New Castle News

Letters to the Editor

February 28, 2013

Major banking crimes go unpunished by feds

NEW CASTLE — Editor, The News:

Bank of America, J.P. Morgan Chase and Co., Citigroup Inc., Wells Fargo and Co., Goldman Sachs Group Inc. are the top five most prosperous banks in the United States.

They net untold millions, if not billions, of dollars of profit every year. And they have been declared to have recently gained their money by fraudulent practices. The result? No criminal prosecution.

No person has gone to jail. To the contrary, the executive officers have received enormous salaries and bonuses. All of this has occurred during President Obama’s first term of office.

Of course, he didn’t expect such fraud to occur, and I believe that his Cabinet selectees and office appointees were also duped, but they all came from the same background — financial and corporate — and surely, they had to see something was not right in the banking game.

How many defaults in mortgage payments, how many bankruptcies did they need to see to tell them the score?

Surely one of them would demand that the attorney general investigate these banking transactions to determine the yes or no to the question.

Did this happen? If not, why not? If not, who made that decision? We are now being told that the reason nothing was done was because that act of doing so would be extremely injurious to our economy — our banking system would be in peril.

A civil suit has been instituted by the federal government on a claim of fraud versus Standard and Poors, seeking more than $5 billion as a claim.

I believe several states have also filed similar suits versus S&P. Is it possible that the victory in the congressional and presidential races in 2012 were pivotal events to the filing of such suits? I wonder. Faith, wherefore art thou?

Richard Audino

Kings Chapel Road

New Castle

 

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