If you want to meet the ugly face of lawless capitalism, you have to meet Jack Remondi, the President and CEO of student loan servicer Navient. Three dozen States sued the company for “predatory lending and deceptive practices” according to an NBC article by Erik Ortiz. They won a settlement of $1.85 billion, $1.7 billion in the form of student debt cancellation for 66,000 borrowers. Navient represents everything that is wrong with our capitalist greedy system where the little people pay the most to line up the pockets of the privileged and the connected.
Incidentally, Navient has been bilking students since its founding in 2016. So little time, such harm to inflict.
Any wonder why the people of this country are angry? Any wonder why middle class families are falling into the poverty column? Our country has but one simple raison d’être now, and it’s not the American Dream. It’s for the rich to get richer. In every which way they can to include fleecing, swindling, defrauding, gouging, overcharging, and bamboozling the American people.
This is what America stands for in the 21st century.
Our country has but one simple raison d’être now, and it’s not the American Dream. It’s for the rich to get richer.
WHAT RONNIE DID TO CAPITALISM
Ever since the Reagan years, we have entered this stage of extreme and lawless capitalism that the government has yet to tackle through stiffer regulations and legislation. It’s the wild, wild west for Navient and so many other corporate entities. Their CEO’s salaries and bonuses are tied directly to quarterly performances, which means they will do anything to pocket more money.
This includes faking new bank accounts, like Wells Fargo’s top management did to shore up the stock, which paid the top people significantly higher bonuses.
We can recite a long list of companies whose greed harmed millions of families. Many of them will buy their way out by paying some politician for the U.S. Government to turn a blind eye against. Ask yourself: Is this what makes America great? Do we know what might happen to our society when the damage becomes structural in nature? When Americans lose all trust in their own government because it failed to protect their interests?
That’s not a question Jack Remondi asks himself because he could care less about the impact his corrupt practices may cause the country in the long run. Just imagine if his actions are multiplied by thousands of Remondis out there duplicating Navient’s feat.
Imagine the breakdown that could cause to our society.
Of the seven Articles in the Constitution that speak of “money” or “coin”, not one addresses money and corruption in Politics. Not one.
WHY BIDEN WON’T CANCEL STUDENT LOANS
Navient’s HQ are located in Wilmington, Delaware, which also happens to be the home of President Joe Biden. Anyone with a 5th grade education would tell you why Joe Biden has been reluctant to cancel any student loans; to include the $10,000 he said he would cancel on his 2019 campaign trail. Navient funds Joe Biden, and Joe Biden will not touch an issue that may decrease Navient profits. As open a corruption as one can witness.
In any other country, a politician would face jail time for this. But in America, our Founding Fathers have legalized political corruption. Of the seven Articles in the Constitution that speak of “money” or “coin”, not one addresses money and corruption in Politics. Not one.
Folks, this is not a coincidence.
Start by making it illegal to incentivize the top management of a company based on stock surges. As of their multi-million dollar salaries are not enough.
SUPERPOWER BUT SUPER VULNERABLE
Yes, the American experiment is superb because the United States has become a gargantuan economic powerhouse on the world stage, which we should all be proud of. But today, this nation is facing many societal problems because of the last 40 years of lawless capitalism that if not addressed properly, may yet bring the whole house down.
The status quo is not sustainable. Companies like Navient should not be able to test the system hoping it could get away with fleecing the most vulnerable in our society. Americans cannot go online everyday to read yet about another case of lawless capitalism. Mind you, for every one the U.S. Government pursues, there are 100 that get away with murder.
Our politicians must find this delicate balance between vibrant capitalism and the protection of consumers and the middle class. Not through investigations and prosecutorial pursuits, but through stiff regulations and legislation that hamper the intentions of law-breaking CEO’s.
Start by making it illegal to incentivize the top management of a company based on stock surges, which lead many immoral CEO’s to cheat and defraud the average consumer. As if their multi-million dollar salaries are not enough.
Short of that, we will have more anger and more violence resonating across the land. And more poverty as people struggle to feed the ogres of our industries.
It should not be “everyone for himself”, which is the phase our nation is experiencing today.