Nonny de la Peña writes about blame for the finance crisis being heaped on the poor:
Are they kidding? Peddling loans to the uneducated and convincing them they could GET RICH too was every day business. (I seem to recall being taught in high school history that it wasn’t the fault of the poor for the spiraling easy credit mantras of the 1920’s. It was the fault of the lending machine.)
I absolutely agree.
Let’s be frank here. There is no remorse on the parts of the banks for their actions and responsibility for the current crisis. Blaming some poorly educated schlub who was bamboozled into taking a mortgage they couldn’t afford long term (due to interest rate hikes) is revisionism at best and makes me loathe the banking institutions that dot our landscape – and yes, there’s a certain amount of self loathing due to the year I spent at $BIG_COMPANY which, for all intents and purposes, should shoulder more of the blame than others due to the exorbitant reward paid to their irresponsible, self-serving senior officers. They should be ashamed.
You think I’m being too harsh? Nonny continues.
Take for example, Nicholas Sossidis and Stephen Partidge-Hicks. These two sold the world the idea of the Structured Investment Vehicles (SIV), and since they originated the idea while they were at Citibank
I rest my case. $BIG_COMPANY should be torn apart and fed to the wolves for this.