Bankers: The Real House Thieves of New Jersey

[n2doc]

Richard Eskow
United SteelWorkers


Write a cookbook, go to jail?
David Dayen points out the absurdity and hypocrisy behind the Obama/Holder Justice Department’s decision to indict two stars of The Real Housewives of New Jersey on charges of mortgage fraud while Wall Street’s crooked bankers still go unpunished.

Dayen points out that Wall Street bankers illegally foreclosed on 244,000 customers, for a total he estimates at $48 billion, and provides more detail on the scope of bankers’ foreclosures crimes.

But that’s barely scratching the surface. Bankers also defrauded mortgage investors, manipulated energy prices, and fraudulently tampered with lending rates, at a total cost that may well run into the trillions.

Does the Obama/Holder DoJ indictment count reflect the relative magnitude of criminality committed by the respective parties? Let’s look at the record.

Indictments for reality TV stars who accused of defrauding banks in order to obtain approximately $2.4 million in loans: 2.

Indictments of bankers who falsified millions of loan documents, defrauded homeowners and investors, evaded local property sales taxes, and committed multiple other frauds large and small: 0.

- See more at: http://thecontributor.com/bankers-real-house-thieves-new-jersey

[DetlefK]

1. I proposed it once, I propose it again:

A mandatory minimum-sentence of 1 year of jail-time for every million that was defrauded or stolen.

[hobbit709]

2. Assuming they would even indict a banker, sounds good to me.