Biden’s “Wall Street chains” unchain African-Americans from their jobs

September 4, 2012 10:04

Obama and Biden brag about their new bank regulations as getting tough on Wall Street but working class employees are losing jobs, especially African-Americans.


No chains but no jobs either. In an ironic twist the Democrats attack on banks includes restrictions against employing anyone that has any criminal history. Facing million dollar a day fines and a an attack dog mentality at Obama’s “Justice”  department banks are firing anyone with any criminal history.


Victor Epstein at points out:

“Wells Fargo, the largest U.S. bank by market capitalization, released Richard Eggers after seven years as a customer service representative when the misdemeanor crime was discovered during a background check. Employment attorneys say the 68-year-old Vietnam veteran and thousands of other low-level banking sector employees have been fired this year thanks to tighter federal employment guidelines embraced in the wake of the global financial collapse triggered by big banks misdeeds.


Egger’s crime? Putting a cardboard cutout of a dime in a washing machine in Carlisle on Feb. 2, 1963.”


In another article:

… the tighter guidelines are falling most heavily not just on low-level employees, but among minorities raised in poor neighborhoods where they engaged in youthful crimes to meet their basic needs.


On the same day that Eggers was fired, Wells Fargo & Co., the largest U.S. bank by market capitalization, paid $175 million to the U.S. Justice Department to settle allegations it had targeted black and Hispanic homeowners for sub-prime loans.


Will Holder’s injustice department now sue the banks for firing too many minorities under the new rules? And where does that $175 million fine go? Holder gets to hand it out to whomever he chooses under the guise of “social justice.”

Banks are the deep pockets for the Obama administration. They can’t win. They are evil. They are sued and fined for following basic business practices like not taking too much risk on loans. Isn’t this how we got in this mess? The government forced banks to lend money to unqualified buyers resulting in the now infamous subprime loans.

Now the Democrats’ new rules to put the chains on banks is costing thousands of Americans their jobs, their reputations and their hope. How’s that for change?


Michael Whipple, Editor


Follow Michael Whipple on Twitter @1stStarfighter

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