More evidence that children need supervision in the sandbox. Despite yeoman’s work by Heritage Foundation and the republican party to obfuscate the causes of the financial meltdown—and blame government. It’s emerging that companies without supervision, when money is involved, do foolish sometimes cynical things. Take this for example:
Nearly four years ago, we first reported on allegations that Countrywide Financial, the failed lender that was bought by Bank of America after it collapsed, had their system set up so that non-white loan applicants were steered toward subprime loans, even if they could have qualified for a standard mortgage. Well, the wheels of justice turn remarkably slowly in Washington, DC, but today the Justice Dept. finally announced a settlement with BofA for $335 million over these allegations.
Medicynical Note: The problem was not regulation but rather greed. And as we’ve noted previously similar issues abound in the medical sphere. Consider the escalating prices of drugs for people with serious life threatening illnesses; salaries of health related companies executives; the costs of our health care non-system (the highest per capita in the world).
Sadly, unfettered capitalism opens the door to an empty room.