The Banksters conspired to get rid of Glass-Steagle in 1999 and then created credit default swaps aka derivatives that ended up LOSING 20% OF THE WEALTH OF AMERICA in 2007-2008. Wealth that was created over the course of over 2 centuries.
Enrique, get a grip, why are you defending Bankster gangsters? Do you work for them? Are you part of the Top 1%?
Banks developed the concept of subprime loans. Banks developed no doc loans. Banks developed credit default swaps. Credit default swaps have never been regulated in any way. Banks actively recruited people to sign up for subprime loans that the banks could then bundle into investments that they paid rating companies to rate as AAA safest investments when the banks knew those investments would fail. The banks bought credit default swaps that would pay them when the investments they sold failed. Even though the people who bought the investments based on detrimental reliance on the reports of credit rating companies and the banks misrepresentations lost money the banks reaped huge profits by collecting on the credit default swaps, which were made good by the U.S. taxpayer because the company that issued the swaps, AIG, kept no loss reserve whatsoever for the mortgage insurance losses.
The bankers took the taxpayer money and paid themselves huge amounts of money. The money that the bankers have paid themselves came from funds paid by taxpayers and the trillions of dollars that went to the banks have created a reason for the rightists to demand that the middle class pay even more of the cost of government while the same rightists demand that the bankers' tax liability for the money they stole from the taxpayer be reduced to nothing.
It's kind of funny how all of the banks that followed BOAs lead and started talking of raising rates have done a complete 180. I guess they realized that it was all gravy in the first place and to try to make it up on the backs of their customers was going to lose them many customers.
I hope BOA holds its ground, then maybe one day they won't be "too big to fail".
Pretty soon it'll be the plutocrat Loyalists like yourself that'll be on the losing end. But of course you know this and that's why you're so militant toward Occupy.
Good point. Hate mail is completely incorrect. Hate mail also has a more narrow legal definition indicating mail that contains overt threats, such as death threats. I doubt that there is any actual 'hate mail' letters in the strict sense of the term. The headline is not only incorrect it is actual slander per se. Looks like CBS is not particularly accurate or unbiased on this topic.
The posting of advertisements, profanity, or personal attacks is prohibited. By using this Web site you agree to accept our Terms of Service. Click here to read the Rules of Engagement.
Reply to Comment The posting of advertisements, profanity, or personal attacks is prohibited. By using this Web site you agree to accept our Terms of Service. Click here to read the Rules of Engagement.
Enrique, get a grip, why are you defending Bankster gangsters? Do you work for them? Are you part of the Top 1%?
The bankers took the taxpayer money and paid themselves huge amounts of money. The money that the bankers have paid themselves came from funds paid by taxpayers and the trillions of dollars that went to the banks have created a reason for the rightists to demand that the middle class pay even more of the cost of government while the same rightists demand that the bankers' tax liability for the money they stole from the taxpayer be reduced to nothing.
That is how bankers stole money from the people.
I hope BOA holds its ground, then maybe one day they won't be "too big to fail".