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The Cost Of Attorney General Silence: How Bank Of America Made Sure There Would Be No Surprises In The Robosigning Settlement
For those needing yet another reminder of how in America the incestuous conflicts of interest between the various branches of government and Wall Street run to the very top, here is Time with an article highlighting yet another example of impropriety. Today's case focuses on Iowa’s Democratic Attorney General Tom Miller, who at least superficially took the noble lead on the investigation by all 50 state attorneys general into the “robo-signing” foreclosure scandal. Alas, one look below the surface reveals that we may be days away from a very ignoble and very BAC-friendly settlement, courtesy of a few backroom "arrangements" brought to you by none other than Bank of America's petty cash account.
From Time:
Last fall, just after he made the announcement that he would look into the foreclosure mess, contributions to Miller’s campaign coffers for November’s election soared, thanks in large part to out-of-state lawyers who make a living representing big banks, a new report from the National Institute for Money in State Politics finds. “Nearly half of the money Miller raised in 2010,” NIMSP reports, “was donated after the October 13 announcement that he would be coordinating the 50-state attorneys general investigation.”
Two Miller contributors have become directly involved in defending the banks in the probe. One, Meyer Koplow of Wachtell Lipton in New York, gave Miller $5,000 and is representing Bank of America in direct negotiations with Miller, the attorney general tells TIME. Another, Elizabeth McCaul of Promontory Financial Group, gave Miller $10,000 and is consulting Bank of America in the negotiations, Miller says. Bank of America was one of the first and most prominent institutions accused in the foreclosure investigation. It gave more than $80,000 to the Democratic Attorney Generals Association, which spent more than $200,000 on Miller’s campaign, Miller says.
That this "revalation" comes at such a time is unpleasant for a process that is now sure to be mired in shades of political corruption and backroom dealing, especially if the settlement outcome is one that will be seen as favorable toward Bank of America.
The NIMSP report and revelations of campaign contributions by those working for Bank of America come at a sensitive moment, as Miller is in the thick of far-reaching negotiations with the banks. Though the case started as an investigation into robo-signing, it has broadened. The talks are aimed at a settlement that could set the terms by which banks service current and future home loans, and determine how they foreclose on properties. That could complement, or supercede, a settlement between banks and federal regulators reached earlier this year.
Talks over monetary aspects of a potential settlement between the AGs and the banks are just getting under way. New rules for banks writing down mortgage principal and the establishment of a bank-paid fund to help with loan modification are on the table. Some reports have potential bank payments reaching $20 billion but sources on both sides suggest that number is high. The breadth of the negotiations has caused seven Republican attorneys general to split with the 43 other AGs.
Of course, there always is another side to the story:
In early March, American Banker published a 27-page term sheet
that Miller and the other attorneys general had presented to the banks
in the talks. “We’ve had negotiations and have agreement on some of the
terms but no overall agreement,” Miller says.
Miller objects strongly to the NIMSP report. “It is extremely false
and misleading,” Miller says. He disputes the report’s assertion that
many of his campaign contributors have a “vested interest in the final
terms of the settlement.” Other than Koplow and McCaul, none of the
other lawyers named as campaign contributors in the report are involved
in the case and none has an interest in the settlement, Miller says.
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Banana Republic, Bitchez!*
* for thatthingcanfly
not yet traderjoe. i smell a rat with this story. the first red flag is that it appears in time magazine, which you all know is controlled media. so i followed the link to the actual report they were talking about and found this:
This publication was made possible by grants from:
Ford Foundation
Foundation to Promote Open Society
The Pew Charitable Trusts
Rockefeller Brothers Fund
Sunlight Foundation
My take on this story? The Iowa Attorney General isn't giving the Banks enough and they're throwing him under the bus. He wanted debt forgiveness included the in plan and that was the deal breaker so now they're screwing him over.
http://www.followthemoney.org/press/ReportView.phtml?r=447
This is an assault on states rights, in disguise.
very good point
There will be no sweeping fixes. Each and every individual case needs to be litigated on it's own merits with expertise.
Moll vs. MERS, et al
We need Fight Club Lawyers who possess the skill and are not afraid to battle TBTF.
I'm not afraid to... the problem is most of the people who default on mortgages are broke and can't afford an attorney... despite not having to pay for a home. The first person that walks in the door with a retainer is getting represented...
I also perform quite a few foreclosures, but those are typically only on local bank owned properties and, further, even though I'm in a non-judicial state, they're all in front of the court. In other words, you can also help the process by ensuring that the law is complied with on the foreclosing side. In the end, the market needs to clear... and there is a mechanism to do so, presuming the paperwork is in order. It doesn't help anyone to have a foreclosure decree set aside... do it right the first time and sleep easy.
The foreclosure mills have long been the scourge of the legal community... but now I think it's finally appropriate to bar the doors on many of them. Too bad AGs (and often times ethics committees) have no balls.
"I'm not afraid to..."
To be a Fight Club Lawyer you must be fearless. Your foes will be the TBTF crowd. I've linked the Moll case enough to be accused of trolling. The reason for that is I believe it will go beyond Ibanez/Larace. In Moll only one court remains. I'll go out on a limb and predict a settlement will take place that will include a 50,000 page non-disclosure agreement before being presented to The Nine Judges.
Altruism is great and all but does not keep the lights on and the point of having a client base without much money is well taken. Inching out a little further on that limb I suggest that there is a dynamic in play that is the inverse of that which created the bubble. TPTB see it. Foreclosure defense is a very technical and nuanced area of practice. I actually hate the term "foreclosure defense" and prefer "foreclosure offense".
