Thursday, May 09, 2013

Your Bank....Is it A Candy Store for Criminals - one in a series

Your Bank....Is it A Candy Store for Criminals
William Kirkendale
Author of "The FICO Hoax"
The sad fact in America today is that your once trusted and respected banking
institution is now filled with nothing but a bunch of low life criminals,
racketeers and con men . Everywhere you go you'll find them all hanging out in
their fancy board rooms smoking expensive Cuban cigars thinking up new ways to
cheat and scam the American public.
We all saw this, of course, during the gigantic subprime mortgage fraud crises
that almost destroyed our country and our economy. Now it's the cover up of that
fraud that consumes most bank executives these days. They don't want to go to
jail so they are all tripping over themselves pointing the finger of blame at
someone else......
"Not me! I never engaged in any illegal or immoral activities" .....they all
shout through the heavy smoke of their expensive cigars. "I never phonied up a
loan application to give a mortgage to someone who couldn't afford to pay it" No
Siree.  I never tried to cheat and scam anyone". I'm a very religious church
going person.
Okay Mr. Church going person then how come there are tens of millions of
foreclosures going on in America today? Families and children losing their homes
right and left? You have anything to do with that? Oh you didn't then who did?
The truth is the entire banking industry did this. And who helped them with all
their crimes? Well let's see. There was the Fair Isaac Company who sold their
voodoo created phony FICO scores to banks so they could illegally jack up their
interest rates.
There were all the bought and paid for crooked appraisal firms that inflated the
value of your home so their customer Banks could lend you more money on your home
than it was even worth.
There were all the crooked regulators and bribe taking politicians.
And finally there were all the bank underwriters who didn't even care if you had
a job or not to approve your loan....nor did they care if you lied about your
income if you had a job. No Sir if you were unemployed no problem. If you lied
and said you worked at McDonalds and made $300,000 a year flipping hamburgers.
No problem. If you were breathing you got a Loan .
So here's my question . What aren't any of these criminals in jail ? I'll tell
you why. They all point the finger of blame at someone else. Not an unusual
tactic for people who get their hands caught in the cookie jar. In the case of
all these mortgage crooks and scoundrels they all believed they were above the
law....or as some believed way too big to jail...
Part One: The Rats in the Attic.
Oh my what a wicked web we weave once we practice to deceive. The entire banking
industry from 1980 to 2010 wove a web of deceit and deception  unparalleled in
American history. In the early 1980's we all remember the Charles Keating disaster . You know the guy who cheated so many people out of their life savings with his Lincoln Savings and Loan scams. And right along with him were the so-called "Keating 5"….. On the take Politicians like John McCain, Alan Cranston, Dennis DeConcini, John Glenn, and John Riegle.  All supposedly upstanding and unimpeachable men of high moral character and integrity. Unfortunately this was not true. These scoundrels were nothing but crooks and thieves who at the time almost brought down the entire American banking system.
Moving right along the next group of crooked bankers and politicians began to raise their ugly heads around the turn of the century in 2001. These were the “Bush years” of unpaid for phony WMD wars. Deficits shot up and so did the ranks of greedy bankers and Wall Street criminals who in 2008 just about destroyed our whole country with all their scams and mortgage loan fraud schemes. Truly a sight to behold…..and then the roof fell in. Homes started losing 20-30% of their value almost overnight. All the crooked Wall street firms were going bankrupt. Homes were being foreclosed on right and left. Unemployment skyrocketed to over 12%. And if all that wasn’t bad enough the country itself teetered on the brink of total collapse just as it did during the great depression years  of the 1930’s. Who would have thought this was possible…The fact is no one thought this was actually happening to us but unfortunately it did and we all suffered.
Being the great country we are we survived and started to rebuild. From the very depths of despair we began to rally ourselves and for the next 5 or 6 years we slowly regained our confidence and dealt with the issues at hand.
… be continued

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