A Fire Sale for Arsonists: The "Revised" Bank Mortgage Settlement Still Stinks

[seafan]

RJ Eskow writes this morning:


October 25, 2011

Imagine that a group of arsonists was terrorizing your town. First they'd buy insurance on a stranger's home, then they'd show up with a blowtorch and a tanker truck filled with gasoline and burn the place down. Imagine that they've burned down a thousand homes this way, ruining the lives of the homeowners -- and everyone else's, too, as real estate values plunged and the local economy collapsed.

Now let's imagine that the Mayor, the DA, and the Chief of Police said they've come up with a great "settlement": The arsonists will pay a small fine, and they'll never be prosecuted for arson. Plus, if they're asked very nicely, they'll also agree to provide a little help to 27 out of the 1,000 families they made homeless -- although they'd control the 'help' process and the town might wind up footing the bill anyway.

And one more thing: They get to keep the gasoline truck and the blowtorch.

Substitute "country" for "town" and "banker" for "arsonist," and that pretty much sums up the mortgage fraud settlement that the administration and some attorneys general keep trying to impose on the nation. It's a sweetheart arrangement that asks for pennies on the dollar, would only help a tiny fraction of those harmed, and would allow the wrongdoers to keep the tools of their criminal trade -- making future crimes all but irresistible to the feloniously inclined.

.....

The banks shattered the economy, costing the world economy at least seven trillion dollars in lost wealth. They made billions by artificially pumping up the real estate market, and they made billions more when it blew up. For three years they've benefited from government and Federal Reserve loans at fire sale prices - after they started the fire.

.....

A must-read piece to understand in plain language just exactly how these bankster mobsters are getting away with it.


Unless they are broken up, prosecuted and assets revoked, that is.


What they have done to this country is nothing short of organized crime.

[Autumn]

1. I think that sums it up very nicely

K/R

[leftstreet]

2. K&R

Thanks for posting this