Moll is the tip of the iceberg and will set precedent. As long as I'm allowed I will continue to provide updates on Moll and other similarly effective litigation. To win, it must be proved that someones property rights have been violated. A violation can not exist without a violator. The violator should keep the lights on.
A poster below mentioned Dylan Ratigan as one of the few in the media who have taken this head on. I'm in the process now of arranging an interview with the architect of Moll. All I can say is it's about to get exciting.
I'm not one bit ashamed to say I am the volunteer administrator at the Foreclosure Hamlet in fact quite the opposite. It's theme is warm and friendly and it's goal is "Supporting, Informing & Connecting People in Foreclosure".
Due to time constraints we've yet to really build out the site below but once we do we're going to get rowdy. Not with rhetoric or moral/social imperatives. There is only one way to prove fraud...and that is to prove fraud. At this moment industrial Unix boxes, bolted firmly to court record servers are eating data and they never got tired.
If you are committed to becoming a Fight Club Lawyer join us. Just remember what you said: "I'm not afraid to..". It is a very unfriendly, hostile environment. A lot of money will be made at the expense of the above mentioned "violators". Funny thing is...we don't give a fuck about the money.
Foreclosure Fraud – Economic Injustice Examined No, you're not losing your mind, they're stealing your money…
Happy Easter to All.
Well, I hope you guys are successful in this pursuit and I am certainly rooting for you, but quite frankly I'm not stockpiling all these rounds for target shooting. I'm waiting to see how this all shakes out and if the people who started this mess are still standing at the end then they will make ideal lead catchers.
It is obvious to me that this is where we're heading. None of these motherfuckers wants to take the hit, so just like in school when teacher tells the offending student to come to the front of the class and admit their guilt or else the whole class will suffer, I think the whole of the bankster class is going to suffer the consequences.
There was an article on Zero Hedge where some writer put out a warning to the putrid banksters: come forward and admit your guilt now, before it comes to violence. That was about a year and a half back, and so far not only have none of them come forward but they've simply resumed the party like the cops never showed to break it up.
And they were able to get away with it because of the government that shielded them, and the lawyers that perfected the crime by putting some legal disclaimers on the whole activity.
Lots and lots and lots of lead catchers.
ALL of you sons of bitches--bankers, lawyers and politicians--had better fess up, now. Anyone who still hasn't confessed to their sins after this jump will be valid targets for elimination. It is time to cull the herd.
I am Chumbawamba.
I just had to try to skip through all the bullshit previews and other crap the studios try to make you watch on a DVD before you are allowed to view what you paid for in the first place. It reminded me that the current Hollywood establishment and American media in general is also complicit.
So all of you fuckers better start pleading for mercy as well, because I'm counting your sins by the seconds of useless crap you barrage me with when all I want to do is watch a fucking movie.
I am Chumbawamba.
I'm hopeful it won't come down to that. Moll is like a blueprint. It's elements need to be super-imposed over the governing laws in all 50 states and adapted. It is hard work but can be done. Here is another one that is all jammed. With so much at stake defendants counsel will not be cream-puffs.
They will have deep pockets.
In the ruling I link below the JPMorgue counsel knew he was toast on about page two of the eight page transcript. The judge dared him to go Federal.
Diana vs. WAMU
This is the current state of the Law in RI as of right now. JP Morgan cannot foreclose in RI without a written assignment from FDIC. Was appealed to Supreme Court a month ago. Appeal dismissed. Filed Motion to Reconsider, Motion for Relief Denied based on Law of the Case. Take your medicine banksters....
In the end, the cause is noble, but the result will be the same. So long as the note exists, the debtor(s) are subject to judgments (recourse) and, thus, foreclosure. Essentially, fighting the issue is just going to make foreclosure that much more expensive for the parties attempting to foreclose. I see only two probable outcomes: (a) the system fails, property ownership becomes property ownershipish, and we end up living in whatever home is closest to our food source... regardless of whether or not we have the previous owner(s)' permission and, eventually, some form of adverse possession takes hold and clears the title (whether practical or court imposed); or (b) the system continues, the note remains a liability, and the homes are eventually returned to the true holder, who will have an agreement with the entire chain of assignment as to how to split any proceeds.
In the end, a defaulting debtor does not make a good sob story... no sympathy will come from the court... the only hope defaulting homeowners have is for the foreclosing party to piss off the court so much (fraud), the court throws out their foreclosure decree and issues slaps on their wrists... which leaves the real holder in limbo... potentially in perpetuity (more free living). But a judge of general jurisdiction is not going to lose an instant of sleep over taking a home from someone who did not make their payments for a few years while still getting to live in the home. This is why defaulting debtors do not make good plaintiffs... all of the issues out there are to either prevent a foreclosure or to overturn a foreclosure decree... Prospectively, all the foreclosure plaintiffs will need to be CERTAIN they're the real holders... and there is no way to fix the problem without creating another...
I personally think the fairest thing to do is require someone in the chain of assignment to initiate a declaratory action to determine the real holder... this will require all the chain of assignment to come to the table... the court decides who the real holder is and that sets up binding precedent to initiate foreclosure that the defaulting debtor cannot attack... the foreclosure occurs and the proceeds are split as to how the court decides or the chain of assignment agrees among themselves... the property clears, someone takes a haircut that should take a haircut (putbacks + agreement), and prospective home purchasers/savers prevail.
