The Laughter You Hear Comes From Wall Street and The Banks

[marmar]

from the Working Life blog:


The Laughter You Hear Comes From Wall Street and The Banks
Posted on 07 January 2013


When I come back in my next life, I want to be a banker or a hotshot on Wall Street. Because it’s the kind of work where you can do anything you want, break any laws, never get punished and make a huge amount of money. And the best thing is: you make someone else pay for your fuck-ups. That is the upshot of the settlement reached today with the banks. Another day, another sham.

I get why people are going to say, “wow, this is some deal”. Because for the normal person, when you read the word “billion”, you think that is a heap of money. So, this will distract people from the truth:

Bank of America agreed on Monday to pay more than $10 billion to Fannie Mae to settle claims over troubled mortgages that soured during the housing crash, mostly loans issued by the bank’s Countryside Financial subsidiary.

Separately, federal regulators reached an $8.5 billion settlement on Monday to resolve claims of foreclosure abuses that included flawed paperwork used in foreclosures and bungled loan modifications by 10 major lenders, including JP Morgan, Bank of America and Citibank. About $3.3 billion of that settlement amount will go toward Americans who went through foreclosure in 2009 and 2010, while $5.2 billion will address other assistance to troubled borrowers, including loan modifications and reductions of principal balances. Eligible homeowners could get up to $125,000 in compensation.

Yes, it is good that some money will get into the hands of homeowners. I’m sure it will be a relief to some people.

But, this is a distraction for a few reasons.

First, remember the damage these guys on Wall Street caused. Trillions of dollars — “trillion” now that’s real money — of value lost, a large chunk of it from pension funds, meaning peoples’ retirement. Millions of people around the world lost their jobs. And, in many countries, like Spain and Greece, vicious austerity has been the cost for the greed and crimes on Wall Street. .................(more)

The complete piece is at: http://www.workinglife.org/2013/01/07/the-laughter-you-hear-comes-from-wall-street-and-the-banks/

[Octafish]

1. Come back as a Bankster.

Crime will pay, big time.

[prairierose]

2. Oh, but the bad karma....

you would accrue in just 5 minutes as a bankster. Imagine how many lives you would have to spend as a maggot to work that off. Oh wait, banksters-maggots, what's the difference? Nope, I'm pretty sure that maggots are actually useful to the world but I really can not think of a reason that banksters are necessary or useful in any way.

[librechik]

3. Oh, I thought it was Willy T...

http://www.democraticunderground.com/10022151758

lol

[abelenkpe]

4. K&R nt

[Fire Walk With Me]

5. K&R

[Fumesucker]

6. Millionaires get the blues too

[Historic NY]

7. Well maybe my cousin can finally get her condo mortage modified...

it bounced from bank to bank to bank % JP Morgan never got the paperwork straighten out so she could get a refinance from 8%.