Further evidence that bankers control their regulators
invite response
2013 Jan 5, 2:42pm 595 views 2 comments
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curious2
2013 Jan 6, 1:38am
curious2
2013 Jan 6, 1:38am
This is the sad denouement of the bubble saga that inspired PatNet. We had a bubble while regulators cheered the infallible "free market" awarding huge bonuses to supposedly brilliant bankers. Now we have a lemon socialist bailout while government props up prices and even higher bonuses for those same bankers. The problem isn't necessarily too much government nor too little, it's that captured government is part of the problem not the solution.
"A settlement reportedly in the works with big banks will soon end a review into foreclosure abuses, and it means more of the same: no accountability for financial institutions and little help for borrowers.
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it is another gift to the banks.
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Let’s not forget that this looming settlement will also conclude the foreclosure reviews that were supposed to provide regulators with chapter and verse on how banks abused their customers."
http://www.nytimes.com/2013/01/06/business/bank-settlement-may-leave-tiny-slices-of-a-smaller-pie.html?_r=0
#housing