This thread may have died on the vine but you bring up a good point quoted below:
"I personally think the fairest thing to do is require someone in the chain of assignment to initiate a declaratory action to determine the real holder... this will require all the chain of assignment to come to the table... the court decides who the real holder is and that sets up binding precedent to initiate foreclosure that the defaulting debtor cannot attack..."
As I will illustrate in a motion that is in draft form right now the Defendants cannot (or refuse to) agree amongst themselves which party is the true holder -- it is hoped that the court will act as trier of fact. This reduces the defendants exposure to counter claims and is done deliberately for that very same reason.
Once filed I'll throw it out there...it will detail the very real and compensable exposure I mention above in intricate detail.
It's not called "Fight Club" for nothing...
Right. If determining the true holder also means admitting to securities violations or, at the very least, subjecting yourself (and/or successors) to "putbacks", then the best course of action is probably to kick the can. In a scenario where putbacks are available and the securities/assets are worthless/significantly devalued, then the buyer will always seek to exercise the right of putback/recission/whatever. What stands a significant probability of happening is that if the mortgages are putback to their originators, the subsequent chain of assignment will be tasked with trying to get blood from a turnip. As a result, the likely bagholder (see only entity with any money) is going to be the TBTF, et al.
In the end, someone needs to be given the legal right to foreclose... and, in all likelihood, that same person/entity will be subject to liability from putbacks... the difference between the sale price of the properties and the cost of the putbacks will be the haircut... as it should be.
The biggest impediment to settlement is that a particular tranche of securities might have mortgages originated by dozens (hundreds?) of originators... getting everyone to the table is like herding cats. Someone needs to step in and require a determination of the real holder... and, if need be, the judiciary can make a decision as to who gets what with the proceeds... I presume it would be preferable to the parties to agree amongst themselves who'll take the haircuts, but if a court does, so be it... I would just think they would want to avoid the "all or nothing" proposition the court will impose... If everyone takes a 5% haircut before getting to the TBTF, the pole might not be as hard to chin... Of course, if you're the victim of fraud, then you really don't have much incentive to take a haircut... decisions decisions...
But yes, the first time a yokel wants to walk through the door and pony up a retainer (or, if they've been enterprising and have documentation to prove their case, then I'd probably take it on contingency), then I'm headed to SOP, which = demand letter>demand letter w/ complaint attached>filing complaint. I strongly suspect a settlement is in order, but if they settle with every foreclosed party, then they're sunk... I can't fathom these cases would settle for any less than $.50/$1.00. And, as many foreclosures as have happened, that's gonna be a really big number. In the end, foreclosed parties can simply invalidate decrees and return everything prior to foreclosure... the foreclosing party is responsible for the tab and it's a dead ass loss. On houses that are <$200k, it's cost prohibitive in all likelihood.
For prospective foreclosures, I strongly encourage any party purporting to be the holder to do a significant evaluation into the validity of the assignments in its chain or enter into an agreement among the entire chain to foreclose as plaintiffs and pray for the court to distribute the proceeds... once a couple precedents get thrown down, the settlement/agreement among the chian of assignment should be a lot easier...
"For prospective foreclosures, I strongly encourage any party purporting to be the holder to do a significant evaluation into the validity of the assignments in its chain..."
There lies the problem and where reverse engineering comes into play. If a close examination of the (dare I say dubious) assignments also comes into play, and the foreclosure continues despite the reverse engineering -- that takes away the "oooops" card. The crafty lawyer will then prove intent by potentially every player in the game.
As an aside...who wants to be left holding the REMIC bag of tricks?
No choice... There was a bagholder for certain... what happened was, seeing this, they decided to throw the liabilities on the government (you and I) and start disembowling their organizations via withdrawals... e.g. the completely necessary "bonuses". In the end, there will be a shell left while the principal actors get away and set up shop in the next country to emerge as world superpower and also dumb enough to go along with the scheme.
If someone (attorneys included) is stupid enough to continue a foreclosure after being presented evidence of forged/incomplete/unenforceable documents, then they get what they deserve... I'm not sure where I stand on the degree of diligence required by attorneys reviewing documents, but at the very least your professional reputation is at stake when you foreclose without being certain... obviously, there are practical considerations... which often times means the party representing the foreclosing party cannot waste time trying to determine the real holder... but, once some reasonable information has come to the attorney's attention or the attorney should have reasonably determined the lack of authenticity/validity of the documents, then it's time to punt/cease.
I would think that but for a very small percentage of foreclosures, the issues with MERS, fraudclosuregate, et al, would stop foreclosures... until the chain of assignment can be better determined. Apparently attorneys are desperate for fees...
Hey I like that how you said FIGHT CLUB LAWYERS. not sure if it will happen.
the whole system is rigged against us. Even teh stock market.
LOL.
The dollar looks horrible here. Those FFT guys have been crushing the market latetly. I am a VIP member and love their technical analysis, but they just uploaded a FREE video of what they think is going to happen in the next few weeks to the S&P 500. Its well worth a watch!
==> http://www.youtube.com/watch?v=Lnt5HuGGcKw
:o
Isn't that interesting; The Trial Lawyers Assn., champions of Freedom Liberty The American Way and protector of the little guy haven't found a way to protect over 2 million home owners but they can align with unions, shake down insurance companies and bankrupt thousands of companies sending hundreds of thousands of jobs overseas with false asbestos claims.
Note to Democrat Presidential Candidate,John Edwards...go ahead and kill your self , Freddie Baron is waiting for you in Hell.
