Slap on the hand

Rich Eskow with details of the administration’s proposed bank settlement:

The Obama White House continues to push for a settlement that would let bankers avoid being punished – or even investigated – for a wave of mortgage-related crimes that includes perjury, tax evasion, and several types of fraud.[1]

Despite the President’s new-found populism – rhetorically, anyway – officials in his Administration continue to push an unfair deal designed to conceal the financial Crime of the Century.

The Financial Times reported on new details of the proposed settlement, whose stated purpose is to punish banks and reduce the amount of money owed by underwater homeowners. But it’s increasingly clear that the deal wouldn’t help homeowners very much and wouldn’t punish bankers at all.

Banks could lower those loan balances by reducing the amount owed on mortgages owned by investors and not by the bank itself. That’s what Bank of America is accused of doing as part of an $8 billion settlement it reached in 2008. This deal would set the stage for a repeat performance.

This proposed deal is still unfair, unjust, and very unbalanced. And it has the Administration’s fingerprints all over it.

3 thoughts on “Slap on the hand

  1. Obama has made talking out of both sides of ones mouth a new art form. And the worst part is that he really does believe/expect that we don’t see it.

  2. “Obama has made talking out of both sides of ones mouth a new art form.” That’s called flip flopping. Obama does not flip flop. But Obama is no different than every other politician when it comes to keeping his promises. They all do and they all don’t depending on the politics of the thing in question. Capitalism is a failed system. The 1%, including Obama, keep trying to make us believe that it is not. They keep telling us that capitalism can be saved. It can not. What we need is a Jewish Jubilee. A universal forgiveness of debts. Unfortunately our economic system (by law) is constructed so that the creditor never losses and the debtor never wins. That is the first time that that has happened in human history.

  3. Banksters in orange jumpsuits doing the perp walk; that’s what we need to see.

    And NOBODY in the gaggle of legacy party candidates, from Ron Paul on the right, through that human shitstain in the center, to 2016’s Elizabeth Warren on the left, supports that. They are one and all, and that includes Ron Paul, completely useless.

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