Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow The Obama Administration Is Helping Big Bank Felons
Long article. Worth reading in it's entirety:
How The Obama Administration Is Helping Big Bank Felons
By Shahien Nasiripour - 08/11/2015 04:24 PM EDT
With the blessing of the White House and the Justice Department, the Department of Housing and Urban Development is attempting to sneak through a major policy change that would enable big banks convicted of felonies to continue lending through a federal mortgage program, according to federal records and government officials.
The housing agency wants to quietly delete a requirement for lenders to certify they havent been convicted of violating federal antitrust laws or committing other serious crimes. HUD proposed the move on May 15, without detailing the reasoning behind the change. Its now considering public comment, with an eye towards finalizing the proposal.
Five years after lawmakers and the Obama administration said the Dodd-Frank financial reform law would end the problems caused by banks perceived to be too big to fail, HUD's move could represent yet another capitulation from federal officials who want to appear to be tough on Wall Streets crimes, but dont want big banks to suffer the consequences typically associated with felony convictions.
The main beneficiaries of the proposal would be JPMorgan Chase, the nation's largest bank with more than $2.4 trillion in assets, and Citigroup, the third-largest U.S. bank with $1.8 trillion in assets, according to Federal Reserve data....
Full article:
http://www.huffingtonpost.com/entry/obama-hud-big-banks_55c4f2f2e4b0923c12bcc4b1
By Shahien Nasiripour - 08/11/2015 04:24 PM EDT
With the blessing of the White House and the Justice Department, the Department of Housing and Urban Development is attempting to sneak through a major policy change that would enable big banks convicted of felonies to continue lending through a federal mortgage program, according to federal records and government officials.
The housing agency wants to quietly delete a requirement for lenders to certify they havent been convicted of violating federal antitrust laws or committing other serious crimes. HUD proposed the move on May 15, without detailing the reasoning behind the change. Its now considering public comment, with an eye towards finalizing the proposal.
Five years after lawmakers and the Obama administration said the Dodd-Frank financial reform law would end the problems caused by banks perceived to be too big to fail, HUD's move could represent yet another capitulation from federal officials who want to appear to be tough on Wall Streets crimes, but dont want big banks to suffer the consequences typically associated with felony convictions.
The main beneficiaries of the proposal would be JPMorgan Chase, the nation's largest bank with more than $2.4 trillion in assets, and Citigroup, the third-largest U.S. bank with $1.8 trillion in assets, according to Federal Reserve data....
Full article:
http://www.huffingtonpost.com/entry/obama-hud-big-banks_55c4f2f2e4b0923c12bcc4b1
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
4 replies, 665 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (11)
ReplyReply to this post
4 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
How The Obama Administration Is Helping Big Bank Felons (Original Post)
think
Oct 2015
OP
the biggest financial crime in human history and how many did obama put in prison? nt
msongs
Oct 2015
#1
msongs
(67,478 posts)1. the biggest financial crime in human history and how many did obama put in prison? nt
think
(11,641 posts)2. The truth kind of sucks infortunately. None go to jail while the govt kowtows to their whims...
Hydra
(14,459 posts)3. We're well on track to another major meltdown/crisis
Which isn't a surprise- the last one was planned and timed, and not a surprise to anyone involved in it. Many on DU called it as well.
The 1% used that event very well to consolidate their holdings and the vacuum out the Treasury. What will they steal this time?
hedda_foil
(16,376 posts)4. This is a job for Super Warren
This is right in Elizabeth's bailiwick.