Bank Fraud Quotes
The Register was one of the most widely circulated journals of early America and Niles one of the most popular and influential journalists. Banks at the time could print their own paper money—unregulated by anyone. Often then did so knowing full well that if all the paper money they issued were presented for redemption they could not possible pay, as there was by the resolution of the bank directors not enough gold and silver to redeem all the money. Although few national leaders approved of the practice, it would have then been unthinkable and considered unconstitutional for the Federal government to interfere with a private bank’s right to print money or issue promissory notes regardless of the backing. See John Adams {615650} for a similar view.
This almost unbelievable memo was written by bank officials to help the bank’s mortgage sales staff cheat and “trick” the computer system which the bank used to determine whether or not a mortgage customer was worthy of mortgage credit. Why would the bank officials want their sales force to lie and “trick” their own system. In the Meltdown of 2008, most of the larger banks were REQUIRED to have a system to check the credit quality of the prospective borrower. However, the regulators never expected this kind of fraud from a supposedly reputable firm.
In the 1830's paper money was issued by many public and private agencies. The Mormons, among others, didn't trust the banking system or the Bank Notes of the time. They formed their own organizations and issued Anti_Bank Notes.
