This absolutely outrageous. These guys made bad loans and they need to pay the price. It is the only way to shake things out. Government intervention is only going to make this worse. I hope someone, somewhere in the MSM has the guts to make a really big issue of this.
Since the only politicians on the hook so far are Dems I wouldn’t count on it. If a juicy Rep Senator shows up maybe it will get some play but I bet the coverage omits the bailout aspect of the bill.
I am confident that BofA and quite possibly half a dozen other banks had their fingers in this Bill.
It is common for every industry in America to write the Bills pertaining to them for Congressional staffers. The legislatures and staffers do not know the fine details of any industry. If they attempted to write these Bills, most assuredly that industry would be bankrupt in mere weeks.