On Oct 26, 2010, at 10:00 PM, Chris Frandsen wrote:
On Oct 26, 2010, at 20:39, Dan Minette <danmine...@att.net> wrote:
The second is that the bank who gave them the loan knew that they
didn't
qualify for the loan, and had a high probability of eventually
defaulting,
but the officers of the bank thought it was in their own best
interest to
make the loan anyway. In that case, don't they have responsibility
when the
borrowers follow the law when they no longer are able to make
payments?
Actually, it seems that in many cases 1st bank packaged this type
of loan up and sold it. Now the question is if the mortgagee
defaults is the 1st bank morally obligated to pay off the buyer of
the loan they sold? Or was it the loan buyers responsibility to know
the amount of risk they were taking? I think we all know that
corporations do not have moral obligations only legal ones.
Corporations are legal constructs. So I guess one could argue that
humans have moral obligations but corporations do not. (Somehow, I
am must have made an error in reasoning here.
This could be a whole new thread. Maybe we have a new way to define
the difference between who is and is not a citizen?
It may be a separate topic, or maybe not. The conflict over "corporate
personhood" began, at least in the US, with the 1886 case "Santa Clara
County v. Southern Pacific Railroad" (right here in my home county),
when the Court Reporter, J. C. Bancroft Davis (a former railroad
president) inserted a comment in the headnote of the case, recasting
it as an assertion that corporations are due the same legal rights as
natural persons under the 14th amendment.
All of this moved from being of interest only to politics junkies and
liberals like me when the Supreme court decided, in Citizens United v.
Federal Election Commission, that corporations have the right to buy
whatever form of government they want to impose on the rest of us,
which will likely result in more and more egregious misbehavior on the
part of corporations, eventually driving the pendulum back towards the
progressive side.
Or so I dream.
Dave
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