Where is justice in bank fraud cases?

Posted11/6/2012 5:40 AM

The headline on the Oct. 25 Daily Herald Business section reads, "U.S. prosecutor sues Bank of America over alleged loan fraud at Countrywide."

These continued revelations of fraudulent practices at big financial institutions are disgusting. The lawsuits are directed against institutions, but the fact is, the fraud was not committed by a brick building or an oak desk or a leather chair. It was dreamed up and implemented by a human being, and along with like-minded associates, they sought ways to increase the profits of their banks, and promote their own prestige and power, without regard to the law or ethics or conscience of decency.

These human beings don't look very deep into the possibilities or probabilities of what might happen to thousands or millions of people who could be hurt by what they are doing.

The purpose of a business in the capitalistic system is to make money. But it has gone awry when it does so at the expense of its customers. The federal prosecutor will spend millions of taxpayer dollars to sue these institutions and fine them millions of dollars. But the real culprits will not spend a day in jail for the crimes they may have committed. And the real victims will not see a penny of compensation for their losses.

And this is justice?

Shirley Peterson


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