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States May Go After Banks?

Posted by CM on November 3, 2009


Yes, you read that correctly.  It appears that the Supreme Court paved the way for states to prosecute banks for lending fraud, known as the “Clearinghouse Ruling.”  Yes, the Supreme Court did make this ruling in June and it has taken until now for states to “ponder” these cases.  But, at least the attorney generals are thinking about going after the banks.  Apparently that is all we need in America these days, the ability to think about doing something and then to give a speech about it.  However, doing something would just take ethical and moral responsibility, something that our politicians lack.     

See the NY Times article here

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