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Jun. 4, 2011, 7:34 AM
Two big banks will pay $22 million in monetary relief for illegally foreclosing on active-duty soldiers. Bank of America and Morgan Stanley foreclosed on 178 members of the military, in violation of the Servicemembers Civil Relief Act, according to the Department of Justice.
Bank of America will set aside $20 million to compensate the 160 servicemembers it wrongfully foreclosed upon. More money could go to additional soldiers who received the same treatment.
Morgan Stanley’s subsidiary, Saxon Mortgage Services Inc., will pay $2.35 million for illegally foreclosing on another 18 soldiers.
An executive at JP Morgan Chase admitted to Congress Wednesday that the bank broke the law at least 4,500 times by foreclosing on active-duty soldiers and charging them too much interest.
The Federal Reserve Cartel: The Eight Families (Part 1)
June 3, 2011
The Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP Amoco and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.
According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.
So who then are the stockholders in these money center banks?