over 20 banks, claiming that they caused the housing crisis by issuing sub-prime loans which created "a public nuisance" which made real estate valuations drop.
Banks that were named in the suit included:
Bank of America (BAC)
Wells Fargo (WFC)
Deutsche Bank Trust Co. (DB)
Baltimore filed a similar suit against Wells Fargo and the state of Ohio is considering legal action.
Author does not own any of the above.
Is this a good thing? Sure we nailed Enron but at what cost to a lot of innocent people?
ReplyDeleteLet's be sure the justice we get is the justice we want when we bring suit to somebody.