That's tricky because you can go bankrupt. But every ZH member should become a FINRA arbitrator to bring balance to the industry-controlled judiciary that brought us the tech wreck, auction-rate securities, equity-indexed and variable annuities, etc.
+1 for you.
Your internet detective skills are outstanding Watson!
way to dig deeper
Couldn't such a plan backfire?
Very, very good point.
Careless, if what you're suggesting is indeed true, then it would seem to be quite logical considering the article's attempt to stretch the value of $15,000 in contributions across the scope of such a high profile and scrutinized settlement. Doesn't your statement, if factual, reflect quite poorly on ZeroHedge and its house alias Tyler Durden.
Dave Harrison
www.tradewithdave.com
+1 It's just BAC and their minions trying to muddy the waters. You have to spend way more than 15K to get a state AG. I'll decide after I see what the terms are.
I totally agree Careless. now we are left with only one question: Who is John Galt?
Wonderful Bitchez! post. Nice addendum.
++++11188657
The only way this gets fixed is by complete collapse. Just hit the red scram button. Pull the plug. Fuck it!
well fuck me...
This is America, this sort of "behavior" does not happen here......
.....so I'm told on Good Morning America, Regis & Kelly, The View, and by the President.......right?
It has never been a suprise to me that lawyers and polititians are corrupt, the surprise is how cheaply they are bought.
Reading about the amounts of the campaign contributions, I was thinking pretty much the same thing. By the standards of big corporate graft, this is $50 curbside blow-and-go -- quick and cheap.
have to figure the real payoff is in the Caymens or somewhere offshore; maybe hire a son or daughter at BofA mid-manger level
Cheap?! The printing press is running $75 Billion a month......not cheap. But, will be soon when gas is $50 a gallon!
"The Falcon and the Snowman" -- entire countries betrayed dirt cheap! Even Jesus of Nazareth, for 30 pieces of silver.
Honestly, they make so much damn money in their regular jobs, do they need to be so shady as well? I feel like I should start trying to bribe my local police or law enforcement for protection, lol.
www.forecastfortomorrow.com
They don't even make pains to attempt to hide it anymore.......
yeah, that's what's so pathetic about all of this....
and ...even more disheartening, the mainstream press won't touch this story with a ten foot pole.
Maybe the O'Really/Dubbs team will cover it.
What is it about the Corporate Press, anyway?
As powerful as the Internet is to us, the mainstream cats you're talking about do unfortunately control it--it's only through legitimate, ethos-filled word of mouth that people will actually realize what's going on and how they can stop it. get the word out to your neighbors
www.forecastfortomorrow.com
As powerful as the Internet is to us, the mainstream cats you're talking about do unfortunately control it
And how do I know you are not some super secret shill for the aforementioned powers?
Well, the Supreme Court removed the limit that corporations can spend on political campaigns, which basically makes it legal to buy politicians. Here's what Hopey the Clown said in January 2010 after the Supreme Court's decision:
"This is a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans.”
From the guy who's going to raise a billion dollars for his re-election campaign. Sounds like a big ol' For Sale sign to me.
Sad
Good to see we still have the best politicians money can buy.
Unfucking believable! Tar & feathers!!
How many folks in the USA is even aware of this kind of crap. Hang the bitchezz and their families. Don't spare the MOFO's and don;t stop until this is cleaned up period. If Americans have no balls call the Chinese, they will do it gladly.
how awesome of a kung-fu series? I would pay an extra $30 a month to watch one member of Congress fight a ninja once a week! Could you imagine Pelosi fighting that girl in Rush Hour 2?! Barney Frank verse Jet Li?!
Same shit, different decade...
A lot of Democrats & Republicans in the USofA, not many Americans.
Welcome to the Free Shit Empire™
Hope, Hope and Change!! We can take the future.......
Hope, Hope and Change!! We can take the future.......
CREEP -- Committee to RE-Elect the President 2012
I like the cut of your jib, Quixotic. That's my answer when talking politics. I'm not a Republican or a Democrat. I'm an American.
Sooooo, you are over-weight, under-educated, in debt to your eyeballs living in a McMansion with 3 cars and work a 60 hour work-week?!
Not sure where you're going with that comment, but it sounded kind of cuntish. I'm an educated (MBA), well-conditioned, middle-aged male with very little debt, a small townhouse that's rented out (that's the debt), two paid-for cars, and I'm self employed and work about 40-50 hours a week.
And yourself?
i'm fat and happy myself. and i don't have a dime. just Zero Hedge and a beach. no i did not say "beach" as in that other kind. i meant actual "beach." sandy wish an occasional "Big Fish."
Morningstar Lowers 3-Year Gold Price Forecast By 26%Many of the fundamental drivers of gold’s current bull run appear unsustainable over the longer-term, says Morningstar (MORN). As a result, the Chicago-based investment research firm has lowered its 2014 forecast for gold to $1,200 an ounce, down 26% from its previous estimate.
It has also dropped 2015 price projections to $1,236 an ounce, 28% lower than before.
One of the catalysts that analyst Joung Park warns about in the report dated April 20 is the role of exchange-traded funds.
He added: “In fact, we’ve already seen net inflows into gold ETFs in 2010 (and so far in 2011) decline from their 2009 highs.” The SPDR Gold Trust (GLD) has suffered more than $3 billion in net outflows this year through March, according to the National Stock Exchange, a data collector. Meanwhile, a popular fund to track miners has also seen more money taken out of its coffers than put in during 2011. The Market Vectors Gold Miners (GDX) had $835 million in net outflows so far, some $246 million coming last month.
