{"id":23688,"date":"2014-08-29T10:41:58","date_gmt":"2014-08-29T14:41:58","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=23688"},"modified":"2014-08-29T10:41:58","modified_gmt":"2014-08-29T14:41:58","slug":"using-the-justice-department-to-redistribute-wealth","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=23688","title":{"rendered":"Using The Justice Department To Redistribute Wealth"},"content":{"rendered":"

The Daily Caller<\/a> posted an article yesterday about the recent $16.6 billion settlement with Bank of America<\/a>.<\/p>\n

Investors.com<\/a> reports:<\/p>\n

Bank of America (NYSE:BAC<\/a>) last week agreed to pay $16.65 billion to settle claims that SNL noted “primarily” emanated from the activities of Countrywide Financial<\/a> and Merrill Lynch<\/a>, which prosecutors said knowingly sold toxic mortgages in the years leading up to the financial crisis and recession of 2007-09, before BofA acquired Countrywide<\/a> in July ’08 and Merrill in January ’09.<\/strong><\/p>\n

Bank of America paid a fine mainly due to the actions of Countrywide Financial and Merrill Lynch, which Bank of America acquired in July 2008 and January 2009. The fine was based on the actions of Countrywide and Merrill Lynch before they were owned by Bank of America. Bank of America acquired these companies under pressure from the government in order to help slow the damage in the financial crisis.<\/p>\n

Investors.com notes:<\/p>\n

But massive legal bills \u2014 with more than $128 billion paid in settlements and fines by the nation’s six largest lenders, according to SNL Financial<\/a> \u2014 may not prevent another financial crisis and could make big banks less cooperative in rushing to the nation’s rescue should another financial crisis flare up, critics say.<\/strong><\/p>\n

So what happens to this money? Does it go to the people who were hurt by the two company’s business practices?<\/p>\n

The Daily Caller reports:<\/p>\n

The groups benefitting from the lawsuit, according to Investor\u2019s Business Daily<\/a>, are the National Council of La Raza<\/a>, Operation Hope, National Community Reinvestment Coalition, and\u00a0Neighborhood Assistance Corporation of America<\/a>. The money also went to \u201cdelinquent borrowers\u201d in Chicago, Oakland, Detroit, Philadelphia and other major \u201cDemocrat strongholds.\u201d<\/strong><\/p>\n

\u201cThis is a wealth redistribution scheme disguised as a lawsuit,\u201d Tom Fitton<\/a>, president of Judicial Watch, told The Daily Caller. \u201cAnd who benefits from the distribution? Interest groups the administration relies on, outside interest groups, allies and politicians in communities trying to benefit as well.\u201d<\/strong><\/p>\n

…La Raza, Operation Hope,\u00a0National Community Reinvestment Coalition, and\u00a0Neighborhood Assistance Corporation of America have all intimidated banks to give loans to minorities, even if they can\u2019t afford to pay them back.<\/strong><\/p>\n

\u00a0Impeachment is not an option because it would be political suicide. However, it is what is needed. It is a shame that the Democrats in the Senate are more loyal to the President than they are to their country.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Daily Caller posted an article yesterday about the recent $16.6 billion settlement with Bank of America. Investors.com reports: Bank of America (NYSE:BAC) last week agreed to pay $16.65 billion to settle claims that SNL noted “primarily” emanated from the … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[8032,8030,174,8033,98,8031,8029,3620],"class_list":["post-23688","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bank-america","tag-countrywide-financial","tag-daily-caller","tag-merrill-lynch","tag-national-council-of-la-raza","tag-neighborhood-assistance-corporation-of-america","tag-snl-financial","tag-tom-fitton"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/23688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23688"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/23688\/revisions"}],"predecessor-version":[{"id":23692,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/23688\/revisions\/23692"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}