The federal government has finally grown a pair and is going after some of these crooked bankers.
70 execs and employees to do the perp walk
The Federal Deposit Insurance Corp. has authorized lawsuits against 70 officers, directors and employees of failed banks, in an effort to recover $2 billion.
And think about this for a second. Are these bankers any less worse than the terrorists? Grandma gets suckered into refinancing her homestead a couple of times because the bank says it can lower her rates and her payments will be smaller. The only thing is she'd have to live two life times to pay it off or even come close to the principle owing. Then when the instrument of financial destruction resets and her payments are more than double grandma has a heart attack when the mortgage comes due. These leeches have effectively sucked the house and her bank account right out from under her.
But this article is more about what's going on in the commercial sector. Companies are playing with funny figures to try and get the edge on the competition. It all worked well as long as the real estate market was going up but once the bottom fell out it was time to shut the casino. That is until the wall street boys who got the bail out were able to start the game all over again. If you think the game was changed with the financial reform bill you'd be wrong. Knowing how slow our government is to act on any situation these guys are cranking out the worthless paper as fast as they can before they get caught. When they do get that subpoena it'll be "that was standard industry practice". "Everybody was doing it so we assumed it was okay". Of course not in those very words.
And what about those legal eagles who are paid to make sure everything is on the up and up? Did they turn a blind eye to stuff their wallets with hourly fees and bonuses too? I think so because after all when they've created contracts that even a linguistics expert couldn't interpret, who's going to call them out on it?
But as we know none of those at the top will ever see the inside of a federal pen. It'll be some poor slob who's job it was to rubber stamp the paperwork at the denied direction of his boss. He'll be the one doing the hard time. His bosses will just ignore the whole process and eventually run for political office. These types of transgressions rarely make front page news unless of course the victims are wealthy in which case there'll be 60 minute exposes and at least one documentary on the History Channel.
What's the expression? "The more things change the more they remain the same".