Skip to content
Catholic Online Logo

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. 

 

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for November 2014
Lonely people:
That all who suffer loneliness may experience the closeness of God and the support of others.
Mentors of seminarians and religious: That young seminarians and religious may have wise and well-formed mentors.



Comments


More Business & Economics

Is Apple about to hit $1 trillion? Not if Google has anything to say about it Watch

Image of While Apple dominates the smartphone market, some suspect that its heavy reliance on products will lead to its downfall to companies who offer more services and software.

By Catholic Online (NEWS CONSORTIUM)

Silicon Valley tech giant Apple may one day be worth more than a trillion. Just for a second think about how massive that is. LOS ANGELES, CA (Catholic Online) - The maker of mac computers, iPods, iPhones and more is already worth more than $670 billion, and has a $260 ... continue reading


Feet on the desk - more and more Americans simply don't want to work anymore Watch

Image of Pew Research says that 39 percent of 16 to 24-year-olds don't want to work, up a substantial amount from 29 percent in 2000.

By Catholic Online (NEWS CONSORTIUM)

Nearly four in 10 Americans, or 92 million, are not in the labor force. Many are unemployed for no fault of their own. Many others have simply stopped looking for work. Why? The reasons are complex. LOS ANGELES, CA (Catholic Online) - The largest group of people ... continue reading


REAL INCOME INEQUITY: 85 richest people now have as much money as poorest 3.5 billion Watch

Image of Billionaire investor Warren Buffett remarked more than three years ago that

By Catholic Online (NEWS CONSORTIUM)

The very rich and the very poor just grew further apart. According to Oxfam, the broadening chasm between wealth and poverty has grown so wide that the 85 richest billionaires on the planet, such as Carlos Slim, Bill Gates and Mark Zuckerberg now have as much ... continue reading


Jaded with politics? It's because America has become a plutocracy -- but Catholic Social Doctrine has the fix Watch

Image of It's money, not votes that really makes the difference in a plutocracy.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

As Americans head to the polls this election day, they are extraordinarily jaded. Fed up with campaigns, elections, and the lack of change and benefit to them as individuals, most Americans feel dissatisfied and angry. Notably, the solution to this problem will not be ... continue reading


SURVEY: Singapore best country to do business with, for ninth year in a row Watch

Image of The World Bank ranked Singapore tops for the ninth year in a row.

By Catholic Online (NEWS CONSORTIUM)

Conservative and strict - there are heavy penalties for littering, as well as being wildly prosperous, the feisty Asian nation of Singapore has been ranked as the single best nation to do business with, according to the World Bank. The bank ranked Singapore ... continue reading


Is it a sign of impending collapse? Financial savant Warren Buffett loses two billion in stock market Watch

Image of Warren Buffett recently lost $2 billion from investments in Coke and IBM, which have led some to believe that a stock market slowdown might be imminent.

By Catholic Online (NEWS CONSORTIUM)

Warren Buffett, the man known for focusing on long-term investment performance as apposed to making the quick buck, has lost $2 million in investments. LOS ANGELES, CA (Catholic Online) - Buffett owned Berkshire Hathaway investment house has large investments in ... continue reading


Christmas shopping in October? Apparently it's becoming a big deal Watch

Image of Shoppers are already out, despite the fact Halloween hasn't even arrived.

By Catholic Online (NEWS CONSORTIUM)

Shoppers are starting early with October 5 being declared by retailers as "Stock Up Saturday." Consumers are already Christmas shopping which means more of the revenue available to retailers will be harvested earlier in the shopping season. For retailers that choose to ... continue reading


List of Top 20 World Brands - Apple tops Google as world's leading brand for second time in row Watch

Image of The Apple Watch has enjoyed success in numerous fashion circles, featured on the cover of Vogue, among others.

By Catholic Online (NEWS CONSORTIUM)

Apple has topped Google as the world's most valuable brand for the second year in a row. The two companies are the only brands to be valued at more than $100 billion, according to the annual Best Global Brands report. LOS ANGELES, CA (Catholic Online) - ... continue reading


Here they come! China passes U.S. economy based on purchase power Watch

Image of Under President Obama's administration, China may surpass the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The International Monetary Fund (IMF) has reported that China has overtaken the United States and is now the world's largest economy, at least based on purchasing power parity (PPP). LOS ANGELES, CA (Catholic Online) - The IMF said that by the end of 2014, China ... continue reading


Rosie the Riveter would cry: Record 55,553,000 women not participating in U.S. workforce Watch

Image of The strides made by women in the workplace sadly isn't reflected in recent job statistics.

By Catholic Online (NEWS CONSORTIUM)

The strides made by women in the workplace seems to have gone up in smoke across the United States. The determined visage of Rosie the Riveter during World War II to women taking the place of men in hard industry - declaring "We can do it!" would certainly shed ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Revelation 18:1-2, 21-23; 19:1-3, 9
1 After this, I saw another angel come down from ... Read More

Psalm, Psalms 100:2, 3, 4, 5
2 serve Yahweh with gladness, come into his presence ... Read More

Gospel, Luke 21:20-28
20 'When you see Jerusalem surrounded by armies, then ... Read More

Saint of the Day

Saint of the Day for November 27th, 2014 Image

St. James Intercisus
November 27: James was a favorite of King Yezdigerd I of Persia and a ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter