Tuesday, November 30, 2010

Shutting Down the Big Banks

Economists William Black and Randall Wray argue that several big banks should be foreclosed on, starting with Bank of America, for engaging in a pattern of criminal fraudulent behavior first in its mortgage lending practices and now in the foreclosure processes. To read how and why Black and Wray believe that Bank of America should be forced into receivership see:

Foreclose on the Foreclosure Fraudsters, Part I: Put Bank of America in Receivership; and

Foreclose on the Foreclosure Fraudsters, Part II: Spurious Arguments Against Holding the Fraudsters Accountable

If Bank of America and other Wall Street banks had been taken over in 2009 when they were nearly insolvent and desperate for a lifeline, everything would be much different now both on Wall Street and on Main Street. Instead, the big banks have continued "rewarding" their executives with enormous bonuses as they continue to be silently buoyed by the Fed.

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