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By Catholic Online (NEWS CONSORTIUM)

9/4/2012 (2 years ago)

Catholic Online (www.catholic.org)

Man lost job over 10 cent mistake made in 1963.

A Wells Fargo Home Mortgage worker has been fired for a trivial offense he committed in 1963. Despite nearly concluding an honest decades-long career in banking and finance, Richard Eggers, 68, was fired in July from his job for using a cardboard dime in a washing machine in 1963. 

Foolishness over a dime in 1963 has cost an Iowa man his 50-year career thanks to Obama administration's unforgiving regulations.

Foolishness over a dime in 1963 has cost an Iowa man his 50-year career thanks to Obama administration's unforgiving regulations.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/4/2012 (2 years ago)

Published in Business & Economics

Keywords: Obama, Eggers, economy, banking, FDIC, regulations, actuary


DES MOINES, IA (Catholic Online) - Eggers was dismissed thanks to the Obama administration's new approach to banking and finance. It's a strict approach that has people worried across the nation. It's an approach that will affect you directly. 

The alarming approach is the result of applying actuary accounting methods to government policies and law. 

In Egger's case, new banking regulations mandated that banks must fire any employees who have been convicted of even minor crimes including breach of trust and transactional crimes, on the fear they could perpetuate more. Banks, worried about strict FDIC crackdowns and steep fines, have ruthlessly enforced the regulations. Granted, these rules were intended, and sold to the public as a means of cleaning up the financial sector of bad actors, particularly corrupt CEO's and managers who had a record of dishonesty.

However, stated intention is diverging from reality.

These draconian measures matter. The approach that is taken to banks will soon become the norm as it is applied to healthcare and other government practices. Imagine now, the application of government actuary accounting to your medical treatment. Imagine being denied a life-saving operation because government actuaries have deemed you too great a risk to be worth the cost. 

The cause of this is twofold. First, fiscal crisis has the government looking everywhere it can to squeeze money from taxpayers, while reducing what is paid out in certain sectors. This leaves the government free to spend funds elsewhere where the money could produce more politically favorable results. 

The second cause is more fundamental. There is a particular disregard, especially in the Obama administration, for basic human principles. This is evident in the administration's approach to issues of life, freedom of religion and conscience, and law. 

Specifically in Egger's case, Obama's new banking policy does not forgive, nor forget. That's how a man can be fired from an honest career of 50 years for a trivial infraction he committed in his youth. 

Imagine the nightmare as such methods are applied by a lame-duck president across the board to healthcare and other industries.

Not every decision should be based on statistics. Morals should inform decisions too. Eggers spent two days in jail to pay for his shenanigan. Morally, he has paid for his crime and deserves the forgiveness of society. Unfortunately for Eggers, and many more to come, morality is not a factor in Obama's brave new world of government policy. 

 

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