Then there’s hedging activities by miners. Park noted:
The result, asserted Park, could be that a “previously significant tailwind for gold demand will subside going forward, and could even reverse to a headwind if gold miners decide to rebuild their hedge books to lock in historically high bullion prices.”
http://blogs.barrons.com/focusonfunds/2011/04/22/morningstar-lowers-3-ye...
Yah, so let me get this straight. We have net outflows to the two biggest flagships for individual investors for precious metals exposure and prices are rising? and this is BEARISH? Morningstar has some of the worst individual stock research I've ever seen and so too is their pathetic precious metals forecast. Fade these idiots.
What's been going on is that hedge funds have been shorting the miners and paper gold funds.
Investors have slowly awakened to these events and have rotated out of the miners and paper metals into physical.
Morningstar (Park) has misinterpreted the situation.
Gold will not see the $1200's again.
~Misstrial
agreed. but i'd be a damn fool if i weren't backing up the truck IF it ever reaches $1,200. shit, i'd be loading up if it drops back to $1,400!
Because people are converting to physical seeing as ETF's are a paper manipulated scam. The whole point of converting your currency to gold is to get outside of the broken, corrupt system.
What some research firms, and those that listen to their advice, don't understand is these outflows have to do with people realizing that holding physical is the only way to really invest in precious metals without the risk of being cheated in the end. This way of thinking is becoming more and more popular on the web. ETF inflows will continue to decrease and the price of gold will continue to increase until shortages bankrupt these paper scams. In the meantime many "experts" will be confused by this trend
This has got nothing to do with the topic of the post. Put it on your own blog, or wait until TD posts about PMs, but for fuck's sake, don't put it here.
I can post whatever I want, kiss my ass ..... Get back on Kitco you " Fluffer "
Well, you can certainly be an ass whenever you want, and you have. The very least a good troll can do for his audience is to be fucking on topic. Please try a little harder next time.
What if the topic ..... stinks like your old ladies Coochy ?
Ha, ha, ha -- wow dude, what are 14? OK, now you're being a good troll. Have a tasty troll biscuit on me, you flaming ass.
Please tell me what the acronym 'PM' stands for.
PM= Precious Metal(s)
Or, Pre Menstrual. Like OT Smailes.
does she/he need 'menstrual pads' as well as a 'fluff' job to make 'it' realise the value of growing up?
It is very difficult to predict what is going to happen, specially in the future.
yes much easier for the past...'predictions' are always, by definition, about future...or I'm in someone's time machine!
You know, I'm not 100% sure you are a troll but your post strongly suggested it. You just don't fucking get it, not every body is looking to get rich from this Gold bull. Personally I could give a fuck if I go broke, I refuse to submit myself to these crooked bastards. I was born broke and if I have to die broke that's fine with me. I'll never give one cent to these corrupt greedy low lives. And we do not need the whole world to jump into Gold to win this battle, since the PM market is tiny, all we need are the very small amount of sheep on the fence to jump in. For me this is about principle, yes some people still have this, not about getting rich. They can't fight an idea. And since your post is bogus, you could just go to hell!!!!!!
WTF spalding you worthless fucking troll, this isn't even investment related yet alone talking about either Gold, or Silver.
Way to hijack a thread you dumb fuck. I realize you hate PM's and thats your shtick but keep it on the PM boards.
Look at the other worthless post on this thread. Who the fuck are you ? Crockett or Tubbs or Colombo..... ????
I started on the old zero hedge blog within the first 8 weeks. Not many rules in the fight club, so blow me ....
You have got to be the worst fucking bullshit artist to date. Harry Wanger can't even match you.
@spaldingSmailes;
And while they were selling papergold to the tune of 3 billion; Mr. Sprott in Toronto managed to rein in about a half trillion for his PSLV fund...
3 billion -
500 billion? +
@spaldingSmailes;
And while they were selling papergold to the tune of 3 billion; Mr. Sprott in Toronto managed to rein in about a half trillion for his PSLV fund...
3 billion -
500 billion? +
I make between 10% and 30% every year on my investments, and Morningstar is always telling me I'm making a mistake.
Who pays attention to these crap companies? If Morningstar believes this shit, well, they ought to short gold and prove it.
This story, which is seemingly carbon-copied daily on ZeroHedge, illustrates precisely how Big Capital controls government.
Anyone who reads an article like this and sees the co-opted government as the problem, and not those who co-opt it through outright theft, just isn't paying enough attention.
Yeah but it still take an ignorant populace to keep re-electing the same corrupt politicians. It's funny to see some people screaming about corporate influence in politics and not a peep when Barack Obama is able to raise $800 million for his campaign. Where do these people think the money came from?
People have been heavily propagandized into believing that they have a choice when it comes to their elected politicians. And even if the differences are much like those between the 19 kinds of cat litter we can purchase at a the supermarket, that money goes a long way when supplemented by a media that's part of the same game.
Breaking out of the 2-party stranglehold is a key. Which is why Ron "John Birch" Paul is so useful to Big Capital towards preserving the status quo.
Agreed. What makes it possible--indeed, irresistably inevitable--is that the major corporations own the media.
Not figuratively, but literally own the media. They control, nay, define the public consciousness.
Dylan Ratigan is the only exception.
Zzzzzz...
