Bloodsucking Bankers Immune to Change
The Obama Administration is making an effort to “name and shame” them, but the vampires in banking and on Wall Street are still busy draining liquidity out of the American financial system.
According to the McClatchy newspapers, “The first report under the Home Affordable Modification Program, involving more than 30 lenders that together collect payments on 85 percent of American mortgages, found an especially dismal performance by two major national banks–Bank of America and Wells Fargo–that received $45 billion and $25 billion, respectively, in taxpayers’ bailout money.”
From February through July, the bloodsucking banks, too busy padding earnings and paying executive bonuses, started only 9 percent of those eligible for mortgage modifications on the process.
Beyond the Main Street parasites, the wizards of Wall Street are also back doing what they did to wreck the economy, giving themselves huge rewards for speculation that, in a classic definition, combines “private profitability” with “social uselessness.”
As Paul Krugman points out, “Even before the crisis and the bailouts, many financial-industry high-fliers made fortunes through activities that were worthless if not destructive from a social point of view. And they’re still at it.”
Even the Wall Street Journal is unnerved by the Citibank trader who raked in $100 million while wheeling and dealing under a government guarantee…
6 Responses to “Bloodsucking Bankers Immune to Change”
Is there just no way to keep these guys from raping the system? Christ, we are now mortgaging the entire country's future to pay for their mistakes and they are still doing the same thing. I'm buying gold and bullets in preparation for what these criminals are going to bring this country to.
I think an angry mob with pitchforks and torches roaming the financial district of NYC would be very interesting and comical. I've been expecting a mass protest of some kind but have been disappointed for several months now. I suppose the recession is still young so I'll just wait and see.
Never mind that Obama has been working with insiders on the “Wall Street Left” and that it is never the place of government to intrude to the point of telling people how to operate their businesses, limit their pay, and so on. That is totalitarian, not merely anti- and un-American.
Of course, this is lost on the ignorant and angry lefties among the public, who don't realize who the worst actors in the nation are, and who don't understand that the correct target of the pitchfork crowd now is not Wall Street, but remains as I correctly identified back in 1992 during the LA and copycat riots, K Street.
“From February through July, the bloodsucking banks, too busy padding earnings and paying executive bonuses, started only 9 percent of those eligible for mortgage modifications on the process.”
Rather than throwing childish lefty tantrums against the banks, wiser people already have reacted to this statistic the correct way, understanding it as another example of “stimulative” measures by the Obama administration that have fizzled as badly as the earlier results of 150,000 jobs versus claims first for four million new jobs, then later downrated to “three and a half million new or saved jobs.”
DLS, have you ever read anything you didn't want to turn into a diatribe against either Obama or the left? Just curious, since nearly all of your posts indicate you believe there is only one source for all problems. Cherry-picking has inherent credibility “difficulties”… something you (apparently) choose not to consider.
Btw, I like the idea of a pitchforks and torches march on Wall St. It's old school, but pleasantly non-ambiguous.
Banks are in the business of making money. How many people out there would actually keep their accounts in banks if those banks lost money?
As I recall last year… during the “height” of the financial crises I believe several otherwise good banks were forced to merge or were closed because people got a whiff of potential trouble and started pulling deposits. And of course many other banks were rightfully closed because they were in serious trouble.