The Justice Department’s Shakedown Of Morgan Stanley

IBD reports:

Extortion: The Justice Department’s war on banks shows no sign of abating. The latest Wall Street mugging hits Morgan Stanley, which must fork over $3.2 billion to the government for unproven subprime-mortgage fraud charges.

All told, the department has extracted more than $130 billion in settlements, fines and other payola from major American banks related to a crisis that the government actually caused. The amount is equal to the GDP of Hungary.

That’s a massive transfer of wealth from the private sector to the government. And nobody knows where all that purloined money is going. No one’s auditing it.

Like earlier deals involving JPMorgan, Bank of America and Citibank, the Morgan Stanley settlement sets aside a slush fund benefiting Democrat-tied “nonprofits.” And at least $400 million of the payoff will go to subsidizing low-income minority homeowners and homebuyers in New York State alone.

Essentially it’s political walk-around money, doled out by Democrats to Democrat constituents during an election year.

Imagine that.