If the banks were ever really held accountable for the social costs of their behavior, the bill would far exceed $300-400 billion. Realistically assessed, the full downside legal risks to financial institutions are in excess of $1 trillion – particularly if it can be demonstrated that the “mortgage-backed securities” sold to investors were not backed by mortgages at all, because the proper legal paperwork was never done.
如果银行真的为其行为担负社会成本，那么账单将远远超过3 000—4 000亿美元。现实地估算，金融机构的不利法律风险总量超过了1万亿美元——特别是若能证明卖给投资者的“抵押贷款支持证券”背后并没有抵押贷款在支持（因为从来不曾有过适用的法律文档）的话。