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The Farce Is Complete: In The Case Of Countrywide, Congress Finds Itself Innocent Of Being "Friends Of Angelo"

Tyler Durden's picture





 

Just when you thought the seemingly endless rabbit hole of Wall Street-Washington corruption, cronyism, co-option, crime and kickbacks may have finally come to an end, here comes the House Ethic Committee to pronounce that no ethics breaches were found among House members in its investigation involving the scandal surrounding Countrywide "VIP loans" and the "Friends of Angelo." And in just doing so, the House effectively cleared itself of any wrongdoing and that's it, case closed - move along... Move along.

For those who may have forgotten, it was only back in July that yet another House Committee, that for Oversight and Government Reform, found "Countrywide used its VIP Program to aid its lobbying efforts as well as to strengthen its relationship with taxpayer backed Fannie Mae.  Countrywide partnered with Fannie Mae in a strategic business alliance that also included joint lobbying efforts." Specifically, the report alleged that:

“The Committee’s investigation found Countrywide lobbyists and CEO Angelo Mozilo used discounted loans as a tool to ingratiate itself with policymakers in an effort to benefit the company’s business interests,” said Issa.  “A former lobbyist for Countrywide testified that Members of Congress, staff, and other government officials were directed to the company’s VIP program as part of an effort to create a favorable impression of the company on Capitol Hill.  This preferential treatment – that varied depending on the influence of the borrower – was not routinely offered to the public.”

Further, as part of its work, this other Committee found that:

  • A log of all loans processed by Countrywide’s VIP unit showed 17,979 loans between January 1996 and June 2008. Borrowers included Members and employees of Congress, the White House, Fannie Mae, Freddie Mac, federal agencies, and other government entities. The log listed hundreds of duplicate loans – the actual number of VIP borrowers was considerably less than 17,979. Lawyers for Bank of America acknowledged that the log may not contain the full roster of VIP borrowers.
  • Countrywide established the VIP unit in 1991 to process loans for senior Countrywide officials and their friends. Referred to internally as Branch 850, the unit had 13 full-time employees trained to provide enhanced customer service. According to VIP Loan Unit operating procedures, the suite of benefits available to VIP borrowers included program/underwriting and pricing exceptions.
  • [Former Countrywide lobbyist] Jimmie Williams referred Members of Congress and congressional staff to the company’s VIP desk in California to create a favorable impression of the company on Capitol Hill. To better position himself to lobby Members and staff, Williams made sure they received enhanced customer service.
  • In approximately 2000, Jimmie Williams began routing Members of Congress and congressional staff who he lobbied to a referral desk in California. Williams understood that the referral desk could handle loans for high-profile clients because the staff there frequently handled loans for celebrities. The referral desk was in fact the VIP unit.

Well, as it turns out, all these findings are now moot because, as the AP, reports, the first Committee, that which allegedly represent Ethics at the House (trying typing that with a straight face), has no power to actually do anything for one simple reason: all the allegations of favored treatment involved loans that were granted so long ago that they fell outside the panel's jurisdiction. I.e., the statute of limitation has expired.

How very convenient - as it turns out Congress was abusing taxpayer money and receiving preferential treatment for years, but sorry, nothing can be done about it. It just happened so very long ago...

There is more:

The committee added, however, that participation in the VIP program did not necessarily mean borrowers received the best loan deal available — and most lawmakers were not even aware they were placed in a VIP unit.

 

The actions of unnamed House staff members were harshly criticized. Emails indicated they reached out to Countrywide lobbyists for assistance with their personal loans, but those actions also were too old to remain in the committee's jurisdiction. The panel said that if the incidents had been more recent, the staff members could have faced discipline.

Not discipline. Anything but discipline...

The Oversight report named six current and former members of Congress who received what Countrywide referred to as discounts. All of their names had surfaced previously.

 

The committee has no jurisdiction over actions that occurred more than six years prior to the current Congress — which began in January 2011.

 

But even if the statute of limitations had not run out, the committee said, inclusion in the VIP program was not by itself a violation of House rules or laws. The panel said it found that Countrywide's "discounts" applied to standard loan rates that were commercially available elsewhere.

 

"They are not the kind of 'gift' which would be, in and of itself, outside the realm of reasonable market rates for commercially available loans," said the statement issued by Ethics Committee Chairman Jo Bonner, R-Ala., and ranking Democrat Linda Sanchez of California.

