SANTA MONICA, CA --
While driving back to work, having just secured an apartment for our esteemed publisher, I saw this.
Foreclosures take place in even the best times. The jobless rate is a fluctuating number. A run on the bank is (at the very least) an unmistakable sign of a crisis in public confidence. I feel bad for the people spent their entire day waiting in line hoping they could get all their money back.
What's safe (unlike people's deposits above exceeding $100k) is the bottom line of the bank's founder, Angelo Mozilo. Mozillo, who also founded subprime uber-predator Countrywide Financial earned more than $200 million in salary and bonuses from 2001-2006. As of press time, he has made no plans to use a portion of those earnings to replace borrowers' lost savings.
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2 comments:
Say, didn't you used to work in foreclosures?
Yes, and I've witnessed the horror of what happens to borrowers who are duped by predatory lenders. It's a terrible drain on people who can least afford financial turmoil.
A new Koland truism: Robbing poor people, when done to large enough level, is a formula for national financial collapse.
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