Remind me who it is again that is all chummy with the big banks…
So, the cronyists are “on edge” and feeling “anxiety.” Gee, just breaks my heart.
Apparently ANY large financial institution’s employees can commit a crime, and, according to Holder’s theory of the law, the economic health of the country comes first. Justice just has to wait. Or be suspended all together, as long as those people are big and important enough.
Anybody need still another argument for reviving the old Glass-Steagall Act (1933-99), with its salutary separation between commercial and investment banking? If so, JPMorgan Chase has just provided one. A big one.
When banks generate huge profits, they are exploiting the American people, engaging in unadulterated greed and, needless to say, in need of more regulation.
I don't know if it's Dodd-Frank. Or if it's Barney Frank and Christopher Dodd themselves. Or if it's just the big bankers. But the reality is, our banking system is completely screwed up when it comes to getting a home loan.
Let’s see ... how was it the Fox News Channel anchor phrased it? Oh yeah. Here we go: “Bank of America is going to penalize some of its customers by charging them a fee for their checking accounts.”
After some 500 days of negotiation, the deed was done. On Thursday, February 9, attorneys general representing nearly all 50 states announced that five major banks – Ally Financial, Bank of America, Citibank, JPMorgan Chase and Wells Fargo – agreed to pay a combined $25 billion over three years in civil penalties and loan write-downs for having serviced mortgage foreclosure paperwork without proper review.
Chances are, you’ve heard economics referred to as “the dismal science.” That unflattering description is glib and catchy; it is also 100 percent wrong.
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