Eric Holder shakes down ‘racist’ lenders to tune of $1 billion

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by Howard Portnoy

There was a time when the nation’s leading shakedown artist was racial grievance monger Jesse Jackson. Now, sadly, it’s our “top cop,” Attorney General Eric Holder. The AG’s brand of extortion involves sums of money so large they make the fruits of Jackson’s rackets look like chump change.

Worse yet, Holder’s charges of racial inequity are often based on pure guesswork. Take the latest chapter in his “war on banks,” as narrated by Investors.com.

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.

We don’t use the term “frame” capriciously, certainly not like Holder uses the charge of racism.

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.

But wait till you get a load of Justice-CFPB’s evidence that Ally is charging “African-American borrowers more than white borrowers in interest-rate markups not based on creditworthiness or other objective criteria related to borrower risk.”

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