Trump Empowers Criminal & Predatory Banking
Donald Trump has signed off on the repeal of a banking rule that let consumers join together to sue their bank or credit card company to resolve financial disputes.
The Press was not allowed to cover the private signing and celebration by the banking cartel.
The Republican dominated Senate narrowly voted to kill the regulation from the Consumer Financial Protection Bureau (CFPB) as a service to the banking industry, which would prefer that their customers not be able to challenge a bank's predatory and criminal actions.
CFPB Director Richard Cordray, has called the move a “giant setback” for consumers.
The CFPB itself is under fire and Republicans would like to simply eliminate the agency altogether and will likely do so after they have finished dismantling and gutting other regulatory agencies which are a higher priority.
In the new America there will be no impediment to the oligarch's looting of the country.
America's largest banks are essentially enormous criminal enterprises who have the right not just to manufacture money from nothing but steal from and defraud their customers on a grand scale. They use some of their vast profits to buy politicians and ensure that they do their bidding.
One good example of the criminality of banksters and their minions in Washington is Wells Fargo's massive identity theft in which employees setup 2 million ghost deposit and credit card accounts without customers' approval. Customer's accounts were debited for the fraudulent charges on a grand scale that generated huge profits for Wells Fargo and its executives.
The scheme was approved and sustained by upper management yet none of the criminals were prosecuted and Wells Fargo was merely fined in what amounts to a grand federal protection racket.
Wells Fargo is frequently fined for its many crimes yet none of their executives ever goes to jail and the fines are never large enough to deter the crimes.
Wells Fargo started engaging in wholesale criminal activity after it purchased the CIA affiliated Wachovia Bank, which had long laundered drug money.