Posted on 08/23/2014 9:58:49 AM PDT by jazusamo
The $16.65 billion settlement by Bank of America over financial-crisis-era mortgage securities "highlights a pattern of the government extorting the banks," Dick Kovacevich said on CNBC this week. Kovacevich is the former Wells Fargo chairman and CEO. I've known him for years. He ran a great bank. He kept Wells Fargo clean during the credit meltdown. And, unusual for a big-bank CEO, he strongly supports free-market principles.
Kovacevich went on to say, "It's definitely politics. It has nothing to do with justice or restitution to the innocent victims. In fact, more of the money is going to the coffers of the states and various departments than the victims." He then concluded, "Why are we charging the stockholders instead of going after the people who did wrong? Corporations don't engage in criminal behavior. People do."
Kovacevich is right on target. These huge bank settlements are election-year ATMs for the Obama administration. It was $12 billion for JP Morgan, another $7 billion for Citigroup and on and on. It's a real shakedown.
In fact, no one even remotely knows how these penalty-payment numbers are calculated. And the federal government's disbursement of these funds is equally mysterious. As the Wall Street Journal editorial page has pointed out, a lot of money has gone to states run by Democratic governors. Yup.
And in the $7 billion Citibank settlement, there's a section explaining how $2.5 billion goes to "community reinvestment and neighborhood stabilization." What's that mean?
All this sounds suspiciously like the housing version of the ACORN electioneering operations. In other words, community organizers. In other words, left-wing groups who had absolutely nothing to do with the credit crisis.
But this shakedown isn't isolated to banks. In spirit, it extends to all businesses. It's the Team Obama way.
(Excerpt) Read more at creators.com ...
If I was Kovacevich, I’d be talking to Rick Perry about how to look good when confronted with the need to take a mug-shot for a politically-motivated indictment.
I hope his tax records are in order.
In other words, the typical anticapitalist envious communist rhetoric.
When government plays politics with its own people and the corporations, we really have a situation of obvious lack of confidence and leadership.
Too big to jail, according to Obama and Holder.
At the Free Republic March for Justice on Oct. 31, 1998, in Washington, DC, someone from State Farm insurance described how the Clintons had shaken down State Farm for a sizeable amount of money.
Criminal rats need some peanut butter
Well said and right on the mark.
Yep, even though 0bama and Clinton hate each other they’re Rats of the same type.
Stuart Varney said the same thing Thursday — that the federal government is “shaking down Bank of American”.
Isn’t this called extortion or a protection racket when the Mafia does it? Pay up or get hammered by every agency we can think of to use against you.
the administration shakes down business and industry...
they stop hiring and go into layoff mode
this throws more people onto the dole, just what the admin wants..more dependants on the politicians’ “largess” — purchasing more votes to keep them in office
plus
the admin gets billions more $ to spend (without appropriations, like when O gives zillions of dineros to islamonazi terrorists)
it all works according to plan
Its a Wonderful World....joy joy joy
obama/holder learned well from the master shakedown artist himself, jesse jackson.
In all dying states, that I’m aware of, there is the use of the legal system to seize property. The corrupt “leadership” need the funds to support their parasitical voters. The black has now seized control of the treasury and is looting it for group benefit. Simply Google the number of payouts to minorities(billions to black farmers, billions for the South American “children,”) (Their parents are coming later.); “Obama Phones” 1/3 the population on welfare payments of some sort.(I’ll bet that most of them are recent arrivals to the U.S.) WE ARE BEING CONQUERED WITHOUT A SHOT BEING FIRED! AT THIS TIME IT IS NOT TOO EXTREME TO SAY THAT SLAVERY FOR THE EURO-AMERICAN IS NOW VISIBLE ON THE HORIZON.
Anyone check where these Billions are going ?
Anyone check where these Billions are going ?
When the going got tough he said yes to .Gov.
Can’t go after the people, they’re big Democrat donors.
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