Yves Smith: The word “predatory” is not adequate to describe Wells’ conduct
yves smith, writing in naked capitalism, is commenting on a louisiana bankruptcy judge's ruling awarding $3.1M in punitive damages for one loan...
despite an occasional and well-deserved ruling like this one, the banksters are such to regard it as a mere slap on the wrist and will continue to rule our lives...
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The word “predatory” is not adequate to describe Wells’ conduct. The bank is not simply willing to steal from consumers, via blatant, institutionalized violations of its own agreements on mortgages and later on bankruptcy plans. It has absolutely no respect for the law, whether it be contracts or court procedures. It’s a band of marauders that our society treats as legitimate because the perpetrators wear suits and can afford to hire lobbyists. And the Federal government and state attorneys general are certain to have emboldened Wells and its brethren by rewarding them rather than treating them like the criminals they are.
despite an occasional and well-deserved ruling like this one, the banksters are such to regard it as a mere slap on the wrist and will continue to rule our lives...
Labels: bankruptcy, banksters, criminal banks, Naked Capitalism, predators, Wells Fargo, Yves Smith
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posted by profmarcus at
4/10/2012
