Weak Justice for Wall Street: How a Twisted Double Standard Saved Citigroup Millions
By David Dayen, The Fiscal Times
If I missed a scheduled payment to a bank, I would probably get hit with a late fee. Credit bureaus would receive a delinquency report. If I continued to miss the payment, debt collectors would harass me at all hours with phone calls. They might take me to court and get a judgment against me that enables them to garnish my wages or my tax refunds. If the debt was secured — i.e., backed by a piece of collateral — the creditor could initiate proceedings to take that collateral away from me. In the case of a mortgage, that means repossessing my house in a foreclosure action. They could take my car or strip me of all my other assets.
All of these consequences made the credit system work: Without them, people would be foolish to pay their debts. But if you’re a big bank, you can fail to make a $20 million payment for two years — something you would never tolerate from your own customers — and face absolutely no consequences. That’s just how our financial system rolls.
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At least one writer knows about the double standard. It’s been more prominent since Obama has been in office. Do you see him (Obama) making any strides in the financial sector that would make them ‘accountable’ and yet he touts the ‘racial barriers’ that need to be broken! There ARE no racial barriers when it comes to the banking industry…they will take your home fraudulently no matter what your ethnic background.
BBQ a banker.