The Big 5 Banking Cartel Want to Start Stealing Your Cash Again...

• Footwedge

  ...by the year 2015. So let's review. They are the principals involved in the mortgage crisis that caused the implosion. 49 State Attornys General file charges against them for horrendous deceitful lending practices. They are forced into transparency in return for avoiding jailtime. And now they are wielding their political clout in going back to their fleecing of America days.
  
  
  Of course people like Gut, Manhatten Buckeye and Believer will stand up for the banking cartel in this bit of news...clearly not well versed in the their heinious practices. "But...but...but...Freddie and Fannie...Freddie and Fannie."
  
  
  Until the politicians actually grow a set and start throwing them in jail, this pattern of corruption will continue unabated.
  
  "California Attorney General Kamala Harris The promises made by five of the nation's largest banks under the much-ballyhooed $25 billion mortgage settlement have a surprisingly short shelf life.
  Under the deal struck in February, Bank of America, Wells Fargo, Citigroup, JPMorgan Chase and Ally Financial pledged to stop the illegal practices that sparked false documentation and "robo-signing," which helped push many homeowners into foreclosure and caused endless headaches for millions of other borrowers.
  
  
  http://www.huffingtonpost.com/2012/05/03/national-mortgage-settlement-expires-kamala-harris_n_1475793.html
• believer

  

  Footwedge;1163297 wrote:Until the politicians actually grow a set and start throwing them in jail, this pattern of corruption will continue unabated.

  Can we be fair and toss a few of the politicians in jail with the evil war mongering capitalists? Let's start with Barney Frank and Chris Dodd shall we?
• Cleveland Buck

  

  The bankers that committed fraud should be in prison and the rest should be bankrupt and destitute like they would be in a free market. The Federal Reserve and politicians that created their riches and our suffering should join them.
• gut

  Footwedge;1163297 wrote:...by the year 2015. So let's review. They are the principals involved in the mortgage crisis that caused the implosion.

  Really? Then why is have other countries had housing bubbles in the past, and also recently as in the US? Why have other countries not had a housing bubble recently? Banking is global, even a lot of the same banks you want to put blame #1 on. This would certainly suggest to a logical person that the driving factor was actually govt policy. Or actually, you are correct with blaming banks, you just forgot one word Central Banks.
  
  I'm not defending the banking "cartel", I just understand how the industry actually works and am not fooled by politicians hoodwinking the ignorant into transferring blame.
  
  I mean, it's just coincidence that record home ownership rates combined with record low interest rates - all policy pushed by the Fed and Washington - coincided with our first national housing bubble. The latter is also a key point, because their have been mini-bubbles, or at least far more volatile prices, regionally in CA, Miami, etc under the old regulations.
• Footwedge

  Bumpity bump....for those that work at JP Morgan.....lose a quick 2 billion, resign...and walk away with 13 million in severance. Yup....bumpity bump...bumpity bump.
  
  This might be a good gig for Sleeper to jump into.
• Manhattan Buckeye

  "Of course people like Gut, Manhatten Buckeye and Believer will stand up for the banking cartel in this bit of news..."
  
  It is Manhattan as in New York County, New York....and it might shock you but IMO Dimon should have resigned yesterday, if not before. I'm not sworn with the bank companies, I don't even own any bank stock. Apparently our current POTUS is though.
• Manhattan Buckeye

  believer;1163345 wrote:Can we be fair and toss a few of the politicians in jail with the evil war mongering capitalists? Let's start with Barney Frank and Chris Dodd shall we?

  I'm unsure about Dodd, but IMO Frank should be prosecuted for fraud. For him it goes beyond incompetence. No one could have had the info he had and be that stupid unless they purposefully defrauded the nation - mens rea. That said, I'm not holding my breath for Holder to start any suit.
• gut

  I don't defend the banks, I attack ignorance. Banks do what they do, in predictable fashion. Which is a good thing. They were the facilitator by which the gubmit embarked on their grand "every should own a house" campaign, which was a bad thing.
  
  Blame the banks for their incompetence, their arrogance and overconfidence in flawed risk models. Don't blame them for being the tool by which the gubmit/fed juiced the economy with low interest rates.
• believer

  

  Manhattan Buckeye;1172596 wrote:That said, I'm not holding my breath for Holder to start any suit.

  True. Holder's too busy blowing spit balls at Sheriff Joe and ignoring his own personal corruption to bring Frank and Boyz to justice. I guess this also means Bush & the Eeeevil Neo-cons are also safe.
• believer

  

  Manhattan Buckeye;1172596 wrote:That said, I'm not holding my breath for Holder to start any suit.

  True. Holder's too busy blowing spit balls at Sheriff Joe and ignoring his own personal corruption to bring Frank and Boyz to justice. I guess this means the Wall Street Capitalist Pigs as well as Bush & his Eeeevil Chickenhawk Blood Loving Neo-cons are also safe.
• SportsAndLady

  

  Nice, my place of employment didn't make the 5 evil banking list!
• Footwedge

  SportsAndLady;1174997 wrote:Nice, my place of employment didn't make the 5 evil banking list!

  Duh. McDonalds ain't a bank. Sleeper told me so.