Making Sure Fraud Gets Punished? Thanks, President Obama And AG Holder

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NYT: Justice Dept. Sets Record In Penalties For Fraud

The Justice Department collected a record $24.7 billion in penalties from fraud and other cases in the 2014 fiscal year, the agency said on Wednesday, as fines against banks for financial misconduct soared. Collections from civil and criminal actions, including money collected on behalf of other agencies, was $8 billion in 2013, and $13 billion in 2012. Collections in 2014 were bolstered by multibillion-dollar payouts from JPMorgan Chase and Citigroup to resolve claims they misled investors about the quality of mortgage bonds in the run-up to the financial crisis, and include $11 billion in payments made to federal agencies or states. Payouts in the 2014 fiscal year, which ended Sept. 30, also include hundreds of millions of dollars in fines levied on UBS and Royal Bank of Scotland.

More here

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The President’s Day

President Barack Obama smiles after signing an executive order to improve security measures for government credit and debit cards during an event at the Consumer Financial Protection Bureau

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President Barack Obama signs an executive order to strengthen credit card security after explaining his administration’s plan on safeguarding American consumers and their financial security

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"You should be able to buy the things you need without risking your identity, your credit score, or your savings." —Obama on "Buy Secure"

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The White House (@WhiteHouse) October 17, 2014

"We believe that this is a country where hard work should pay off, and responsibility should be rewarded." —President Obama at the @CFPB

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The White House (@WhiteHouse) October 17, 2014

"We know this technology works—when Britain switched to a chip-and-pin system, they cut fraud in stores by 70%." —President Obama

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The White House (@WhiteHouse) October 17, 2014

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President Barack Obama shakes hands with the director of the Consumer Financial Protection Bureau Richard Cordray