 

Even so, the committee said, members must take steps to ensure they are being treated no differently than a member of the public who is similarly situated.

It gets better:

The committee statement added, "Of greatest concern...was email evidence regarding the specific conduct of some employees...who may have reached out to lobbyists or other government affairs officials at Countrywide for assistance with their personal loans."

In other words the biggest concern was the fact that someone was caught with evidence exposing them red-handed, not that there was gross abrogation of congressional responsibilities, abuse of professional position, and receiving kickbacks in exchange for who knows what actions lobbied on behalf of the one firm that has now cost Bank of America tens of billions in contingent liabilities which have become all too real liabilities, and is in the running for the worst M&A deal of all time.

One really could not make this up if one tried...

So just like that, case closed, and once again in the case of people versus crony capitalism, the people lose.

* * *

And just to give readers a glimpse of the gross cover up that happened behind closed doors, but luckily caught on the record, and which allowed the House to continue on its merry criminal way, but where once more nobody will be held responsible or accountable, here are some extracts from the June 2011 deposition of none other than Agent Orange himself: Angelo Mozilo, courtesy of Manal Mehta.

* * *

Q. Was there a program called "The Friends of Angelo Program" at Countrywide?
MR. SIEGEL: Question's irrelevant.
THE WITNESS: No.
BY MR. SELENDY:
Q. Did you ever hear the term "FOA loan"?
A. Yes.
Q. What does that refer to?
A. Friends of Angelo, but it was not a program.
Q. Okay. What was it, sir?
A. My understanding of it was when a file was put on my desk one day that had "FOA" on it, I asked, "What does this mean?" And they said, "Friends of Angelo." And I said, "Why are you doing that?" Because I originate a lot of loans. Almost everybody I come in contact with, that was my job, was to originate loans. That's who I was. That's why I started the company. With taxi drivers -- Do you have any interest in this answer or --
Q. I do have an interest.
A. Then I'll just wait until you're finished.
Q. Continue, sir. Every statement you make is on the record. It's recorded both in the --
A. I know it is.
Q. -- in the transcript and the video. You can continue, sir.
A. I made it known to anyone who had an interest that I was in the mortgage business -- waiters, taxi drivers, limo drivers, stewardesses, gardeners -- and I'd give them my card, and when they called, I put those loans into our underwriting system. My people decided to label "FOA." They were not friends. But it was business. That was my business, to originate loans. And I asked the people, "Why did you put FOA? Why are you doing this?" And they said, "Because you referred them to our underwriting system. If we reject the loan, we want to warn you in advance so you're not blind-sided." And that was the purpose of it. That was fine by me. And that's the way it continued.
Q. First document is dated December 17th, 2004. In the subject line it states "Re: FOA." And you state in your e-mail: "In case you didn't receive my first message, you are to approve and close this loan. Next time you have a request of this nature from a former senior executive of Countrywide you should contact me directly." Do you see that, sir?
A. Uh-huh.
Q. And this is an example of a Friend of Angelo Loan; correct?
MS. CONCANNON: Objection.
MR. SIEGEL: Argumentative.
BY MR. SELENDY:
Q. Correct?
A. This is an example that you placed in this category of Friend of Angelo. As I said, I was a -- I was the originator of tens of thousands of loans since 1968.
Q. Well, you say I placed it in the category, but that's actually in the subject line of the internal Countrywide e-mail; correct?
A. Yeah, but this whole package is this -- you created this. What your question is -- so yeah, I made that statement seven years ago.
Q. Right. And --
A. Seven and a half years ago to be exact.
Q. If you'll notice, the e-mail that's sent to you states, starting in the second line: "The loan exceeds guidelines based on the following: LTV exceeds guidelines by 9.9 percent, cash out exceeded by $200,000, FICO 627 should be 616." Do you see that?
A. Where are you reading this from?
Q. This is in the middle of the page in the e-mail that's sent to you on the FOA loan.
A. Yeah.
Q. Do you see that?
A. Uh-huh.
Q. And the Structured Loan Desk stated that they were unable to grant an exception for that loan; right, as reflected in the top paragraph?
MR. SIEGEL: Document speaks for itself.
MS. CONCANNON: Objection.
MR. SIEGEL: It's irrelevant.
Q. Do you see that?
