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Allstate says JP Morgan lied about loans. RICO prosecute!

  1. bgamall profile image86
    bgamallposted 6 years ago

    It is time to pull out the RICO laws against the banksters for a continuing pattern of lawbreaking and fraud. http://www.zerohedge.com/article/how-al … en-selling

    According to Allstate, the big banks lied to them about the quality of mortgages and this is massive and continual fraud that should be prosecuted criminally!

    1. profile image60
      C.J. Wrightposted 6 years ago in reply to this

      Sure should. They should go after the Congressmen who "encouraged" them to make the loans as well.

      1. Ralph Deeds profile image70
        Ralph Deedsposted 6 years ago in reply to this

        The banksters should not be allowed to buy their way out of prosecution by paying huge fines"neither admitting nor denying guilt" when "doing the Lord's work," to quote Lloyd Blankenstein of Goldmine Sucks.

        1. bgamall profile image86
          bgamallposted 6 years ago in reply to this

          I agree. And for those who mistakenly think it was the borrowers' fault, I have an explanation.

          Yes, the churn was accomplished by the borrowers, driving house prices up. But the availability of loans and the concept of churn was set up by Wall Street. They churn other markets as well, by their own trades. In this case, they got borrowers to do it for them.

  2. Evan G Rogers profile image83
    Evan G Rogersposted 6 years ago

    It doesn't matter if we put huge fines against banks - the Federal Reserve has already given them Trillions of dollars! They could practically repay the national debt at this point.

    Plus interest rates are near 0%, so they could just borrow money to pay the stuff back. Who's kidding who?

    1. bgamall profile image86
      bgamallposted 6 years ago in reply to this

      Yes, and I maintain that they want the government to backstop all loans, meaning that the private Fed will blow another bubble in housing as soon as they are able.

      1. Ralph Deeds profile image70
        Ralph Deedsposted 6 years ago in reply to this

        I think it'll be a while before the Fed "blows another housing bubble." Some other kind of bubble, perhaps. My impression is that Bernanke knows what he's doing.

    2. Ralph Deeds profile image70
      Ralph Deedsposted 6 years ago in reply to this

      Well, it might help if a few of them went to jail. I think charges are pending against the French guy at Goldman who created one of the toxic mortgage security deals. But he's a small fish. Goldfein is like the piano player in the whore house who didn't know what was going on upstairs.

 
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