State AGs And Banks Prepare Fraudclosure Settlement, Bailout Number Two For BofA Imminent

Tyler Durden's picture

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bigdumbnugly's picture

sorry, but was there ever any doubt?

No Mas's picture

It is as I have said before:  Banks will make money, lawyers will make more money and no one will be the wiser.

Defaulting homeowners will be kicked to the curb and become renters subsidized via section 8 housing.

Banks will write down the loans over time but no problem for the reserves or income as the Fed will take care of all of that.

Who in their right mind ever thought anything would come of this?  Christ, this is the USA and it is owned outright by the banks.  Nothing will happen to any of them or theirs until their is no currency.

Keep up the bitching and complaining.  The banks will simply laugh all the way to the,well....  BANK!!

Fraud-Esq's picture

never a doubt. Keep track of each AG that settled-up with the banks. You can bank on their bright futures....

They had loads of leverage. Time to send in Internal Affairs! LMAO... 

Dental Floss Tycoon's picture

IA would just be one more pig at the trough.  Lots of bucks to spread around.  How do I get a cut?

RECISION's picture

Keep track of each AG that settled-up with the banks.


More names for the Hit-List

Triggernometry's picture

"This is a god damned traveshamockery"

Duuude's picture






Altan311's picture

Not gonna happen, too many angry people...

Cognitive Dissonance's picture

This so called "settlement" might just be the flash of the magician. I suspect it might just be designed to fail in order to allow Congress to pass a law retroactively making the bank boo-boo's all better.

If "we the people" get too pissed off, Congress will say that the banks are repentent and the AG's are "satisfied" with the settlement. In the interest of keeping the economy on the mend, we "must" save them from themselves.

Or like a ping pong game, the "settlement" can appear to be failing, thus forcing Congress to pass a law "against it's will", thus forcing the AG's to "compromise" after all and settle.

This is a political soap opera folks. I was saying weeks ago there will be a political solution. It will be done before Xmas. The Ponzi will not tolerate anything less.

johngaltfla's picture

Sorry CD. THAT oversight was signed away with Frank-Dodd. The Federal Reserve has the power now. We're just newspapers on the floor waiting on the puppy shit to hit us.

BrosMacManus's picture

more like a full grown mastiff...

fxrxexexdxoxmx's picture

I can take just about anything but puppy shit.

That is all for me boys and girls.

Puppy shit? Puppy shit?

I saw some pictures from a gay parade in San Francisco the other day and almost vomited. Middle aged men were performing oral sex on one another in broad daylight while in public.

Puppy shit and gay men performing oral sex in public.

I quit.

Mentaliusanything's picture

As a man, I am now scared for life. Thanks for coming

MachoMan's picture

This is all about plausible deniability post collapse.  The fact of the matter is that the watchdogs for the citizens of each state, the attorney generals, sat on their hands this whole time, in sheer ignorance of the banks' transgressions or, worse, knowingly turned a blind eye.  Either way, it is a complete embarassment for them.  As a result, the best possible solution for them is not to go into a lengthy trial whereby the negligence of each attorney general is on full display, but rather make a settlement so it stays out of the limelight.  The angry people are completely immaterial to the determination unless they have molotov cocktails and a thirst for blood and are knocking on the door.

snowball777's picture

How much AG apathy was the result of Dubya's specifically castrating state-level enforcement via executive orders to the OCC?


MachoMan's picture

Are you suggesting that AGs are out parading with this argument?  The point where they have to defend themselves will never be brought up...  they don't want to deal with it, which is why they're capitulating and settling...  before the thing even gets started...  I mean, we really aren't even to the cursory discovery phase yet...  It's kind of like an opponent of mike tyson taking a dive before the fight starts...

dizzyfingers's picture

...since you brought it up, the last two sound good.

El Gato's picture

Damn, it feels good to be a bankster

RobotTrader's picture

Nice vacuum pump into the bell to stauch the losses before the GM IPO.


slaughterer's picture

Meanwhile, PIMPCO High Income Fund (PHK) gets pummeled.  Surprised Robo has not pinned up a chart of Bill Gross's crash and burn fund. 