A. If that's what it says. I mean, I'm trying to digest this entire document. But if that's what it says, it says that.
Q. Right. And so did you have any basis, from an underwriting perspective, in determining that this was, in fact, a good loan for Countrywide to originate, or was it simply that this was somebody that you knew?
MR. SIEGEL: Question's argumentative.
MS. CONCANNON: Assumes facts not in evidence, lacks foundation.
MR. SIEGEL: Irrelevant.
MS. CONCANNON: Calls for speculation.
THE WITNESS: Is this a loan that MBIA insured?
MR. SELENDY: I'm not here to answer your questions, sir.
THE WITNESS: Well --
MR. SELENDY: I'd like an answer to mine.
THE WITNESS: Look, there could be --
MR. SIEGEL: Why don't you -- why don't you read the whole document. You'll see the answer. Argumentative, irrelevant and --
THE WITNESS: The problem is I'm having a problem reading this stuff.
MR. SIEGEL: The question is: Did you have any basis from an underwriting --
THE WITNESS: This is a 59 percent LTV? Is that what this says here?
MR. SELENDY: That's what the document states.
THE WITNESS: Okay. That's the reason, because 40 percent down.
BY MR. SELENDY:
Q. So you decided that although that attribute had already been considered by guidelines and by the Structured Loan Desk, for you, because this was somebody you knew, that was sufficient?
MR. SIEGEL: That misstates the document. It's argumentative and it misstates facts not in evidence.
THE WITNESS: I'll go back to my original statement. I would make this loan to anybody, whether they were a friend or not.
Q. So did you make any effort to instruct the Structured Loan Desk to change their processing so they would give this kind of loan to  anybody, even though they had told you they would not grant it under their existing protocol?
MS. CONCANNON: Objection.
THE WITNESS: No.
BY MR. SELENDY:
Q. Okay. Why is that?
A. Because it didn't require that. And secondly, I didn't -- that was not my role, to go in and change guidelines. My role was to deal with situations like this. I'm an underwriter. Somebody puts 40 percent down, I'm comfortable.
Q. But you didn't want to be comfortable for everybody, huh, just people who --
MR. SIEGEL: Oh, boy, that's argumentative, asked and answered.
THE WITNESS: As I said, my role is not to change guidelines.
BY MR. SELENDY:
Q. Can you turn ahead to the document that has a Bates number ending in 5921? It's dated April 6th, 2006.
A. This one to ?
Q. Yes. You say in that, in that request, you say: "Close the loan right away, and thank for this business. He is a close, personal friend." Do you see that?
MR. SIEGEL: Hang on a second, Angelo, while I try to find this document.
THE WITNESS: Towards the end.
MR. SIEGEL: Oh, it's towards the end. Okay. Got it.
MR. SELENDY: Okay.
Q. Again, my question is: Do you see that you  stated: "Close the loan right away, and thank for this business. He is a close, personal friend"? Do you see that?
A. Yes.
Q. And was that true?
MR. SIEGEL: Question's irrelevant.
THE WITNESS: A close friend, yeah.
BY MR. SELENDY:
Q. Okay. And in the e-mail that came to you, do you notice that it states, in the list of attributes, "Verified income is $5,848 versus $20,833 stated"? Do you see that?
MR. SIEGEL: Document speaks for itself.
THE WITNESS: I don't see that.
BY MR. SELENDY:
Q. It's the sixth line up, seventh line up from the bottom.
A. Uh-huh.
Q. Do you see that?
A. Yes.
Q. What does that mean, "Verified income is 5,848 versus 20,833 stated"?
A. I don't know.
Q. Doesn't it mean that he said on his application he earns 20,833 per month, whereas all Countrywide could verify was 5,848?
A. I'm not sure.
Q. You don't know.
Did you know at the time?
A. Did I know in 2006? I don't know what I knew in 2006.
Q. Would you have wanted to know that in order to be able to decide whether the loan should be closed right away?
MS. CONCANNON: Objection. Vague, overbroad.
MR. SIEGEL: Irrelevant.
THE WITNESS: Again, there are many factors in underwriting a loan. This, again, is a loan that came to me. I'd approve it for everybody. This is a loan that had a -- he had reserves of a million one hundred fifty-five thousand -- one hundred fifty-six thousand dollars. It was a -- trying to look at the total CLTV here. The LTV was 40 percent loan to value, had 60 percent against the first, and he had a -- and he had a 39 percent second, so total was 79 percent. That's over 20 percent down with a 1,155,000 reserve. And more important to me is the loan performed and performed well.
BY MR. SELENDY:
Q. Does it matter to you that the stated income appeared to be false based on Countrywide's verification?
MS. CONCANNON: Objection.
MR. SIEGEL: That's argumentative, calls for speculation, misstates the document.
THE WITNESS: I think the real issue is what his real income is, and I'm not making a judgment.

