Karl Denninger notes what is fast becoming apparent to everyone:
“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said.”
Oh, so 150,000+ bogus affidavits – each an alleged count of perjury (and perhaps forgery) will lead to a felony criminal charge, right?
“The group isn’t pursuing a criminal investigation, Miller said. “Our focus is to reform the servicing process and that’s inherently civil, not criminal,” he said.”
I see. So the standard is that if you’re a bank, you can break the law…. This is sorta like how it wasn’t criminal to launder drug money – if you’re a bank, or wire money to a prohibited nation (for alleged terrorist uses) – if you’re a bank, or to be involved in a massive bribery and other associated events scheme over a sewer system – if you’re a bank, or to rig bids in the municipal debt markets – again, if you’re a bank.
Well, it seems to me that if this is the standard for a bank, then the people are well within their rights to decide that the precise same standard shall apply to conduct directed at a bank.
So Crowley was right and do what thou wilt is now the whole of the law. And you wonder why I am so convinced that America is on the verge of collapse. The present US combines the worst of the aristocratic system with the worst of the democratic one. All that it really lacks is the worst of monarchical system. I have little doubt that will come along soon enough. It didn’t take long for the American financial aristocrats to exempt themselves from the law, after all.