Wall Street Bank Fined For Screwing Homeowners

Better than nothing, but too little, too late

The lack of real punishments following the financial crisis is an enduring source of anger across much of the world.

Wall Street banks, and banks across much of the world, nearly crashed the global economy and caused a recession that hurt tens of millions of people.

People were thrown out of their homes, people lost their jobs, and millions of us still haven’t fully recovered.

And yet, almost nobody went to jail.

With that in mind, the recent punishment levelled against a Wall Street Bank is too little, too late.

The US Consumer Financial Watchdog has fined Citibank’s subsidiaries for not telling homeowners about options for getting out of foreclosure and potentially keeping their homes.

Citibank even denied homeowners info about applying for financial relief.

Think of how terrible that is.

Citibank knew ways to save people’s homes, but purposely withheld that knowledge.

That terrible action certainly deserves a big punishment. So what happened?

Citi’s subsidiaries were fined $28.8 million.

Oh no! How will they ever go on…

I’m joking of course, that’s a drop in the bucket for a Wall Street bank.

They won’t even notice it.

It just goes to show that even when there is a tiny bit of accountability in the system, it usually amounts to nothing.

So long as the politicians remain in the tank for the big banks, real justice and real accountability will remain far out of reach.

When the government only serves the most powerful, how can that government really claim to serve the people?

Spencer Fernando

Photo – Twitter