* * *

Q. What is an exception loan, sir?
A. It's a loan that we have -- we have specific guidelines that are easily translated into algorithms, but there are many factors in the human experience that cannot be -- you cannot put an algorithm to it; requires someone to look at it and review it. If it was as simple as putting these algorithms in and putting them in a computer, I would not have 66,000 employees, I would have 5,000 employees. But our responsibility, our moral responsibility, our legal responsibility was to make out, all of the advocates for housing, particularly in minority communities, their mandate to banks, CRA, Community Reinvestment Act, back a long time ago. Same thing. There are exceptions. Nobody can fit in the same -- everybody can't fit in that same mould. But everybody has an opportunity, should have an opportunity to own a home where they can demonstrate the ability to pay. And to do that properly and effectively and honestly and truthfully is to do it right, referring the loan out and have somebody take a look at it to see what was missed in the system.
Q. Mr. Mozilo, I agree with much of what you said, but I still need an answer to my question, which is: Is an exception loan a loan that is an
exception to guidelines?
A. Could be.
Q. Isn't that the definition of an exception loan?
MS. CONCANNON: Objection.
MR. SIEGEL: Asked and answered. Just gave you a definition.
THE WITNESS: Well, I don't know, you know. I can't answer your question. I don't know, can't define exactly the global meaning or the universal meaning of an exception. It was simply an exception from the guidelines. There could be other reasons for it.

* * *

You had personal involvement in ensuring that loans were given to public officials on favorable terms; isn't that right?
MR. SIEGEL: Question's argumentative.
MS. CONCANNON: Objection.
MR. SIEGEL: Vague and irrelevant. I don't think you insured any of those.
THE WITNESS: Not only that, but I think that there is no loan that I made to anyone where, one, they couldn't get that loan or a better loan someplace else with thousands of competitors out there. And secondly, one that I didn't believe was a good loan for Countrywide.
Q. Can I have an answer to the question?
A. That's the answer to your question.
Q. My question was whether you had personal involvement in ensuring that loans were given to certain public officials on favorable terms?
MR. SIEGEL: The question's vague, argumentative.
BY MR. SELENDY:
Q. Is the answer "yes"?
MR. SIEGEL: The question's vague, argumentative, misstates the testimony, and it's irrelevant.
THE WITNESS: I recall making some loans to -- actually, I didn't make any loans to anybody. I referred loans over to the underwriters who  underwrote those loans, and from time to time I'd be called for whether or not the exception was acceptable or not acceptable. Sometimes they were acceptable, sometimes they weren't.

* * *

Q. Your simple message was to do everything possible to gain productivity and market share; correct?
MR. SIEGEL: Misstates the document.
THE WITNESS: Let me -- let me -- I'm going to read this to you: "As competitors merge we're able to attract new talent into the company, as well as a new and broader base of customers. My message relative to this period of significant change is simple: Be aggressive during the period of competitive advantage to gain market share." That is to get these people, to get this talent. Because Countrywide was nothing more than very talented people. Our advantage over our competition was not product or price, was quality of people. That's my message here.

* * *

Was your 2007 compensation in excess of $140 million?
MR. SIEGEL: Question's vague.
THE WITNESS: Sounds like a lot to me. I don't think so, but I don't know.
BY MR. SELENDY:
Q. Was it over a hundred million dollars?
A. I don't know.
Q. Was it over $50 million?
A. Let's take the compensation apart for a second. I was paid around $2 million a year, I believe, 2 or 2 1/2 million a year base salary.
Everything else I received was based upon earnings and stock price, period. So anything above the $2 1/2 million or $2 million, whatever that number was.
Q. Most -- most people would know, don't you think, whether they made more than a hundred million dollars in a particular year?
MR. SIEGEL: The question is argumentative. You don't have to answer that. That's harassing.
THE WITNESS: My focus was on the company, not on my compensation. I wanted to make sure the company came first. And so I don't know what I  made.

