3 ms·
I’ve always thought it would make sense to attach specific penalties to this type of legislation. Something akin to “If you lie on an application, your loans w
by mikeyouse 7y ago
I’ve always thought it would make sense to attach specific penalties to this type of legislation. Something akin to “If you lie on an application, your loans won’t be forgiven and you will need to pay a 50% penalty. If you’re a bank and you knowingly facilitate this fraud, you will lose Federal backing for the loans and your employees and executives will be subject to minimum 1 year sentences in Federal custody.”
It’s unfortunate we live in such a weird carceral state yet white collar crimes that would probably be the type most deterred by the threat of prison are so rarely prosecuted.
- sseveran 7y agoIf those kind of risks were imposed on banks they would only work with businesses they knew very well or not at all. As it is there were significant questions from the banks side on what they would be liable for if the loan was ultimately found to be invalid, or fraud.
- toomuchtodo 7y agoThat’s why you cut the banks out of the process as the poster you replied to suggested.
- sumedh 7y ago> your employees and executives will be subject to minimum 1 year sentences in Federal custody. The bank will process applications very very slowly in that case.
- MR4D 7y agoYou’re expecting congress to be logical. Mark Cuban actually had an equally interesting idea as yours - just let every business overdraw their account by some amount. I like your idea better, but either way, there is zero possibility that congress could do it in a simple way - they just don’t have the DNA for simple.