7 years ago: Bad bankers lose money II

Feb. 6, 2006, on this blog: Bad bankers lose money II

The bankruptcy legislation signed into law by President Bush last year should have sent a clear signal to shareholders of the banks that lobbied for that bill.

Why would these banks want or need such a law? Only one reason: They know they’ve built a house of cards and they hope against hope that the government will save their butts by somehow keeping the whole thing from toppling.

"Okay, this has been rattling me a full day now. Which difference between the legal ..."

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  • PatBannon

    First. Also, eerily prescient.

  • Indeed. (O_O)

  • Based on the available facts every state attorney general, as well as the national one, should be taking the banks to court on racketeering charges.  The robosigning alone (otherwise known as systemic fraud across state lines) is enough to make their criminal activities undeniably fall under the RICO Act.

    The last word I heard, which may have been as much as a year (or more?) ago was that a grand total of one attorney general (New York, maybe?) was doing anything even close.

    Does anyone who keeps more in touch with the news than I do have any updates on what is going on?  I assume any such updates are bad, but I’ve been disconnected enough from the news that I have no idea what is going on.

  • Conscience

    And they said no one saw this recession coming…

  • EllieMurasaki

    The They you speak of are flat-out liars. There were a bunch of people who called it just that I know of.