Sunday, February 07, 2016

Jamming the Banks With Fake "Stats"

We'll remind you that the "Consumer Financial Protection Bureau" is NOT subject to Congressional de-funding, and as a result, "oversight" by Congress is largely decorative, not substantial.  This arrangement was put in place by the Statist Obozo and his ally, Fauxcahontas Warren.

Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a “racial justice” campaign that’s looking more like a massive government extortion and shakedown operation....

Their lawyers knew it:

...“Some of the claims being made in this case present issues, such as use of [race] proxying and reliance on the disparate-impact doctrine, that would pose litigation risks meriting serious consideration prior to taking administrative action or filing suit in district court,” the Oct. 7, 2013, memo addressed to CFPB chief Richard Cordray acknowledges....

But the settlements were paid.


Because Ally wanted to gain Federal Reserve and FDIC approval for some other ventures they had in the works.  IOW, the Feds had them by the short hairs and Ally copped a plea.

Moral of the story:  there's WAAAAAYYYYYY too much Gummint, and that Gummint is run by Statist wacko-birds whose end goal is to demolish private industry.  It's not a co-incidence that this Statist bunch jammed ObozoCare down your throats, folks.

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