This is news to who? Really, the privileged get privileged treatment? The people who pay for the politicians get rewarded with leniency from the politicians and their minions? Wow.
My heart is aflutter. Where is my mint julip?
Ok I will have to ask a trollish question.
Any kind of cash settlement right now would only weaken the banks further. The government would then have to find another backdoor way to give them funding, other than artificially manipulating treasury spreads, paying interest on excess reserves, and fannie winning "bids" at foreclosure auctions at too high a price ( and putting a floor under the bids when they lose).
Isn't this a bit more honest and a bit less complicated?
If the banks made a 20 billion dollar settlement it would just require a lot of complicated paperwork for the government to give that 20 billion back to the banks in some other form.
Or...they could let the banks fail.
Saddly that won't happen. It would cause a chain reaction in not just the US pensions...it would hit all pensions...state run theft...etc.
It would be like the ultimate in depreciation. One day assets are attainable...the next, it depends who you know on the ground level. These people hiding in the high towers know nobody. They peddle influence, not friendship.
It's just a simple fact that the bonuses the banks have paid out over the past several years are money that should have been retained as loss reserves to cover their frauds. The bankster "employees" have literally stolen money from their "companies" that should be clawed back. Every penny of it.
Any kind of cash settlement right now would only weaken the banks further...
You're responding to the issue as though the US government's act of paying tribute to a foreign entity for the privilege of using their currency as legal tender is APPROPRIATE.
Why in the world does the US as a sovereign nation pay tribute to a podunk weasley organization like the bis' puppet regime, the fed?
Our treasury department should be in the business of Collecting tribute from these bozos instead of Paying it to them.
Our Congress should return to their legal directive of issuing currency of the realm and exile these snakes back to the ether world they came from.
Pathetic!
Any Federal "settlement" under current law would be structured such that the banks receive preferable taxation treatment from the Treasury for their "losses" on the original mortgages and the derivatives + cash for their loss sharing agreements with the Treasury (OCC/OTS/FDIC), while the homeowners would be receiving a taxable benefit from the banks, and owe money to the Treasury (IRS). In short- Banks & Government WINNING, little guy LOSING, as always.
This Quote Applies Here To:
"They say Mickey Mouse died in Viet Nam along with Mom & Pop, Apple Pie and the pursuit of happiness; but that's not all, America's moral high ground was lost, stolen from its people – along with their honor, their sense of duty, fair play and justice, their virtue and faith in themselves through the rule of the many; their conscience, their individual pride, courage, their passion and self-respect in the name of money for God's sake!
Their loyalty, fidelity and trust, all their love, hope and dreams have been stolen, replaced with poverty and fear, all trust gone now, subjugated by the thinking behind the Declaration of Verona, a Nation's soul lost in the wake of a global war for wealth by the already over-wealthy, an inevitable and logical conclusion to the love of money above all else.
But the public consciousness has discovered and is examining the depth of the theft - not just of monetary wealth in jobs and homes and retirement funds, but the theft of all those virtues I mention above including the theft of their honor, a grand theft without any precedent in history:
Theft of the ownership of self through debt."
Tom Dennen, Grand Theft, Planet
What we need is for a whole bunch of serial killers to switch from street walkers and begin killing the Wall Street/Washington whores.
Would make a great movie, or reality show.
I could go either way.
Dont worry. The crazies are getting restless.
Any more fiscal and monetary fuckups and
they will be ready to rumble.
I just emailed the AG with arguably the most vulgar email I've ever written. This story goes hand-in-hand with this:
http://www.followthemoney.org/press/ReportView.phtml?r=447
Silver shortage blamed on " miner hedging " as price rises with gold
.................... "Since the start of the year, [silver investment in US futures] has dropped...6% while the ETF position has dropped 3.9%," says the latest Metal Matters from bullion bank Scotia Mocatta, "[which] might just reflect some repositioning by investors as they adjust their portfolios."
Noting "strong buying" from coin investors and product-fabricators, however, Scotia attributes the current "backwardation" in silver prices – where future deliveries, unusually, are now cheaper than immediate supply – to "a combination of commercial bank borrowing and by [mining] producer-related forward hedging business."
Five un-named silver mining companies apparently sold forward a large chunk of their future production to "lock in" current prices, the Financial Times reported last week.
Needing to borrow physical silver bullion, these miners have helped create the recent supply shortages, suggests Scotia, in London – heart of the world's wholesale precious metals market. " ...............................
http://www.bi-me.com/doc_print.php?id=51029
I blame the silverage shortage on the fact that there isn't that much silver
Silver mine production rose by 2.5 percent to 735.9 Moz in 2010 aided by new projects in Mexico and Argentina. Gains came from primary silver mines and as a by-product of lead/zinc mining activity, whereas silver volumes produced as a by-product of gold fell 4 percent last year. Mexico eclipsed Peru as the world’s largest silver producing country in 2010, and Peru is followed by China, Australia and Chile. Global primary silver supply recorded a 5 percent increase to account for 30 percent of total mine production in 2010
World Silver Supply & Demand - ( In million of ounces )
2001 2010
Supply
Mine Production - 606 735
Net Govt. Sales 63 44
Old Silver Scrap 189 215
Producers Hedging 18 61
Implied Net Disinvestment - -
Total Supply 877 1,056
Demand
Industrial Applications 349 487
Photography 213 72
Jewelry 174 167
Silverware 106 167
Coins & Metals 30 101
Total Fabrication 873 878
Producers De-Hedging - -
Implied Net Investment 3 178
Total Demand 877 1,056
http://www.silverinstitute.org/supply_demand.php#supply
GTFO you piece of shit.
