Is Brian Moynihan The Latest Entrant In The 10(b)-5 Fraud Club After Misrepresenting Foreclosure Halt Charges?

Tyler Durden's picture

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Duuude's picture





Zero Govt's picture

Thanks, that Hank Paulson coin is fuking hilarious... you know your country is fuked when the parasites are minting their own faces on coins like 'legends' with their pastimes (bird watching)... the nations currency is just a vessel to bask in self-reflecting self-admiration, the debt slaves should just look on and admire... pass the sick bag

...the Timmay mint doing his Tax Returns should be a Collector Edition sell-out!

Michael's picture

I wonder if Brian is related to the late Senator Daniel Patrick "Pat" Moynihan (March 16, 1927 – March 26, 2003)? You know how they like to keep things in the family.

mynhair's picture

Shame!  Shame!  Shame!

Oh, this ain't Wisconsin....

Off with their heads!

Off with their heads!

knukles's picture

How much gold can BoA's plane haul?

bob_dabolina's picture

Will the Bank of America CEO care to revise his statement on the costs of the foreclosure delay at this moment in time?

I don't really agree with the original premise.

Rogerwilco's picture

Lie? Such a harsh, uncivil, loaded word. We don't talk that way in Recovery America.

Mr. Moynihan needs some time to revisit that prior statement, and he might have to walk back on a word or two. Is that criminal? Of course not, now move along citizen, nothing to see here.

apberusdisvet's picture

Be sure of the fact that we, us little people, will pay for the foreclosure crisis through every bit of extra taxation the elites can dream up while we are alive or later that they can wring from our cold dead hands or teeth (gold inlays).

Fearless Rick's picture

That's if you "little people" allow it. Stop thinking and acting like a sheep and begin to see yourself as something more. Only then will America reclaim its greatness.

10044's picture

HAHA... look at the losses on page 283 onwards

UninterestedObserver's picture

" Keep that statement in mind as we wonder out loud whether or not the CEO actively lied to investors during the company's November 2010 financials conference, not to mention the bank's Q3 conference call"


You mean they're not supposed to lie?

Cdad's picture

Thank you, Tyler...for wading through the debris.  Much obliged.  Let's all hope that truth finally shines on the criminal syndicate known as Wall Street.  Until that day, we simply cannot recover from this banana tree republic mess that we are in.

max2205's picture

What a cookie cutter CEO. been there heard that. What a douche

ZakuKommander's picture

For us anal-retentive types, it's Rule 10b-5, a rule promulgated under the authority of Section 10(b) of the '34 Exchange Act.  You can skip the parentheses next time.  

ZakuKommander's picture

And don't junk me for being a lawyer.  It's a great profession: it's indoors, there's no heavy lifting, and you get paid for being an asshole.

RockyRacoon's picture

Damn!  And all these years I've been doing it for free?

Fearless Rick's picture

I am gratified that ZH continues to keep the whole housing issue in front of the public. It is at the heart of our national morass of debt.

The problem is that not even any of the great minds in government (I'm only being half-sarcastic; some of these guys are pretty smart) has yet to figure out a way to wrap up such a massive fraud. Let's be realistic. The release of the plan to bang the banks for $20B the other day was nothing more than a trial balloon. Unless they're brain dead, they could see clearly from just the responses on this site that there was no chance of that plan working, so expect it to die still-born.

But, expect other ideas to be floated about. The problem is that the lies are now entangling everything and everybody. It's a sure thing that some AGs won't be pressured, and in a room full of 50 of them, there's certain to be disagreement. The feds are trying to act as a wedge between the states and the banks, but it's an uphill struggle. Meanwhile, Moynihan has and is showing that he's not cut out for this (who is, really?) He can't keep his facts straight and anyone who believes BofA has 50,000 people on mortgages needs a reality and math refresher course.

The truth is - and I speak from personal experience as I am managing a foreclosure from the mortgagor's end - that the banks are largely stuck because this is such an enormous problem involving their very existence, their solvency, and they are insolvent, and they know it. Thus, they are delaying all but the lowest-hanging fruit in the foreclosure chain. They seriously don't see the point of chasing more bad money because between lawyers and taxes owed on properties, less losses due to neglect and/or depressed values.

It's currently better for them to slow everything to a crawl since they have FASB on their side, for now, and keep the bad loans on the books rather than write them down. Plus, they have the government pressuring them to keep making loans to keep the economy "going."

People started defaulting en masse in 2007. We're close to four years into this mess and it's only getting deeper for the banks. The bankers are still in denial over solvency. They still have to get to and through - coupling addiction and grief theory - acceptance, then admission. They're still a long way off, but the truth is hard and it's coming out, little by little, every agonizing detail by agonizing detail. This is death by many thousands of cuts.

poor fella's picture

Moynihan is a patsy if I've ever seen one and has NO fuckin clue (perhaps an incognito gym teacher). Every time he attends a meeting or hearing the big boys speak first, and when the media focuses on him, he's a deer in headlights trying to remember his lines. It's good work if you can find it...  He'll be well compensated for taking just enough heat off the perps and never being found guilty himself, or even if found guilty (no matter how petty), he's been promised a Mozilo card..


bunkermeatheadprogeny's picture

Wow, Price Waterhouse Coopers really kept their legal distance on p. 420, "Report of Independent Registered Public Accounting Firm" which effectively makes their report meaningless.

snowball777's picture

If a candidate for president ran on a platform of insuring that the banksters see time in Ossining and insisted he would veto ALL legislation that came up before that agenda was satisfied, would you vote for them?


falak pema's picture

There are two types of smarties in the political game :

those who lie for the sake of their country... state lies.. for a greater cause.

those who lie for the sake of their own private interests...disguised as general good behind a fronted, false flag campaign.

These days, its really all about option 2°, not about option 1°, as imperial america is STILL, in spite of 2008, draped in past glory, reeking of  all-out, sanctified hubris... "can do no wrong, can see no wrong, can say no wrong"...Although to the general public, now that the curtain has fallen,  it looks exactly the opposite! Ole glory's avatar, now perceived as burning false flag, held by a bunch of renegade plutocrats!

The only one practicing option 1° is Benocide. He is the ultimate fall guy for all those behind his crusade : QE-infinity, on their behalf. He'll get burnt like the heretic, once the 'capitalist church' of powers that be behind the front, red and blue alike, $$$money is $$$money,  abandon him to public ire.

"HE failed", will be their rallying cry. "He misled us as a convinced crusader, a central bank Keynesian fanatic. Pity we believed  him". They'll then find a replacement for the next round. Unless they are first exposed themselves...Brave new world.

bigking12345's picture

BAC services my mortgage, I asked to see who owns my loan and they sent me a letter stating that it was owned Fannie and then they said that was a error and that they owned it. So now I told then I won't pay until they prove they own it but they never answer the phone or repond by mail. I am still current on a underwater loan but if not for my un-american honesty that was instilled in me by my parents I would have punted a long time ago.