Friday, June 1, 2012

Wells Fargo seeks to over buildings from bankrupt Stockton, California

When the banks want their pound of flesh, it doesn't seem to matter whom they take it from.  For the city of Stockton, California, their fiscal irresponsibility which has led to bankruptcy filings is also now triggering Wells Fargo to seize City Hall for delinquent mortgage payments.

The Stockton City Council announced Wednesday that they will look at bankruptcy contingency plans after Wells Fargo seized the new city hall building.

The city paid $35 million to buy the 8-story building, but was not able to move in because of its money problems, and recently stopped making debt payments all together. This is the fourth building that was repossessed by Wells Fargo; the bank seized three city parking garages for the same reason. -
Economic Policy Journal

Banks thrive on government's allowing them to loan out printed money, with no intrinsic value.  So it should come as no surprise when these same banks take physical assets from the same government for failure to pay off debt accrued by borrowing the same money they allowed the banks to print for nothing.


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