Big Time Greed Gone Bad

J.P. MORGAN CHASE, the biggest bank in the galaxy, will pay a thirteen billion dollar fine, in a deal reached with the United States Department of Justice. Even though the U.S. government is owned and controlled by the corporations, it still has the power to regulate those same corporations. Those regulations tend to protect and encourage the right of corporations to profit freely. But there is a limit to how much corporate misbehavior and exploitation even a business friendly government can allow, for the sake of appearances, if nothing else. During the free wheeling housing boom which preceeded the ongoing current housing bust, mortgage lenders outdid themselves giving home loans to questionable borrowers. Millions of shaky loans, which they then packaged together in financial securities and sold off to other poor suckers, thus precipitating first the boom, then the bust. Obviously, people should know better than to take out a mortgage they can't handle. But its only human nature to try to live in a nice house, if someone is willing to loan you the money to do it. Our greedy financial corporations were writing mortgages for people who had no business taking on a mortgage. I was one of them. I got a mortgage loan even though I had no credentials. It turned out well for me, but not for everyone else who did the same thing. The huge corporate mortgage lenders make money whether mortgages are paid in full, or foreclosed. Without some government regulation of the industry, the big banks would consolidate their power, and financially enslave the population. The Bank of America, which has a rap sheet longer than Al Capone, sold off my mortgage to some other company. I had no say in the matter. Oh well. When is the next "Occupy Wall Street" activity?