Bankster 101: How to f**k a country six ways from Sunday.....after getting public bailout money !!!

[marmar]

from the WSJ:




The unfolding foreclosure-processing debacle is causing bank stocks to slide and putting millions of delinquent borrowers in limbo.

But how disruptive the crisis ultimately becomes—for homeowners, the housing market and the broader economy—depends on how quickly a number of technical problems and legal challenges are resolved in the months ahead.

In essence, fast-paced modern finance is colliding with the much slower machinery of the U.S. legal system. While finance aims for efficiency and maximized profits, the courts demand due process. And that's becoming a growing issue as lenders come under attack for taking short cuts to oust homeowners who haven't mailed in a mortgage check for months.

Banks stocks were hammered on Friday for the second straight day as investors continued gauging the sector's exposure to higher operating and legal costs.

Bank of America Corp. shares lost nearly 5%. Shares of Wells Fargo & Co. also fell nearly 5%, while J.P. Morgan Chase & Co. fell 4% and Citigroup Inc. lost nearly 3%. And the cost of protecting against the default of bank bonds continued to surge. ........(more)

The complete piece is at: http://online.wsj.com/article/SB10001424052748704049904575554372238256744.html?mod=WSJ_hpp_LEFTTopStories

[geckosfeet]

1. Yes - and borrow from the fed to invest in govt bond and buy back your own stock

The Fed's New Bubble (Masquerading as a Jobs Program

What a triple slap in the face.

Take bailout money (gift wrapped from the taxpayers)
Take interest free money from the federal reserve bank (underwritten by yours truly)
Buy federal bonds with the money (that the taxpayer will eventually have to make good on)

How to screw the peasants coming and going.

I guess at this point it would be good to ask a rhetorical question - don't these people realize that all their employees, their corporate taxes, their own taxes will have to finance this clusterfuck?