During the two terms of the George W. Bush administration, the largest and the biggest scam/fraud ever perpetrated by American capitalism was foisted upon the unsuspecting American population.
It was directed and choreographed by capitalist banks, mortgage companies, and stock-peddling Wall Street brokers. The “project” was aided and abetted by the real estate industry. Add bankers and Realtors to your ever-growing and never-ending list of capitalist crooks, which have always included lawyers, doctors and politicians.
Comes now the Barack H. Obama administration and slaps lightly the writs of all these capitalist crooks with a mere $8.5 billion fine.
The news was carried in the front page of a newspaper report by Daniel Wagner of the Associated Press. The Associated Crooks made trillions of dollars in illegal profits. The victims of the greed of American capitalism, on average, will receive around $2,00.00. The fools will probably be happy with that amount. There is a sucker born every minute in American capitalism.
Mr. Wagner's states in his report that “the agreements are the bank's latest step toward eliminating hundreds of billions of dollars in potential liabilities related to the housing crisis that crested in 2008 ... Regulators are settling at too low a price and possibly at the expense of the consumer.”
Here are the new inductees into the American Capitalism Hall of Shame:
Bank of America
JP Morgan Chase
PNC Financial Services
The 2011 action also included:
HSBC Finance Corp
EMC Mortgage Corp
Until such a time that the American people wise up and stop sending Republicans and Democrats to the White House and U.S. Congress, the scams/frauds of American capitalism will continue.
Their slogan is “We screw you better!”