“As a senior vice president, Bowen blew the whistle on Citigroup’s practices leading up to the banking crisis; practices like buying and selling risky mortgages and misrepresenting them to the public and investors.”
When banks didn’t want to lend to risky borrowers, they were painted as racist and forced by the government to make the loans. When the borrowers defaulted (as the banks knew they would), the same government accused them of exploiting the borrowers - and made them pay (as well as eat the losses). Worthy borrowers are absorbing the costs of this...
“When banks didn’t want to lend to risky borrowers, they were painted as racist and forced by the government to make the loans.”
Absolutely correct. The banks were dragged into doing substandard loans by the Feds. When banks said they didn’t want those loans on their books the Feds said Fannie and Freddie would buy them. When the banks said there was no profit in them the Feds not only permitted but encouraged the use of mortgage backed securities which made swimming downstream with the Feds hugely profitable for a while.