In 2008 the government spent billions saving the banks and Wall Street firms “too big to fail,” and the American taxpayer received little but the bill. The recent release of the FCIC report pointed out what we already knew: We live in a plutocracy, where crony capitalism is king. Thomas Jefferson may have envisioned some of the dangers of banking institutions, but I doubt he could have imagined the power wielded by the big banks of today. Since the beginning of the recession, the banks we deemed “too big to fail,” … (14 comments)
Many of the recent news stories about bankers have been less than sympathetic; and a new ruling from a California court provides yet one more illustration of why public opinion of the banking industry has fallen so low. In what could be a major setback for big banks, often accused of sabotaging loan modification efforts, the court, in a scathing 15 page ruling, found sufficient evidence that U.S. Bank had defrauded a borrower by reneging on a promised loan modification.
According to the ruling, the lender … (7 comments)
banksters: For the Big Banks, Bigger is Better
- 01/27/11 04:27 AM
Those who may believe that congress, banking regulators or the big banks themselves have curtailed their growth as a result of the financial crisis need only to look at where the banks are today . . . it seems no one learned the lessons of “too big to fail.” Well, perhaps some did; the big “nasty” banks we all love to hate have now grown larger. For the big banks, bigger is better.
An article on Bloomberg reports the latest findings of Neil Barofsky, the TARP “watchdog,” and explains why “too big to fail is here to stay.” According … (19 comments)
banksters: This Foreclosure Crisis Just Won't Go Away
- 12/01/10 03:16 AM
While banks have repeatedly assured us that their foreclosure problems, commonly referred to as “ForeclosureGate,” are nothing more than “paperwork” problems, it seems this foreclosure crisis just won’t go away. And with 50 states’ attorneys general continuing to investigate the matter, more problems can be expected to surface.
A story on Bloomberg describes how an employee at Bank of America is reported to have testified that promissory notes were routinely held by Countrywide Financial Corp., now owned by BofA, even after such loans had been bundled and sold. And while BofA has denied the accuracy of the testimony, lawyers on … (7 comments)
banksters: The Greatest Bank Robbery Of All Time
- 11/30/10 10:52 PM
(With apologies for length) Willie Sutton, the famed bank robber of the 1930’s and 40’s once made the statement, "Go where the money is...and go there often," and though his lifetime take was said to be as much as $2 million, Sutton was a mere amateur. His crimes are dwarfed by those of today’s gangsters who, during the past decade, were committing the greatest bank robbery of all time; only this time the banks were the larcenists.
A quick look at how the big banks fared following the “financial meltdown” shows that it’s not their wealth or the contents … (81 comments)
banksters: Banks Add Safeguards to Counter Foreclosure Fraud
- 11/13/10 02:43 AM
Banks Add Safeguards to Counter Foreclosure Fraud An article in ProPublica describes how the foreclosure process has resumed, but that banks have added safeguards to counter issues of fraudulent or erroneous processing. However, a number of judges reviewing subsequent foreclosure cases have disagreed and threatened dismissal of any that are improperly filed.
Judges have also required that attorneys verify the accuracy of foreclosure documents being filed, threatening perjury charges if the documents show otherwise. Attorneys’ fees are also being reviewed. In a case reported in the Wall Street Journal, a judge found attorneys approving charges of $1,630 for actual work … (11 comments)
banksters: The Foreclosure Scandal Has Become Pandemic
- 10/09/10 03:34 AM
As more mortgage companies “fess-up” regarding their apparent fraudulent processing of foreclosure documents, the foreclosure scandal has become pandemic. And while the early response from many, including myself, was that this issue would soon be swept under the rug, with no benefit for struggling homeowners, and allowing banks to proceed with foreclosures, the problem has exploded in significance.
Attorneys and state courts around the country have begun to question the manner in which banks have processed thousands of foreclosures each month, and numerous errors have been discovered. Court documents have revealed the casual manner in which foreclosures were often allowed … (104 comments)
Banks May Be Dangerous But We’ve Been the Enablers
;)
;)
;)