The truth hurts ..... Is this Santa you pimp ..... ?
another lonely saturday night i see. do us all a favor and go back to your shitty porn.
I blame the silver shortage on a bunch of dumbfuck military guys wasting the shit out of it. Temporary badasses.
Double.
I really feel for you, tomorrow, Easter Sunday, I will add you to my prayers.
So what do you think of the facts on Silver ? Thanks for the prayers
Silver History •
1900 - $0.80
1910 - $0.70
1920 - $1.70
1930 - $0.50
1940 - $0.42
1950 - $0.90
1960 - $1.00
1970 - $2.00
1980 - $48.00 ( Two months later below $10.00 )
1990 - $6.00
2000 - $5.00
2003 - $5.00
2006 - $8.50
2009 - $12.00
2010 - $18.00
here's a trend for you. purchasing power of us dollar, excuse me, federal reserve note, since 1913:
http://poipu.imaginerc.com/graphics/home/purchasepower.jpg
What do you think about the facts on oil?
Oil History
1946 $1.63
2011 $112.35
What do you think about the facts on Ford cars?
Ford History
1914 Ford Model T $240
2011 Ford Taurus $26,245
+1
Matt Taibbi covered this as well......as only he can...
http://www.rollingstone.com/politics/blogs/taibblog/best-way-to-raise-campaign-money-investigate-banks-20110421
Thanks to 60 minutes the state of Michigan is looking into robosigning issue altho, i would not expect anything to come of it....but you never know..the states are fighting for their fiscal lives and may find the banks easy prey...
http://nakedempire2.blogspot.com/
america is a free country, not only are smalltime politicos free to buy, attourney generals, and even the president is up for sale.
I'm scared of Amerika...The Rogue State. ruh roh
This is capitalism, baby. It's what happens when you allow the whims of Capital to run roughshod over everyone and everything.
Brought to you by the money=free-spech interpretation!
a.k.a corporations have 'individual' rights (same rights as individuals)
sorry founding fathers:
I kow that when you said free, you meant free from the oppression of the oligarghy, the 'aristocratic' minority, unfortunately, it has become a free-for-all grab BY the oligarchy.
I know that you warned us of banks and corporations ... unfortunately, thanks to the greed introduced in our economic system, they now run the Country.
I know that what you founded was a Country run by a Government by the people and for the people, for a more perfect union of the people, unfortunately, we have a government paid by corporations and for corporations ...
BTW: thank you Supreme Court for your wonderful interpretation of the Constitution ... really true to the founder's spirit!
The slave-raping founders aren't as pure as you make them seem here.
of course!
So therefore all their ideas are bad.
Not necessarily. Just hypocritical and deceitful.
Something about slave-rapists and Injun killers speaking about 'natural rights' just rubs me the wrong way.
Jefferson made love to slave...or did he rape her?
Injun Killers in those days were the Red coats! Less the US settlers. If I read "Last of the Mohicans" correctly.
The art of political grifting is still alive & well.
http://www.youtube.com/watch?v=ensQ6Eeq6fI
Legal fees would be a pretty smart way of channeling funds. Very hard to perform a meaningful audit.
Even if the AGs were successful, all they were doing was asking the servicers to do what they were supposed to have done all along. And with the OCC 'helping' (see URL below) its "clients," everything should be hunky dory soon! No, not the taxpayers... the BANKS!! (The OCC refers to them as their clients)
"... the real reason the O.C.C. raced to come up with its weak settlement proposal is that last month, a document surfaced that contained a rather different set of terms with the banks. These were settlement ideas being batted around by the states’ attorneys general, who have been investigating the foreclosure crisis since late October. The document suggested that the attorneys general were not only trying to fix the foreclosure process but also wanted to penalize the banks for their illegal actions.
Their ideas included all the terms (and then some) included in the O.C.C. proposal, though with more specificity. Unlike the O.C.C., the attorneys general had devised a way to actually enforce their settlement, by deputizing the new consumer bureau, which opens in July. And they wanted to impose a stiff fine — possibly $20 billion — which would be used to modify mortgages. In other words, the attorneys general were trying to help homeowners rather than banks."
Read the whole thing here:
http://www.nytimes.com/2011/04/19/opinion/19nocera.html?_r=1&src=tptw
A simpler explanation is that those two lawyers are trying to ensure their job security.
How did these big shitty banks ever get so big??? What are they better at than First National Bank of Bumphuk? Losing money and blowing politicians!
Sandy Weill, friend of the "power jews"
....and I do mean that.
Yet another predator-insider-lawyer that needs to hang. If justice ever arrives in the USSA, we all better go long rope manufacturers. Until then, they ought to be a great short.
banks are just like woman or men
.
human beings make mistakes
You Sir, Don't know shit, or are a shill.
Do "They" want to really get out from under this massive disaster?
This Remedy May Work
Have all the BANKS involved give homeowners a 2 and 3/4%Mortgage and hope they would take such a shitty deal, with all previous expenses reimbursed, and all expenses at closing paid, a no-cost alternative to walking away, or staying and NOT PAYING, or trashing the property. This would mean they NOW have money to spend.
All mortgages would qualify and would have the option (at the homeowners request, to extend the current mortgage at that rate) to a 30 fixed at that rate, at their option. Any tricks or unusual add-ons will not work.
You all want out of this legal bind? This Might Work.
