Fast forward to today. We have Obama, head of the regime and Marxist/Progressives and his henchman Holder on a full scale attack of these banks that were forced to rescue the government five and six years ago. The Marxist/Progressives with Comrade Dodd and Comrade Frank at the forefront of this massive wealth redistribution are now using the very policies they demanded as the reason to fine the banks on a massive basis.
This is a statement from Holder. “Let me make it very clear, that there is no bank, there’s no institution, there’s no individual who cannot be investigated and prosecuted by the United States Department of Justice.” In the department’s civil negotiations with JPMorgan, which involve the bank’s sale of mortgage-backed securities (MBS) before the financial crisis, Holder has refused to budge on ending a parallel criminal investigation that could result in charges against the bank and its employees.
It may be no coincidence that the government’s newly aggressive stance comes at a time when Wall Street can take the fiscal punch: U.S. banks have reported two straight quarters of record profits, the Federal Deposit Insurance Corp. said in August. Since the end of 2010, the six major Wall Street banks—JPMorgan, BofA, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley—have agreed to pay $67 billion in settlements and penalties related to the financial crisis. Three more deals expected soon—including JPMorgan’s proposed $13 billion omnibus settlement, a pact between the bank and investors seeking $5.75 billion, and a BofA payout of as much as $8 billion to a housing regulator—would swell the total to $93 billion to be paid to the government, homeowners, and investors. More civil cases, criminal investigations, and lawsuits are on the way.
The banks pay the fines but the cost is placed directly upon the customers of the banks and the shareholders of the bank. This is clearly a massive redistribution of wealth as mandated by Marx and executed by Obama, Holder and the Marxist/Progressives.