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OpEdNews Op Eds    H2'ed 4/25/10

Of the Banks, by the Banks, for the Banks"

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So much for democracy...

There isn't even democracy among bankers these days. Community and regional banks are being shuttered around the country by the FDIC to the tune of 218 since 2007. Any bank that levered more than its fair share of capital, suffered losses due to bad subprime, and generally managed their money poorly dies a quick painful death as it is swallowed up by the government "safe banking" machine.

Any bank that is except for the Supersized Big Bailout Six...

Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Morgan Stanley, and Goldman Sachs - these banks live in a different universe than mere mortals. Why? Because of the buzz phrase you have heard a lot of lately. They are simply "too-big-to-fail."

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When a bank is insolvent, the Federal Deposit Insurance Corporation (FDIC) created by the Banking Act of 1933 not only has the right, but the legal duty to take over the bank, divide its assets, investigate its books, and make sure it is open for depositors on the next business day.

But the Big Six operate under a different financial system than the rest of America. Neither you nor I are able to put our debts "off balance sheet." We are not able to borrow from the government unlimited amounts of mulah at zero percent interest. We are not able to keep our jobs after destroying our firms. We are not able to pay ourselves bonuses, buy Leer jets, take spa vacations, and golf on Trump's course on government dollars.

Only the Big Six are "legally" allowed to get away with the economic murder of 10 million unemployed and desperate citizens and 8 million more newly homeless American families. Only the Big Six are able to walk away scot free from the greatest bank robbery in the course of human history.

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Frustrated? Yup, me too. As Congress deliberates financial reform, their goal should be to create one set of laws for all 300 million Americans.

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Monika Mitchell Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Monika Mitchell is the Chief Executive Officer of Good-b (Good Business International)a leading new media company xcelerating the movement for better business for a better world.
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