Federal government does not fine banks

In a much anticipated move, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Reserve, the three government agencies charged with supervising banks declined to fine any banks for various frauds committed during the foreclosure crisis.  The OCC chief suggested that in the future, banks might consider not committing fraud, but would not be required to refrain from doing so.  Also, they regulators might consider forcing the banks to pay damages to homeowners who have been wrongfully foreclosed upon.

Meanwhile, Sen. Carl Levin released a 600 page report on the mechanics of how Goldman Sachs screwed their customers and the American public for with its role in subprime crisis.