Cleanclog's picture

Super ugly when you look at the long term muni funds!

Cruel Aid's picture

All varieties dumped.

Ugly if you slept thru support levels. There was time to bail.


RobotTrader's picture

Really not that bad....

Not as bad as this....

slaughterer's picture

Don't worry: Munis are next on the Fed's buy list.   Thanks for the comparative chartology.

tallystick's picture

Seriously Robo, what a clown.  Calculate the percentage drops and try again.


Your first chart clearly shows a >10% drop, while the second is clearly less than 10%


Tyler, can you remedy Robo's image clutter issue?

Minion's picture

I love it.  Robo for the play by play, PPT is in effect!

RockyRacoon's picture

How come on the gold charts you choose to post the last 12 hours chart?

Take a look at this one, choose the 2010 YTD button:

Shameful's picture

And now to watch for campaign contributions to certain AGs. After all can't mount a reelection campaign without kickbacks...err contributions.

johngaltfla's picture

Private Property rights fucked again. Why bother keeping "the damned piece of paper" undre glass. Let Bernanke's dog or Obama's use it to shit on.


Lawyers and banksters have been for years.

hedgeless_horseman's picture

Wet clean up (vomit) under my desk.

goldmiddelfinger's picture

I see Chris Dodd's leprechaun is dancing a jig singing "They're magically delicious!"

Cleanclog's picture

It could be worse.  

In Ireland the banks were borrowing at 8%, when they could find a lender, and then making mortgages at 5% - to keep a floor on housing prices that are obviously going to plunge again . . . as I doubt the ECB and EFSF will further support Irish housing prices lest they must do the same in Portugal, Hungary, Greece, Romania, Italy, and eventually every country in Europe.

Chuck Bone's picture

People, it's time to get angry.

HarryWanger's picture

Been saying this would happen while everyone kept trying to make this into a big story here. It's always this way, slap a few wrists and on to the GM IPO and a new episode of "Glee" tonight.

Bastiat's picture

You are a confirmed cynic, Harry and that seems to be a more comforatable adaptation to the world we live in.  It seems many of us here suffer from a sense of outrage fueled by some childish idealism about judicial legitimacy and the necessity of clear legal structure defining property rights.

SheepDog-One's picture

Harry the ultra cynical hyper optimist!

RichardENixon's picture

You'd better get over that fast or you're gonna be in for some real misery ahead.

Bastiat's picture

No shaking it; I've adapted adapted over the years.  May be a self help book in it:  "Living With Outrage." 

DaveyJones's picture

I'm living with outrage and anger. It's a polygamy state

samsara's picture

A cynic.  He knows the price of everything and the value of nothing.

He doesn't care about the constitution, or the law really.  If he can work the angles to make a buck, he's happy.  And considers himself "Smarter" than the average dope who expects fair play, equality and all those things that don't make you a dime and just paints a big bullseye on your back for the P.T. Barnums like himself.

He's never disappointed because he doesn't have expectations.    Just results.


Minion's picture

Good ol' Wanger telling it like it is.  JPM was on fire all day, then experienced a stick save of UFO proportions, right before the bell. 

tahoebumsmith's picture


Guess what? Slap a few wrists? You wait and see how many people have stopped paying their mortgage because of the light shed on this problem. 35% of homes are underwater and people now have no moral obligation to pay these assholes. So like I always say, just sit back and watch, because the shell game is running out of hands and soon the ball will be revealed.

goldmiddelfinger's picture

WTF? they spend 6 man-hours on this then settle? Bull shite!


Don't pass the smell test then again it's Donna Olick reporting

Mad Max's picture

I'll take a 100% principal and interest reduction and call it good.

Bartanist's picture

Fraud is a crime!!

There needs to be criminal trials and jail time for crime. These corrupt pussy AGs need to stop worrying about maintaining the lifestyle of the bankers and need to start putting them in jail.