Ex-Marine Re-Occupies His Own Foreclosed Home in Fight Against Freddie Mac, JPMorgan Chase

[Jack Rabbit]

3. Don't mess with an ex-Marine

Last edited Wed Feb 1, 2012, 10:38 PM - Edit history (1)

This story reminds me of my observations of government vs. private industry over the years. Of course, the corporatist line of propaganda is that, unlike the government, they have to compete, there fore they have to be efficient to pull a profit. Also, their workers are better because they are not protected by civil service.

All of that is horsepucky.

I've worked along side government workers while under contract to a private company. I've worked in private industry in private industry environments. Government workers match up to private industry workers; six of one is worth half a dozen of the other. The problem with both is that they're too big and too bureaucratic. And frankly, I'll take the federal bureaucracy, as bad as it is, over a large private bureaucracy. They're both woefully inefficient.

This story highlights the problems with too-big-to-fail corporations. They're apparently too big to manage. The loan department and the foreclosure department at Chase weren't talking to each other. Each didn't know what the other was doing. Mr. De los Santos was caught in the middle, being given conflicting information from too department of the same bank working at cross purposes. Even if the bank were acting entirely out of good intentions, which can't be assumed nowadays, it was still acting like a too-big-to-manage institution.

Mr. Dimon, what kind of outfit are you running?