Holder Shakes Down ‘Racist’ Banks For Nearly $1 Bil

Investor's Business Daily, January 15, 2014

Attorney General Eric Holder has opened up a new front against car lenders and has forged an alliance with the Consumer Financial Protection Bureau to frame them for racism, too.


His department and the president’s new consumer credit watchdog agency, CFPB, have announced a new settlement with Ally Bank for nearly $100 million.

It’s the largest fair lending deal against the auto industry and the third-largest ever to resolve charges of lending discrimination.

Throw in four new mortgage-lender settlements over equally groundless allegations—including last month’s $35 million joint Justice Department-CFPB hit on Cleveland-based National City Bank—and the total financial industry shakedown by this administration now stands at an eye-popping $810 million.

In its complaint against Ally, Justice alleged that the bank “charged African-American borrowers more than white borrowers in interest-rate markups not based on creditworthiness or other objective criteria related to borrower risk.”

It says a statistical analysis of loans conducted by CFPB researchers found a “disparity” of 29 basis points compared with rates charged “similarly situated” white borrowers.

The surcharge is so “statistically significant,” it contends, it can’t be a function of anything but racism.

Let’s unpack that statement, because it contains a big load of rubbish.

For starters, Justice had to guess the race of Ally’s black customers from Census data for black neighborhoods. The auto-finance industry does not report the race of borrowers like the mortgage industry.

“Ethnicity data is not available,” the department confesses later in the complaint.

So “victims” were never actually identified. That’s why the complaint has to estimate that Ally discriminated against “approximately” 100,000 African-American borrowers.

More shocking, civil-rights prosecutors never actually checked the creditworthiness of those borrowers. That’s right, they never looked at credit scores, down payments, debt or other key risk-related factors banks consider to set interest rates. Not for blacks, or for supposedly “similarly situated” whites.


Ally says it’s guilty of nothing more than pricing for risk, a legitimate business practice common in the industry for centuries.


So why did it roll over?

The same reason the other 30 banks targeted by Holder have played dead: to avoid a protracted legal battle with the federal government and protect their all-important corporate brand.


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  • Luca

    The “Holder Shakedown” is becoming more popular than, and not to be confused with, the “Harlem Shake”.

    • gemjunior

      Yes, the Holder Shakedown is really becoming even more popular than the Sharpton Shakedown in NY.


    “…they never looked at credit scores, down payments, debt or other key risk-related factors banks consider to set interest rates.”

    I’ll bet they didn’t check default rates either. If default rates were about the same, we can conclude that they were being evaluated fairly.

    • Pro_Whitey

      Good point regarding default rates. That’s how Peter Brimelow blew a hole in the mortgage redlining propaganda 20 years ago. Unfortunately, it did not stop the left then, and won’t now. If a lender does not lend, it is raycisss, but if it lends and the borrower defaults, which is why the lender did not want to lend in the first place, then the lender is a predatory lender who talked the borrower into borrowing. Heads government wins, tails the rest of us lose.

      • SFLBIB


      • emiledurk16

        really good analysis

    • Mergatroyd

      They didn’t look at default rates or credit scores because to do that is racist and disproves their theory that we’re all the same, but then they’ll just blame that as a result of living in a racist white controlled culture.

  • serious123

    I am not an Obama hater like a lot of folks on this site but I do look forward to him and Holder just being a part of history. They are both racists and have achieved virtually nothing that is not colored by their racial views of life. At least I know and admit I am a racist. They don’t even have a clue.

    • They’re not going to be a part of history. Their legacy of economic warfare against white supremacists will endure beyond their tenures. Eventually they’ll suceed in taxing and penalizing the hated white racists to extinction.

    • dd121

      “not an Obama hater”. You should be. He’s the enemy of everything that is good and decent in this country.

    • Tim_in_Indiana

      I’m a race realist. I’m not a “racist.” I would never call myself a racist. As the late Sam Francis pointed out, that is entirely a term the left made up to discredit and disparage anyone who thinks for themselves. Calling yourself a racist is like calling yourself an ax murderer in a court of law. You’ve just fallen into the trap the left has set up for you.

      • dd121

        I think embracing some of their propaganda and throwing it back in their faces is liberating.

    • emiledurk16

      Remember their quotes. “Typical white person”. From the dam president! Could we ever say anything like “typical black person…..no”. “My people !” from the other one, We could never say that without repercussions. He let those Black Panthers off the hook at the Philly voting booths some years back.
      Know you’re on our side, but sometimes its OK to hate. This is one of those times. They’re 2 of our most dangerous enemies.

    • NeanderthalDNA

      ” At least I know and admit I am a racist.”

      Yer gettin’ there buddy!

      You are not a “racist” if you believe the Truth. “Racist” is a corrupted word used to club critically thinking folk who get too close to the Truth. Whatever the dictionary definition may be the real cultural definition is something like this…

      Racist: An EVIL person who believes the EVIL ideology of racism.

      Don’t mean to tell you how to speak, but consider the use of the term “race realist” when describing yourself. You don’t have to hate Obama if you don’t want to. Just NEVER vote for a black person again, get it?

      Jared Taylor for president!

  • dd121

    Pure leftist evil.

  • MekongDelta69

    You know who Ally Bank is?
    General Motors Acceptance Corporation (GMAC)

    You know – that ‘wonderful’ company His Royal Dictator-In-Chief bailed out with OUR money.

    Erid Hold ‘Em Up just ‘held them up.’

    Ain’t it great living under a black muslim marxist dictatorship?

    • AndrewInterrupted

      Oh, I’m sure it’s just a coincidence.