The longer you wait, the more costly it will be, and probably will not be available much longer.
Just my opinion, which carries no weight.
I find it interesting that i have not heard of 1 AG recuse themselves from this matter, for conflict of interest...as every practicing attorney in the U.S.A needs to be a member of the American Bar Association, membership is "at the leisure" of the POTUS....hmmm teh POTUS, what other groups are "at the leisure of"? The Federal Reserve?, the member of the "American Bankers Association", entire "Judicial branch" of government, the loan holding (debt/credit) members of "Con-gress), the notaries(cert.), the enforcers(FOP), even states central government...proof is ... "States"..have a corporate seal...its called "Sedition"..sedition works both ways..bottom up, or top down...as we live in a "Republic".
this is nothing short of complete capture (By the office of POTUS) against the "People" and the, Constitutionally assured separation of Government authority. (Congressional,Judicial,Executive) As all members are compensated in illegal( as per Ron Paul) FRN's.
I almost feel sorry for the indebted 1's...ok well maybe not...if i didn't think most of the debt wasn't created and empowered by "made-man" style of American lending. I think i see signs similiar to a crack addict, drugged by access to credit, and not taking time to understand the power of this tool. Nor given a basic understanding of these tools in the schooling years (think non preforming college loans here). using treasury signed FRN's for judicial services (both civil and criminal cases) rendered.
i guess im for debtor prisons...so long as both the defaulting receiver, as well as all the authorizing agents(for lack of DD, and i'm saying the entire chain of agents, to the top!) both are equally charged. As this lending is now back-stopped by innocent 3rd party victims...in fact speaking of victims...who's speaking in this for the victims?..ya know the same group who's "credit" is being manipulated at the national level, whose "future productivity" is being encumbered by higher taxation/obligations generations out...Hey POTUS..i guess its easy to manipulate, sanction, en-debt, and enslave, make claim on the productivity of, the unborn..when they have no chance to speak to protect themselves. Oh, lemme guess these educated, college folk know better how to spend these assets then the people who ... well... who are still to earn this asset 50 years from now..just to keep campaign contributions/funding for your regime/political party/legal opinion writers, going?..or the fraudulent activities of your private banking cartel?..I'm pretty sure there are laws against parents using there kids names without permission to draw loans. Maybe even international laws against this. Or can i have a kid...and by that child the age of 1day old..do i have the right to pull out a 50 million dollar loan(2 million with 18yr (14%) inflation adjustment), making child responsible for repayment, because by age 18..that's what this kid is going to have cost me? Couldn't i easily claim..but it was for the benefit of the child...because i gots me an edgeeemakaaation that says i know better. if the US government is "of,for,and by the people". why don't i have this same option?
LEAVE THE FUCKING KIDS CHANCES AND OPPORTUNITIES ALONE...GET YOUR OWN ASS OUTA THIS FISCAL MESS, AND OUTA DEBT, LEGALLY and CONSTITIONALLY AS THE FOUNDING FATHERS WROTE AND AGREED TO!!!!.. TAKE FUKKING RESPONSIBILITY ...then i might give "Authority to Govern"..but i doubt it
Won't be long now till the U.S. will see enough of a fiscal need for border fencing, both north and south, and not to keep people out.
Is it time to start polishing up my medicine making skills yet? ..
http://www.youtube.com/watch?v=DqPGp9yxANk
Funny how CNN clipped the end of the interview OFF of their site once the words: "Our department (Sherrif: Cook Co. Ill.) is now filing criminal investigations on these banks..."
Whoops. Hid the shit everywhere else but if the Sheriff is after you good luck yosemtie sam... No matter how hard the top down cram is on the coverup trying to stop the Sheriff's will be like using a hammer to stop a colony of fire ants eating a carcass...
more propaganda..and cost to the tax payer....whats a sheriff gonna do "refer for prosecution"... to say maybe...the prosecutor, whose bosses revenue stream/home mortgage/wives credit card/student loan/car loan/401k/IRA or even license to practice.. is dependant on the "donations & contributions"....again..can only lead to===> a fox, presiding over the case of; the fox, and the hen house murders. ain't no member of the BAR able to follow this up...and keep his job/credit rating/family.
There's a Sherrif in Crook Co., Ill.?
or better yet...from Dr. Impossible..news before it happens!...The Cooked Sheriff's investigation, while being the most indepth & costly investigation ever in the areas taxpayer history.... has revealed a website (ZH) which has pretty much lined-up and publically handed over vast amounts of evidence needed. However, this information still needs translated to a format condusive to the Sheriffs official investiGATORS.
"In the hour we spent analyizing this public forum, My Office has uncovered something which will require much more time and costly diligence on these matter. Unfortunately because my term as Sheriff ends in 3 and a half years, as well as we cant indebt the people much more at this time, as well, bugetary constraints, we will be temporaily halting further actions with this investigation, as our residence have already lost their jobs/homes/retirementsaving/health/constition/abilitytosave/earn. If this situation shows any improvement we assure you we will borrow to the maximum, and then some, in the tax payers name, To bring this activity to light. Or,until such time a fiscally viable opportunity presents itself.
..."Assurance has been given this will happen in a timely manner"
WTF!!!
Where's the CA AG on this? Or is Iowa now "the world's political capital"?
I bank with a small credit union, and I'm glad I've been doing so for years. I've never had any issues, and i know none of those bankers have their hands in the politician's pockets stroking each other off.
www.forecastfortomorrow.com
double post
Even after a settlement, they still don't own the notes.