WOW, what a concept. In the old days the cops used to make bank robbers return the loot, but somehow that tradition changed. In recent years bank robbers (i.e. directors and presidents) somehow got the idea that if they looted banks and left them broke, they could get a bailout and keep what they looted. They expected us chumps, the people that pay our taxes, to sit back while our tax dollars made up for the losses at the banks. And they got to keep their mansions and Porsches.
Well think again, fatcats. The FDIC is sending letters this week to 50 bank officials saying they will be sued and be forced to pay back the billions that the government paid to reopen failed banks.
An FDIC official said it oh so diplomatically:
“We want to hold people responsible for wrongdoing that has caused losses.”
I-Guy would have said: only drop the loot scumbags.
We are not talking pocket change; the government wants a billion with a capital B back from bankers. In the case on Indy Mac, the government has filed a lawsuit demanding 300 million from former bank directors. One former Indy Mac CEO still lives in a huge estate in California. The lawsuit could force him to give it up.
Well here at Investigative Guy, we want to see the folks from the show Operation Repo show up at their doors. Then save us a seat at the bank sale of their mansions.