Justice Undone – Federal Government Seeks NO Criminal Charges Against The Banking Industry Over Mortgage FraudPosted by Al @ 9:38 am
According to past reports of the settlement talks, the banks — Bank of America (BAC.N), Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Ally Financial Inc (GKM.N) — would provide $20 billion to $25 billion of relief to homeowners in exchange for being allowed to put behind them potential government lawsuits about improper foreclosures and abuses in originating and servicing mortgage loans.
The Federal Government, in typical corrupt fashion, refuses to prosecute major players in the U.S. mortgage meltdown and instead decided to take their cut in the deal by handing out wrist slaps and fines.
“Instead of criminal prosecutions, we are talking about not much more than a slap on the wrist,” Senator Sherrod Brown of Ohio said. “In many ways, Wall Street isn’t just too big to fail, it’s also too big to jail.”
Of course, this favorable Federal Government action has prompted other mortgage fraudsters to come out to accept the deal.
In another sign negotiators were close to a deal, three regional banks signaled they had begun talks to also enter the settlement.
Two of the regional banks, PNC (PNC.N) and US Bancorp (USB.N), reported a total of $370 million in mortgage-related expenses, and a third, SunTrust (STI.N), said the discussions were at a preliminary stage and it could not yet estimate any financial impact.
All of this brings me the point I’d like to make regarding the system put in place by our Federal Government bureaucrats to plunder tax dollars in the name of justice. Unfortunately, it’s not criminal justice.
Ok, my house is worth less that what I paid for it. Underwater, if you will. Will my county government reduce the assessment value to show the true value of the home, therefore reducing my property taxes to a representative amount of the house’s worth? No. Is this my fault? No. Is the deflated worth of my house a result of the mortgage-related fraud designed by corporate-sponsored legislative action? Yes. Is the government primarily responsible for the mortgage meltdown? Yes. Will individual politicians or bureaucrats within our Federal Government ever be criminally charged for the U.S. mortgage meltdown? No. Will any major banking, finance, or mortgage-related “for profit” entity ever be held criminally liable for the mortgage meltdown? No.
Every bit player in this mortgage fraud has the ability to lay blame with government because there is very little, if any, personal responsibility taken for any fraud, corruption, or incompetence within the U.S. Federal Government. When laws are corporate-sponsored and elected officials are corporate sponsored, do you expect the Federal Government to pursue criminal charges against those “for-profit” corporations running our Federal Government? No.
Herein, lies the beauty of government obedience to corporate interest regarding government rules, regulations, and laws. This current corporatist system operates on the premise that the Federal Government puts corporate-sponsored legislation on the books designed to steal from taxpayers. The taxpayers have no say in the criminal justice served up to the private sector. In fact, we rarely see criminal prosecution and actual individuals and/or corporations remain free to exploit the laws they help write. In the meantime, the Federal Government, very quietly, most often pursues civil penalties of fines/settlements, as means of appeasing the oblivious taxpayer, and pursue monetary claims to be paid to the Federal Government. The biggest insult to injury is that the private parties perpetrating the fraud receive a slap on the wrist and are allowed to claim no criminal wrong doing. The government receives the settlement money and then the government makes a statement to the effect that they will help the fraud victims monetarily after they’ve studied the most efficient method to disburse that money.
Let’s put this into a rational perspective: the Federal Government is controlled by “for profit” corporations. Most political monetary support on the Federal level originates from “for-profit” interests. These “for-profit” corporations author legislation that enriches “themselves” at the detriment and expense of Americans. When the public cries foul, the Federal Government reacts by initiating and conducting studies, coming to the conclusion that no criminal malfeasance exists and a monetary settlement is reached. The monetary settlement never equates to monetary damage incurred. Basically, it’s a system of systemic fraud where laws are written by and on behalf of private corporations to legally plunder from the American public. There’s no accountability for the fraud on either side. The money stolen by these private corporations are then divvied up by the political crooks and the corporate crooks. And, you never get your money back and no one is criminally indicted, charged, or sentenced.
Until the corrupt culture of the pay-to-play American political system is infiltrated and changed, the government will continue to work against most Americans. The banking system is corrupt, but is aided and abetted by a corrupt political system. I’d love to see Americans prosper and become wealthy as long as government action and taxpayer money are not the source of that wealth.
So, I ask the average Joe, why do you keep voting for these politicians who do not have your best interests in mind. Please do your part to restore American greatness and kick this political class trash to the curb. I’d also have to consider that many Americans just don’t care what the government does. At least until it’s at their front door.