Nothing says epic, out of control corruption and illegality like kickbacks.
The allegations, since referred to the Department of Justice, stem from lenders' demand that insurers cut them in on the lucrative business of insuring the mortgages they produced during the housing boom.
In exchange for the their business, companies such as Citigroup Inc, Wells Fargo & Co, SunTrust Banks Inc. and Countrywide allegedly required reinsurance partnerships on generous terms that violated the Real Estate Settlement Procedures Act, a 1974 law prohibiting abusive home sales practices.
~snip~
Making matters worse, banks allegedly forced unknowing consumers to buy more insurance than they needed and failed to properly disclose the reinsurance agreements, another RESPA violation.
http://www.americanbanker.com/...
So, we know that the SEC has been covering up two decades Wall Street crimes, 2 decades of insider trading, financial fraud and market manipulation by Wall Street's biggest banks. We also know that the robo-signing foreclosure fraud scandal is still ongoing no matter how badly Iowa AG Tom Miller and his corrupt alliance of State AG's, HUD and Executive branch officials want to cover that up with a slap on the wrist and zero prosecutions for the banksters, but now when you throw kickbacks and RESPA violations on top of the steaming pile of shit that we call our financial sector, one must ask the question of how fucked up does this have to get before any of the big fraudsters goes to jail?
The cops on the beat on Wall Street have either been bought off or they are so incompetent they make Police Chief Wiggum look like Elliot Ness. My vote is on bought off.
The regulators in charge of stopping crime instead take the banksters at their word, and then get rewarded with jobs at the companies they were supposed to be regulating for doing their dirty work. Conservatives will argue that this is why we don't even need regulators, which is like saying that if we close down the police department the criminals will just police themselves. Try to think of that like a modern day version of the 1994 movie "No Escape"
It is my opinion that as long as the banksters are free to commit crimes and manipulate the marketplace there will be no recovery. The rest of the economy can go to hell as long as the banksters are free to rob us all, bribe our officials and keep the fraud going. In the eyes of the banksters, if it ain't broke (their never ending fraud machine) then why fix it? Which means the fix is in.
And now we see the long knives coming out for the one cop on the street who isn't corrupt, New York AG Eric Shneiderman.
Matt Stoller: The corrupt establishment begins smearing Eric Shneiderman
Last month we had New York Fed Board Member Kathryn Wylde whining and meddlingabout Eric Schneiderman’s investigation into big banks. That seriously backfired. HUD Secretary Shaun Donovan put pressure on him as well, and that didn’t go over so well. And after Tom Miller petulantly stopped allowing Schneiderman on his AG conference calls, there was a mini-media storm over the rancid character of the DOJ and bankster-owned Miller. None of the insider signals worked, so now it’s on to stage two of neutralize Schneiderman. It’s time for…. the smear campaign!
~snip~
It’s not like the regulators, banks, and Tom Miller’s office have been leaking like a sieve and lying to the press for months. Oh wait, they have. And it’s not like Tom Miller took enormous sums of money from out of state banks and then turned around to negotiate a sweetheart deal with those same banks. Oh wait, he did.
If the 6 largest Too Big To Fail banks control 60% of America's GDP and their entire business model is predicated on fraud, market manipulation and bribing the elected officials and regulators who are supposed to protect the public from that fraud, then the fundamentals of the economy are FUBAR. Simply put, the banksters and super rich who control the vast majority of wealth in this country refuse to create jobs or build infrastructure because they can get their quick fix on the rigged Wall Street casino, their entire business model is predicated on exploiting consumers and bribing any cops who will stop them. Until the massive frauds end I sincerely doubt that there will be any recovery for the working class. Too make it short, the beatings will continue until the fraudulent banksters start going to jail.
So how much more evidence of epic fraud on Wall Street do we need?
Peace and love to all
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