A couple of the biggest banks in our nation have the honor of headline news recently: Wells Fargo and Goldman Sachs have both been held accountable for one of the best Bank Jobs ever: the housing bubble market.
Reuters reports about a US government lawsuit against Wells Fargo meant to recover the money it lost thanks to the bank’s claim that a fair amount of their mortgages qualified for the Federal Housing Administration’s insurance program…they didn’t, and it cost US taxpayers $189 million to pay for the defaulted mortgages. Wells Fargo admitted to scamming the FHA and homeowners in the deal. Nice job.
Goldman Sachs just agreed to a $5 Billion settlement in their role of the 2007/2008 crisis, which included lying about the health of the mortgages it was selling (hint: they were poor risk mortgages). The statement of facts that accompanies the settlement is revealing in itself and allows us consumers to understand that the industry really was aware of its wrongdoing. Nice job.
It’s good to see and know that there is some modicum of accountability for these institutions, they have cost us a decent amount of taxpayer money and ruined the lives of many Americans in the process. But we really have to be cautious. This presidential election is perhaps the most important election we will have, we will either choose to give over completely to the oligarchy, and expect even more bank jobs; or we can choose to keep democracy alive and keep Wall Street in its corner by electing the single politician willing to take on corporate greed. We then will have done a great job as citizens…