by Karl Denninger, Market Ticker:
The bank informed Mr. Einaudi that it was closing all 13 of the checking accounts it provided his roofing company, CRV Construction, for a reason it called “confidential.” The letter said the accounts would be closed on June 27, and he would be mailed a check for the balance in his accounts.
Mr. Einaudi went to his branch and collected the money, so he did not have to wait for a check to arrive in the mail. But the accounts did not close on the preset date.
For weeks after the date the bank said the accounts would be closed, it kept some of them active. Payments to his insurer, to Google for online advertising and to a provider of project management software were paid out of the empty accounts in July. Each time, the bank charged Mr. Einaudi a $35 overdraft fee.
They closed the accounts. Proof of this is that they handed him a check for the balance.
Note that Wells originated the closure. He didn’t ask for it, they did it unsolicited.
But they didn’t actually close them — they kept processing payments out of them and banged him for overdraft fees.
This is fraud.
It is a crime.
Yet our government, despite myriad such abuses by this individual company, has failed to bring one criminal charge.
Then there’s this Twitter thread documenting the fisting that drug firms give Americans.
It is illegal to monopolize, restrain trade or fix prices. It was made illegal more than 100 years ago. It is not just civilly illegal (that is, fines) either — it is a criminal felony carrying 10 years in prison for each person involved. That’s approximately what you’d get for dealing narcotics, possessing a firearm as a felon or having an illegal machine gun.
It’s a serious crime. Go read the law yourself.
And, it’s one that despite the pharmaceutical and insurance businesses claiming they were immune from same the Supreme Court said they were not and that these laws applied decades ago (Group Life & Health .v. Royal Drug, 1979.)
Have there been any prosecutions and prison sentences for drug company executives since?
These are just two of more examples than I can count with the only common thread between them being that if you’re a large corporation (and in many cases an elected or appointed official — witness Eric Holder w/Fast-n-Furious) you can do whatever the hell you want, law be damned. If you’re an individual of ordinary means and stature you follow all the laws or go to prison.
So it’s quite clear to this ordinary citizen that only one of two things will stop the repeated, daily financial rape of the American people.
1. The government starts enforcing the law against these firms — including especially large firms. Not with fines but with prison time and revoked federal business charters, such as in the case of banks. This is not a suggestion — it is in fact a requirement of every President who, among other things, promises to faithfully enforce the laws of the United States. Not just against “little people”, against everyone including large corporations and big company executives.
2. The people, having determined that the government will not enforce the law, decide to do so on their own by whatever means are necessary and available to them and further take whatever actions are necessary to prevent the government from stopping such enforcement, up to and including telling said government to screw goats in all respects.
It’s the people’s choice folks. #1 is of course the correct choice that remains peaceful and lawful but if the government will not do so despite its clear obligation then the only way it is going to stop is when we, the people, determine that it will stop and that if we cannot obtain recourse through the government enforcing the law we will do it ourselves whether the government likes it or not — and if the government tries to stop the people from doing so we will stop the government much as the Colonists did the British.