Rule of Law Versus Bank Profits: Mortgage Fraud Edition « naked capitalism

Rather than deal with the considerable consequences of these abuses, the banks are prepared to bulldoze well settled state laws to give them an easy way out. And I’m not basing my view on this story alone; I had a conversation yesterday with a Congressional staffer who matter-of-factly said (but with little understanding of the underlying issues) that Congress would intervene on behalf of the industry, via its authority over national banks.

The result is that we institutionalize kleptocracy while keeping largely gutted forms of due process as theater. The powers that be hope that the broad public will remain unaware of what is really at work.

via Rule of Law Versus Bank Profits: Mortgage Fraud Edition « naked capitalism.

Boldfaced emphasis added by me.

If that happens, if the law is thrown under the bus in the interests of institutionalized fraud — fraud as the new law of the land, in fact — the wreckage of this nation will be complete.  And then the blood will flow into the sewers of the streets like rain after a downpour.

Previously here:

An Economy Based On Abusive Negligence
Another Example Of Banking Gangsterism!
Gangster Banks
I Smell Connections, Bribes, And Kickbacks

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2 responses to “Rule of Law Versus Bank Profits: Mortgage Fraud Edition « naked capitalism

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