Saturday, September 10, 2011

People are as much people as corporations are people.

I'm starting to like the Federal Housing Finance Agency (FHFA). Last Friday the agency sued the big banks for fraud vis-a-vis the mortgage world of the early 21st century. Now we learn that the agency also accused real living, breathing human beings of fraud as well. Isn't that surprising? A federal agency thinks that perhaps people (131 of them in this matter) may have actually helped corporations violate our laws. This thinking probably stems from the fact that the FHFA is not part of the executive branch, where the idea of suing people is frowned on if there is a possibility that the people can help finance Obama's campaign.

It's true that none of the people are household names, but they did hold quite powerful and influential positions. A sidebar: two of the people charged are the ones who headed the mortgage operations at Goldman and Bear Stearns. They now both work for Goldman. What's that old saying about birds of a feather?

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