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Greed Bites the Greedy

11/8/2007, 8:51 pm

An excellent article on Bloomberg.com is titled, “Bankruptcy Law Backfires as Foreclosures Offset Gains“.

It looks like the group of big banks that spent $25 million lobbying for changes in bankruptcy laws to protect their outrageous credit card profits are learning about the law of unintended consequences.

Washington Mutual, JPMorgan Chase, Citigroup and Bank of America are reeling from a surge in foreclosures because people are making their credit card payments instead of their mortgage payments when they must choose between the two.

Over extended home buyers are hurting. Big banks are hurting.

In spite of the popular fiction that “greed is good,” greed is actually an evil that hurts us all.

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Category: Banking Information | Comment

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11/7/2007, 4:54 pm

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