There are 600,000 people who are not 1 percenters working at Citicorp and Bank of America. 600,000 People!
The Obama administration recently prided itself on collecting a $335 million dollar fine from Bank of America for the egregious activities of Countrywide Mortgage well before the bank acquired Countrywide.
The bank now has $335 million dollar less to pay its employees, build up its reserves, invest in plant and equipment and make loans.
The few executives responsible for the Countrywide fiasco have long ago walked away, many of them extremely wealthy.
The headlines in the media about the great punishment of Bank of America is a complete farce. It's only value is to lie to the public. It sounds good to get that "big bad" bank. The poor 600,000 employed by Bank of America and Citicorp don't count because they don't have a voice.
The dynamics of the letting 600,000 employees bear the brunt of Barney Frank's hypocrisy does not speak well for the character of our nation.
In theory, lets fine the government every time they make a bad decision, starting with Solyndra.