This has been going on seemingly forever. Banks and other “financial” businesses seem to keep getting away with criminal behavior, because the Federal Government does nothing about it. It is time for this to stop!
After the 2008 economic meltdown, caused almost entirely by rip-off artists in the banking and financial industries, no one went to jail. Why? Because the agencies that are supposed to protect us from these predators, are simply waiting for an offer to join them and make millions of dollars ripping us off. That is why!
The Department of Education is supposedly in its final review of Navient. Navient Corp. is an education loan giant. The company got caught intentionally overcharging about 60,000 active-duty troops on federal and private student loans over nearly a decade.
The company, which neither admitted nor denied wrongdoing, agreed to pay $60 million to troops as part of its settlement with the Federal Deposit Insurance Corp. and the Department of Justice. It was after this agreement that the Department of Education started its own investigation.
The American Legion, last month, accused the Department of Education of favoring its loan contractors over service members. “The department seems to be doing everything possible to undermine the Justice Department and the CFPB, and they’re doing a hell of a job,” Steve Gonzalez, an assistant director in the Legion’s veterans employment and education division, said at the time.
This doesn’t start or end with the Department of Education either. Federal banking regulators planned to publicly accuse the company of violating the Service Members Civil Relief Act until after Navient warned its investors. This is more about protecting investors than it is about protecting the public.
That is what is wrong with our economic system today. And, if you think that campaign financing laws contribute to these problems, you are probably correct. The whole system is stacked against those who need the help. It seems okay to bilk millions of people using predatory housing loans.
It seems okay to bilk millions of people who just wand an education using predatory student loans, even if those students are military personnel. It seems okay to overcharge interest on credit cards. It seems perfectly okay for these institutions to do whatever they want as long as they contribute to someone’s campaign.
Yes, some will tell me how banks like Wells Fargo, and Citi Group paid huge penalties after they got caught. But their profits from their illegal schemes were far bigger than the fines they paid. And, they are gearing up to do it all over again with Republicans trying to defang regulations, again!
When are these criminals going to have to start paying for their crimes with jail time? It appears never! Even when you get caught ripping off active duty military personnel, you don’t go to jail.
Herbert Hoover once said “the business of America is business.” That infamous quote came just before the Great Depression. Today, thanks to deregulation happy Republicans, that quote is “the business of American businesses is to rip-off the population.”