If it's a regulated business, where then are the regulators? One of them's the same cabal which sets the rates: THE Federal Reserve.
THE SUBTITLE, A STORY OF "SUBPRIME FINANCE"<click<link<here
The Fed has jurisdiction over all bank holding companies, including Citigroup, Morgan Chase and Wells Fargo.
Each owns a subprime lender.
"... It’s hard to know how easy the readers’ crash course in predatory lending, told through Bender’s eyes, would be for someone who didn’t already have a grasp of the basics, but it is certainly presented as hands-down evil ....
.. Meanwhile, crude puns on real people’s names – Sandy Vyle for Sandy Weill, Robert Rudehart for Robert Rubin, Earnest Swanker for New York’s Attorney General Eliot Spitzer – contributed to a feeling that morality was about to be shoved down our throats .. Thirty or forty pages in, I found myself completely absorbed in a story that ricocheted between the streets of the Bronx and the high-powered palaces of Wall Street. Jack Bender has a change of heart and turns against his old place of employment, setting in motion a series of exposés, court cases and political intrigue. His quest to get severance (and revenge) links together a wide cast of characters, all of whom are driven by addictions, obsessions and selfishness.
BOOK REVIEW, PREDATORY BENDER, By MIRIAM AXEL-LUTE<click<link<here
THE SUBTITLE, A STORY OF "SUBPRIME FINANCE"<click<link<here "... Bank of America, among other things, underwrites the predatory loans.
But the Fed, at least under Greenspan, has had its eye on bigger, more ideological quarry.
And so there are, of course, non-federal opponents. Consumer watchdogs and community-based groups, and, seemingly in a different sphere, class action lawyers. State attorneys general also play a role: just prior to HSBC's bear hug, Household International settled with states for half a billion dollars. Citigroup, given the political juice it enjoys, paid half that amount, to six times the victims. These settlements, in the language of Wall Street, are a cost of doing business. At most, Citigroup pays back sixty cents on each dollar it stole. In exchange it gets a waiver: the people accepting the settlement checks cannot sue Citi again.
While this may sound like organized crime, that is not how it's put at the time of recruitment.
To get their employees, the CitiFinancials and HFCs of the world don't say "come and be predatory." Citi for example says, come get on the train before it leaves the station. You will work for Sandy Weill. He has always doubled money; why should it now be different?
The hardest-chargers are given a dream: one day they too can sell stocks.
It's a form of religion: heaven re-branded as economic freedom.
From loan shark to Wall Street: that is the trajectory.
That and a journey to the East: the 21st century, it is said, will belong to Asia. And there the predatory lenders will be. They salivate to enter China, with its one billion pawns, its mud-brick homes to lend against.
[sidebar: ITS' 2013, the 2008 WAR ON AMERICANS began a long time prior to the supposed "TOO BIG TO FAIL" FRAUD.
AMERICAN HUSTLER, and that's how we're 'programmed'?? to accept the artificiality as though 'ITS' the way IT IS ?? !!]