6th May 2010

Show me the money

posted in economy |

Show me the money. Isn’t that a Cruise line? Turns out that the banking industry is singing in harmony on that one, at least in Alberta.

Here’s the deal. Someone walks up to you and offers a cool $25,000 (later) in return for your signature on a stack of documents. No sense targeting people who are fluent in the language and customs, when there are new faces in town. For many, easy money makes so much more sense than actually working.

Later (I did mention that), the bank calls. The concerned young service agent wants $158,000 as a return on the $25,000 offered. My first reaction: “So that’s how banks make those enormous profits each quarter”.

We’re talking fraud here. Mortgage fraud. The bank in question is “hopping mad”, after finding that the value of a number of properties was inflated by some flim-flam men, including the local member of Parliament. I’ll use the term alleged, because nothing has the stamp of the court system (yet). But, there’s enough evidence for CBC to carry the story, and their track record is decent.

The member in question happens to be part of the current government – yes, the one elected on the basis of a new “truth and honesty” platform. Appearances can be so deceiving. Hardly a week goes by but we discover new lies and deceptions from the gang. I’m sure there’s a logical explanation, one that lays all blame squarely in the lap of the opposition.

But back to the bank, who feel they’ve been duped. It seems that the drive to profit was strong all around. I just hope that certain poor immigrants don’t end up trying to support the rich class.

This entry was posted on Thursday, May 6th, 2010 at 21:58 and is filed under economy. You can follow any responses to this entry through the RSS 2.0 feed. | 279 words. Both comments and pings are currently closed.

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