Archive for the ‘vampires’ Category

It’s almost spooky to see this play out.  Last week, the idea of taking deposits was floated in Cyprus.  An uproar ensued (the banks are still closed there).  Cypress appears to have rejected the idea but I suspect it’s more tabled than rejected for the moment.  I wrote that it doesn’t really matter as Pandora’s box has been opened.  I did not expect to hear less than a week later the open admission this precedent will be acted upon in other regions, “if necessary”.  I thought they’d give it a month or so, at minimum.  I was wrong.

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same stuff, different year.  The government may as well indemnify the banks against any further prosecution.

What at first glance may have seemed a slam dunk may not be so.  Looks like BoA has some wiggle room in the characterization of the bad faith argument the government will need to prove.  As has been noted, it’s likely BoA will settle rather than risk the tricky argument and the triple damages the government could claim.

I would rather see a forced path out of this mess (in terms of requiring short sales, etc.) than a monetary settlement.  Here’s to hoping the consumer wins in this mess.

Ms. Blair pens an idea that would make us all millionaires.  Never mind it’d cause runaway inflation instantly (something she no doubt knows, I am sure).  The point of her satire is well understood, though.  The banks and big money have access to free funds the rest of us don’t…and never will.

The question I have after reading this article is, “Do we as a society want to live in an environment where charging 350% APR is even debatable as unethical?”

It is so wrong that things are so upside down, that we allow the poorest among us to be charged 350 percent…especially when the richest among us have access to vastly more sums at zero (or close) percent.

I don’t have an answer, just a deep sense of the wrongness of this dichotomy.

 

…and tells it like it is. Unfortunately, this is a pyrrhic victory. Their conduct is well known, as is the fact it will continue unchecked.