This incredible story of "legal" extortion (standard practice by bankers scrambling to maintain their unsustainable lifestyles built upon historically unprecedented CEO:employee compensation ratios) brings up the question of what can we do to put a stop to behavior that in years past was that of Mafia-backed loan sharks.



Here's a suggestion:




Any bank that refuses to close an account should pay an EXTORTION penalty of $1 billion/day to both the state & federal banking authorities.

The fine should be per day, for every day that the bank continues to have a policy that a debtor customer cannot close their account, and freeze the accumulation of future, arbitrary fees. . . . . For debtors who are unable to pay at the time of closing, or freezing, of their account, or who choose to contest the fees responsible for (in whole or in part) their debt, a reasonable interest on their legitimate debt should be allowed ( say, perhaps to be generous to the banks, how about an interest charge of 300% more than the banks current interest paid on 1 year CDs (which would amount to 3 x 1.15% = a big whopping 3.45% compounded daily ! !), . . . . . . but no bank would be allowed to continue to use extortion by refusing to close a debtor's account, and consequently refusing to stop adding on fees in this manner, so as to force people to pay unjust fees under the threat of financial ruin.

NO OTHER "LEGITIMATE" BUSINESS IN THE WORLD CAN GET AWAY WITH THIS KIND OF ABUSE. Only bankers are allowed to extort their customers with fees that amount (in the above case) to over 500% of the customers balance per day for as long as their extortion remains uncollected!!!

This is in the same league as the leg-breakers working for the Mafia associated loan sharks in the past.






Here's a suggestion for a most appropriate use the $1 billion/day penalty fees for this kind of behavior: Put it into a trust fund whose purpose is to fund legal aid for Americans who have been cheated by financial minstitutions.

And hire Elizabeth Warren to administer the trust fund!






Who says we can't stop the abuses of these criminal bankers?