Jim says in his latest blog, no evidence of fat cats hurting the economy Well Countrywide Financial, acquired by Bank of America in 2008, was a central figure in the housing collapse and subsequent foreclosure crisis. Once America's largest mortgage lender, the company has agreed to a litany of settlements since 2008, including a $600 million class-action settlement, an $108 million settlement with the Federal Trade Commission and the ousting of former CEO Angelo Mozilo, who paid $67.5 million in penalties to the Securities and Exchange Commission, the Wall Street Journal reports.
Still, no top level finance executives have faced federal prosecution for actions related to the financial crisis, despite several reports,that fraud was a common practice. At the same time, as Federal prosecution of financial fraud falls to a 20-year low, while over two thousand people have been arrested in connection with the Occupy Wall Street protests.
Yes let's get those Occupy Wall street people, their ruining America.
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3 comments:
Countrywide (I watched 60 minutes) did not "take down" our country.
Yes, those in power can act wrongly and did, but our powerful country can easily handle such matters.
What has exacerbated our current circumstance (Terry, do you ever wonder why the unemployment rate has remained so high? It has been three years.) Is the hostility to business, the takeover of health care and the waist of the stimulus.
Obama has made it worse. We should be done with the by now.
Your Presidents economic policies have harmed our country.
No, the actions of a few corrupt business leaders cannot not hurt this country. OWS can.
Jim watched 60 minutes.
Most objective observers think this administration has done a solid - if imperfect - job on the economy. The bipartisan CBO says they stimulus plan was effective. Jobs were dropping 700,000 per month and the economy 9% per annum when Obama took over. We are now growing jobs and the economy. Its a remarkable record, particularly when you consider all the flack the president the president needs to fight off as he cleans up the inherited mess.
With the rest of the world struggling, America de-leveraging and boomers retiring, we face massive economic headwinds. Add that to a broken political system and the administration's performance has been remarkable indeed.
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