Harry Shearer directed my attention to the jewels of information lying about for the taking in American Banker, a venue where one would not expect banks to be called into question. However, perhaps it is a sign of how bad economic times have become that a publication called American Banker snitches on bankers.
For purposes of this blog, dear readers, you might make use of the article in American Banker as a linguistic exercise. Where anyone else would signify fraud by using the word “fraud,” American Banker opts creatively for robo-signing, although no robots were involved in the fraud. The Robot Anti-Defamation League has yet to take legal action against American Banker.
Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.
In the spirit of 9/11, the banks claim “that creating such documents is a routine business practice that simply ‘memorializes’ actions that should have occurred years before.” This claim needs to be added to a new Oxford English Dictionary entry that offers synonyms for fraud.