What to do with the bank execs who oversaw the illegal foreclosure of 5,000 houses belonging to deployed members of our military? JPMorgan Chase even auctioned off the house of a service member on the very day he returned home from a year’s deployment in a combat zone.
This disturbing news comes when the public is learning more about the heretofore enormous federal government bailout of Wall Street, at the expense of Main Street. Nearly $7.8 trillion dollars were funneled to the banks by the Federal Reserve to keep them afloat. The banks then re-loaned that near-interest free windfall to businesses and consumers at a higher interest rate, reaping more than $13 billion in profits. Is this even legal?
The Bush and Obama administration wizards who approved the giveaway said their principal aim was to stabilize the financial sector. That has been their rationale all along for the favortism they have shown the big banks from the start of the economic meltdown years ago.
First, “do no harm” was the mantra Obama’s economic team repeated as they coddled the too-big-to-fail banks whose greed and irresponsible behavior nearly destroyed the world economy. Who knows, the way things are going in the Euro zone, this still may occur.
Bank execs pocketed hundreds of millions in bonuses on profits they made using the government’s nearly free money. In the meantime, millions of Americans watch as their savings and pensions disappeared their houses foreclosed, and their dreams evaporated.
What is particularly galling about the behavior of the Wall Street titans is their appalling disregard of the needs of our gallant returning servicemen and -women. What do Bank of America, Wells Fargo and Citigroup execs today plan to do to make it up to our returning war heroes for the contemptuous, illegal behavior they exhibited?