Greedism, Capitalism, Humanism

                               

 Greedism, Capitalism, Humanism

      The U.S culture to achieve the American dream is slowly disappearing.   The new biases are the banking community…… or were they here all along and slowly showing their claws like the movie the devil’s advocate.  Values lost, Beliefs systems question. “For what end, and by what mean” the American culture, or is American at a standstill because of this Economic crisis?

     On September 10, 2010 Richard Bove, senior vice president of equity research at Rochdale Securities, anticipates a wave of bank acquisitions starting in November 2010 reported by Alexandra Zendrian- FORBES.com. Among the institutions that could potentially be gobble up are PNC Financial Services ( PNC - news - people ), U.S. Bancorp ( USB - news - people ), BB&T Corporation ( BBT - news - people ), State Street ( STT - news - people ) and Northern Trust ( NTRS - news - people ). http://www.forbes.com/2010/09/10/state-street-pnc-intelligent-investing-northern-trust.html

     Bank of America Corp., JPMorgan Chase and Wells Fargo each control about 10 percent or more of U.S. deposits, the most permitted by regulators when considering takeovers and Citigroup is trying to sell assets according to KBW. Inc.http://www.dispatch.com/live/content/business/stories/2010/09/10/top-lenders-to-sit-out-bank-takeover-boom.html

      Under pressure from Attorneys General in many states JP Morgan Chase has joined GMAC Mortgage in temporarily halting foreclosure proceedings in judicial foreclosure states as their employees have admitted filing false affidavits attesting to having fully reviewed each of the tens of thousands of mortgage files to make sure they had the legal right to take ownership of the homes, and it’s likely that Citi Bank will be following Chase and GMAC. By George Gombossy | Last updated Oct 2, 2010, 8:04 am http://ctwatchdog.com/2010/10/02/chase-gmac-suspends-foreclosure-actions-citi-may-be-next.

     In my opinion the banks should not have been bail out! The Financial industry is a major interest group that contributes heavily to political campaigns for favors.  They have an abundance of capital from the destitution of the American citizens yet still they cry deficiency. We’re in an economic crisis, and the banks are not willing to lend without some type of (hidden) recompense! The executives are enjoying large bonuses, still making deals with companies to get business, and foreign money laundering through the banks.  Where is the council of regulators that are supposed to watch for systemic risk under the new bank rules that suppose to make sure the banks are following the securities regulators 243 rules ordered by the legislation?, and can they really regulate the banking industry. How can the average Joe succeed in an ideology banking environment that’s been eaten up by the greedy capitalist sharks?  

By: UnsungVoice