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

Your Bank....Is it A Candy Store for Criminals

 

By

William Kirkendale

Author of "The FICO Hoax"

www.ficofraud.com

www.debtcollectioncriminals.com

 

Introduction:

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.

 

…..to be continued