Will the Government Ever Attempt to Enforce the Law Against the Bank of America?
Bank of America is teetering on the edge of collapse. It has received enormous aid from the federal government in bailouts, loans and preferential treatment to the tune of trillions of dollars of government guarantees. To add further injury to the insults already suffered, the federal government, that is, the Obama Justice Department has okayed a settlement protecting Bank of America from lawsuits for its practice of filing false affidavits and inventing ownership of property in American Courts. Yet even with this help, the bank is run so badly that it is still failing.
How long does this go on?
Is the government going to bailout this bank one more time?
What crimes do they have to commit? What incompetence do they have to display? What greed in the form of enormous executive bonuses do they have to display? – before enough is enough and they are allowed to perish?
Bank of America: Too Crooked to Fail | Politics News | Rolling Stone
In a pure capitalist system, an institution as moronic and corrupt as Bank of America would be swiftly punished by the market – the executives would get to loot their own firms once, then they’d be looking for jobs again. But with the limitless government support of Too Big to Fail, these failing financial giants get to stay undead forever, continually looting the taxpayer, their depositors, their shareholders and anyone else they can get their hands on. The threat posed by Bank of America isn’t just financial – it’s a full-blown assault on the American dream. Where’s the incentive to play fair and do well, when what we see rewarded at the highest levels of society is failure, stupidity, incompetence and meanness? If this is what winning in our system looks like, who doesn’t want to be a loser? Throughout history, it’s precisely this kind of corrupt perversion that has given birth to countercultural revolutions. If failure can’t fail, the rest of us can never succeed.