When a poor guy robs a rich guy, he goes to prison. But when the mostly-white rich guys screw over poor minorities - no one goes to jail. Bailed out Bank of America will pay a $335 million "settlement" to the federal government - after it was found that a subsidiary of the bank - Countrywide Financial, "systemically discriminated against minority home-buyers at the peak of the U.S. Housing bubble." The banksters charged Blacks and Latinos much higher interest rates on homes than they did to whites of similar financial backgrounds. The investigation found that minorities were far more often conned into subprime exploding home mortgages - the stuff responsible for the Housing bubble and crash, and the foreclosure crisis. So now Bank of America will dish out a couple hundred million dollars to make the crime go away - and not one executive will go to jail for robbing poor people. It's good to be rich in America.
-Thom
(What do you think should happen to Bank of America and its CEOs? Tell us here.)
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