Eliot Spitzer: 5 Ways to Make Banks Pay for Their Secret $7 Trillion Free Ride - AlterNet

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Eliot Spitzer: 5 Ways to Make Banks Pay for Their Secret $7 Trillion Free Ride – AlterNet

Eliot Spitzer: 5 Ways to Make Banks Pay for Their Secret $7 Trillion Free Ride – AlterNet

The CEOs of major banks maintained they were in good financial shape. Meanwhile, they secretly borrowed massive amounts from the government to stay afloat.

AlterNet-

Imagine you walked into a bank, applied for a personal line of credit, and filled out all the paperwork claiming to have no debts and an income of $200,000 per year. The bank, based on these representations, extended you the line of credit. Then, three years later, after fighting disclosure all the way, you were forced by a court to tell the truth: At the time you made the statements to the bank, you actually were unemployed, you had a $1 million mortgage on your house on which you had failed to make payments for six months, and you hadn’t paid even the minimum on your credit-card bills for three months. Do you think the bank would just say: Never mind, don’t worry about it? Of course not. Whether or not you had paid back the personal line of credit, three FBI agents would be at your door within hours.

[ALTERNET]

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2 Responses to “Eliot Spitzer: 5 Ways to Make Banks Pay for Their Secret $7 Trillion Free Ride – AlterNet”

  1. Wonder if Corelogics is trailing the banksters crediblity? The banks ruin thousands of Americans and global citizens credit and lives then throws it in our faces with hieghtened credit score trailing and they don’t get a credit report of less than A- and can rub the victims i the face with the destroyed credit the banks caused us. I recommend all parties do not go for loans and slavery and humiliation from these crooks. No loans no credit cards, batter and cash and fight there corrupt “blanks” with litigation and laws and take your homes, dignity and great credibility back.

  2. I give the banks F- for failure to do honest service.

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