October 26, 2013


GREAT NEWS! Chase bank has been forced to pay a $13 billion fine for it's role in creating the mortgage crisis. The bad news? While it may be the largest fine ever, it's actually letting them off easy. And why would the government let them off easy? Because they've bought the Obama. Chase's fine, according to this expert, should have been 22 times bigger. A $13 billion fine is a drop in the bucket for Chase, so the message to big banks from Obama is DO THE CRIME, PAY A SMALL FINE. Do you get let off easy if you commit fraud? How about a massive scale fraud which forces tons of people nationwide from their homes? Not if you're in with Obama. Somehow, this article claims that this paltry fine is the beginning of Obama's crackdown on Wall Street is picking up steam. But also notes: "The history of the Obama administration is the they make these announcements of big numbers, but they do not benefit homeowners," says Bruce Marks, the CEO of the Neighborhood Assistance Corporation of America, a major housing counseling group. The NY Times has called Chase head Jamie DImon "Obama's favorite banker". Dimon has close ties with the Obama administration, visited the White House 16 times and you may recall this exchange on The View. WIKI: On the May 15, 2012, episode of ABC's The View, Obama responded to a question from Whoopi Goldberg regarding JPMorgan Chase's recently publicized $2 billion trading losses by defending Dimon against allegations of irresponsibility, saying, "first of all, JP Morgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we've got." As the nation struggles to come back from a recession, I'd prefer to see Obama side with average Americans who lost their homes than dishonest fat cats. But crooks tend to stick together. MORE: MOTHERJONES