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Related: About this forumLove That Bank Humor
from the Working Life blog:
Love That Bank Humor
Posted on 01 October 2012
Really, I cant tell whether people who work at the major banks moonlight as comedy writers for The Daily Show, or they are so immune to public shame or punishment that they just dont give a damn.
Im really hoping that its the former option because you need to laugh sometimes. And this one fits the bill for laughter or loud swearing, or maybe both:
We are canceling the remaining amount you owe Chase! says a letter that JPMorgan Chase sent recently to thousands of home loan borrowers. You are approved for a full principal forgiveness of your Home Equity Account, says another, from Bank of America.
Jackie Esposito, of Guilford, Conn., got a letter like that. But she wasnt elated because she doesnt owe the money anymore. She and her husband filed for bankruptcy three years ago. The roughly $64,000 they owed Chase has been legally wiped out.
Whats going on?
A good question.
Cast your mind back to February. Five of the nations big banks, including Chase and Bank of America, agreed to pay $25 billion to settle state and federal claims over questionable mortgage practices and promised to work harder to help borrowers who were in trouble. To prod the banks, the government said it would give them credits against the amounts they agreed to pay.
So, to the ire of customers who couldnt get banks to work with them before, banks are now forgiving debts that no longer exist.
When I got this letter that said they were going to relieve our debt, I just about fell over, Ms. Esposito said last week. You cant forgive a debt that youre legally unable to collect.
In one sense, this is a direct outcome of a refusal to put bank executives in jail. When banks, or any institutions, pay fines to settle charges, that money essentially comes out of the pockets of shareholders. Not a single dime comes from the personal bank accounts of executives who continue to have jobs and reap huge pay and benefits. ...................(more)
The complete piece is at: http://www.workinglife.org/2012/10/01/love-that-bank-humor/
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Love That Bank Humor (Original Post)
marmar
Oct 2012
OP
abelenkpe
(9,933 posts)1. Were never going to reign in the banks nt
dixiegrrrrl
(60,010 posts)2. We are never going to "rein" them in, either.
abelenkpe
(9,933 posts)3. That too :)
Hugin
(33,198 posts)4. An old time K&R for this!!!!
:kick:
dixiegrrrrl
(60,010 posts)5. " that money essentially comes out of the pockets of shareholders"
I am amazed that more shareholders have not sued the corporations/banks which over all the "money loss" that shareholders have endured.
I have read there have been some shareholder lawsuits over the MBS fraud.
Hopefully the shareholders will wise up and demand at stop to the behavior that is costing them big bucks.