      Just like it was a coincidence when they installed that diversity darling, Barra, into the CEO gig.

      Don’t you know diversity ‘just happens’??


    • emiledurk16

      I didn’t know that, but I do now…..MD69 !!

  • Spartacus

    Good. Big business, in general, and the parts of it owned by people who are not Eskimos, in particular, deserve to suffer as much as possible .

    • Mergatroyd

      They’ll pass the costs onto us rather than eat it themselves or cut their CEOs salaries.

  • JohnEngelman

    Affirmative action policies of all varieties are based on the false premise that the only significant difference between the races is appearance.

  • Tim_in_Indiana

    I swear, in this post-9/11 Internet, Obama era, we’re actually becoming more mired in the antiwhite orthodoxy rather than less. Even since Amren was founded, America has gone backwards. Whites are not waking up.

    If you read Jared Taylor’s Paved with Good Intentions, some of the anecdotes of how whites tie themselves into knots over race sound downright mild compared to some of the stories we read on this site nowadays.

    Just the corrupt Eric Holder would be enough to despise Obama, even aside from all the other reasons.

  • John K

    Maybe blacks were charged more because they have bad credit. They have cars repossessed more than any other race and get more chances still to finance a car after the fact.

  • dd121

    Let me see, I don’t think this is the first time in recent months that the leftists who govern us have used the machinery of government to punish or destroy their enemies. Oh, how quickly Obama’s misuse of the IRS has disappeared down the memory hole. But the Christe scandal of closing a lane of traffic has been on Brian Williams’ “news” every night for two weeks. (not a fan of Christie)

  • Whirlwinder

    “My people” Holder has learned his shakedown lessons from Jesse Jackson and Al Sharpton. God help us.

  • Bon, From the Land of Babble

    Holder learned well from his mentors– Je$$e Jackson…AND Chris Dodd.

    This is a NO WIN situation: Don’t give blacks with ultra-low credit ratings loans and get sued for racism. Give black loans they can never hope to pay back, get sued for racism and as a predatory lender.

    JPMorgan Chase has tentatively agreed to pay (Holder’s) Dept of Justice a record $13 billion settlement to resolve several civil probes…Ally Bank for nearly $100 million…Cleveland-based National City Bank — $810 million.

    I’d like to know where the $$ is going.

    Holder and Obama are running a criminal enterprise.

  • MBlanc46

    It’s just extortion. The outfit were at least straightforward about what they were doing.

    • Unfortunately, these payouts will merely encourage more of this extortion on the part of the Justice Department. Curiously, the same Justice Department regarded extortion as illegal when I did it.


        Well you’re not black, hispanic, liberal, part of the demoncratic party or gay so of course it’s illegal when you do it.

      • MBlanc46

        Double-standards abound.

  • dd121


  • angrywhiteman

    Marxist joos and their spineless gentile cohorts!

  • Perhaps the banks that are being targeted for these shakedowns should stop purchasing federal treasury bills; tell the feds to sell their junk to China for whatever the Chinese feel like paying.

  • hionthemountain

    I can’t wait for this current regime to be extracted from office


    This is what actual racism looks like. And it’s face once again is black!


    Yup, and they rewarded that idiot by branding him a racist anyway.


    What I want to know is just where exactly does this money go? Who gets it, and why?

    • ThomasER916

      It goes to the Culture of Critique.

  • Anon

    When the debt as money system no longer works and there are no jobs for white people under the standard system….but white people still do what we always do, just through parallel systems, our government will collapse. Then and ONLY then will it be possible for white people to do what must be done without being criminals.
    If you want to understand what is going on, read Eustace Mullins books, especially the Curse of the Canaan. Long out of print, it would normally cost a fortune to obtain these but Amazon has seen fit to create kindle versions for a laughable sum. Some of the most dangerous books ever written.
    What you have here are two groups, related by blood. One good. The other evil. One has multiple covenants with God. The other has been cursed by God, going all the way back to the beginning of humanity. One is strong, works hard, and are the most dangerous warriors. The other is weak, sickly, and makes it money through trade. God commanded the former to genocide the latter. But we couldn’t quite bring ourselves to kill our brother. The other side….HATES us, yet is utterly dependent on us and has figured out that they can manipulate us. Welcome to the real history of the world.
    The two groups are intertwined in an extremely unhealthy relationship that cannot last. When it collapses, it will be time to re-establish the rightful order of things. But not until.

  • Earl Turner

    I wish businesses would stop worrying about a black boycott. Let the negroes boycot! I would go out of my way to do business with any store or restaurant or bank that negroes boycotted and I would make it a point to let the manager and corporate office know exactly why they’re getting my support and money!
    There’s a reason negroes have such a hard time getting loans. They don’t pay them back! The used car lots around here equip their hoopties with GPS transmitters and remote cut-off devices. Jarquavious or Shaniqua misses a payment? Click! Car turns into a lawn ornament until they get current or the repo man gets it.

  • emiledurk16

    That’s definitely right .!!!

  • emiledurk16

    Owning a home is good thing “W” if ya can afford it! I had to stop the clip at 25 seconds because he’s startin to make me sick.

  • emiledurk16

    Its gotta stop….

  • Funruffian

    These idiot banks and lenders look even more stupid by caving into the Racism accusation. By fighting it they would at least give themselves far more credibility in defending their professional actions and better business practices. By giving this uppity Bantu what he wants cost them millions and makes Ally look even more cowardly. I am disgusted with what has happened to my country and would like to see Holder catch a painfully terminal illness.