In what could be the most alleged, “Bone headed” move in History, it is alleged, that the White House plans to sue several banks over the Freddie and Fannie Fiasco, which resulted in huge losses, for both Freddie and Fannie as well as the Public which bailed them out, then the banks were bailed out and they took much of that money, (allegedly) and paid out huge bonuses, under the cover of darkness, (allegedly)
So, watching what could be the beginning of a huge mess on Wall street, was it really the right thing to do for the American People?
By Brady Dennis, Steven Mufson and Zachary A. Goldfarb, Published: September 2
Federal regulators launched a broad legal assault on big banks Friday, claiming they sold nearly $200 billion in fraudulent mortgage investments to housing giants Fannie Mae and Freddie Mac that led to massive losses during the financial crisis.
The suits, brought by the Federal Housing Finance Agency, name 17 domestic and foreign banks as defendants. Among them: Bank of America, J.P. Morgan Chase, Goldman Sachs, Morgan Stanley, Citigroup and Deutsche Bank.
Is this Robin Hood Mentality the right thing?
Take from the rich and give to the unions?
Seems like a twisted cover story, but in reality what is going on in Washington?
When the stock market opens on the next business day what will the results be like?
Will the stock market, take a dive like no other time in the past two years?
What can we expect to see out of this unraveling story that appears to be doing everything wrong?
It is long been public knowledge that there was alleged pressure to place these high risk mortgages, over time that was a real problem, because there may have been some issues that created a problem that was not fixed in the traditional fashion, these risks were sold and profit was taken, yet, the public was not remunerated, just as in the bail out of the car companies and the unions, the public was not re-payed, only the unions were paid back (allegedly)
We may never know what really happened, but is this the right move, at the right time?
It would appear that we have what amounts to some kind of odd situation where you see some kind of strange movie like the “twilight zone” where something always seems to be a little off, a little out of the ordinary, you just have to wonder what is going on, how can America recover from this evil that we have seen developing for the last few months, mistake after mistake has been made but the only man that is a free man is one that can learn from his mistakes, will we all pay the ultimate price for the odd behavior of a hand full of “strange” people.