* * *

 

And last but not least:

Q. Did you try to achieve political objectives in approving loans outside of guidelines?
MR. SIEGEL: Question's irrelevant, argumentative and asked and answered.
THE WITNESS: And insulting. And insulting.
BY MR. SELENDY:
Q. Can I have an answer?
A. It's insulting, number one.
Number two, it's the least political company you'll ever find, was Countrywide. There was never an act, an action, an event, anything, that politicians did in favor of Countrywide, ever.
Q. I don't think I have an answer to my question. Did you try to achieve political objectives by approving loans outside of guidelines?
A. No.

(The full Mozillo transcript can be found here)

And that, ladies and gentlemen, is what is called commiting perjury, but since one guilty verdict would take down half of the House of Representatives as complicit criminals, he gets to walk.

The New Normal justice.

* * *

That's ok though, back than it was common knowledge that house prices can never drop. Just like it is common knowledge now that the central banks can never fail, and that interest rates can never, ever surge again.

 


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Thu, 12/27/2012 - 21:42 | Link to Comment Snakeeyes
Snakeeyes's picture

Wasted away again in Mozilloville,

looking for my lost credit score.

Some people say that Angelo's to blame,

but I know, its Barney Frank's fault.

Thu, 12/27/2012 - 21:52 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Of course they found no ethics breach. Reexamine your assumptions.

1) Congress has no ethics.
2) therefore, there was nothing to breach in the first place.

Thu, 12/27/2012 - 22:03 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

WTF wasn't I included.  Can someone pleeeeeease sign me up?

Thu, 12/27/2012 - 22:15 | Link to Comment nope-1004
nope-1004's picture

Since there isn't enough money to go around and satisfy everyone's bad bets, theft and cronyism will not only persist, but GET MUCH WORSE.  Don't think for a moment that sanity will prevail.  The US is headed for a disaster, with TPTB simply grabbing all they can.

This is the typical end game playing out as it should:  Theft and corruption goes unpunished as the empire crumbles, while those in higher positions try to steal as much as they can while the ship sinks.  It will get worse.

 

Thu, 12/27/2012 - 22:19 | Link to Comment Ignatius
Ignatius's picture

Dmitri Orlov describes this phenom in detail for how it went down in the former Soviet Union.

Well, it's coming home....

Thu, 12/27/2012 - 22:51 | Link to Comment erg
erg's picture

Corruption beyond comprehension. Distiilled into a lethal injection.

Many years ago I posted somewhere that the whole house of cards shivers with abuse and neglect. I didn't fully appreciate their ability to kick the can. A near perpetual machine.

They must stay ahead of the logrithmic learning curve of the proletariat or die. That's why they are becoming desperate and threadbare with their intentions.

Thu, 12/27/2012 - 23:20 | Link to Comment Raymond K Hessel
Raymond K Hessel's picture

What's the point in abiding by the law when the lawmakers do not abide by the very laws they create?

Thu, 12/27/2012 - 23:26 | Link to Comment NemoDeNovo
NemoDeNovo's picture

There isn't one that I can come up with.

Thu, 12/27/2012 - 23:51 | Link to Comment floydian slip
floydian slip's picture

Trickle down economics, Meet trickle down courruption. 

Just the other day a state trooper died while driving a car into a tree.  He wasnt wearing his seatbelt. 

 

Fri, 12/28/2012 - 02:29 | Link to Comment eatthebanksters
eatthebanksters's picture

The shit is going to hit the fan and the reason people like Feinstein want to outlaw guns is becasue they know that day is coming and just like the French Revolution, politicians and their corrupt friends will be the first to meet the new world justice. I can't say when, but that day is coming.

Thu, 12/27/2012 - 23:33 | Link to Comment game theory
game theory's picture

The events of the last few years have taught me one important lesson: laws are for poor people. 

Thu, 12/27/2012 - 22:51 | Link to Comment Big Slick
Big Slick's picture

It's all good... ZH banner says I can now buy bullion on my credit card!

Thu, 12/27/2012 - 22:13 | Link to Comment Manthong
Manthong's picture

Whew, he had better color than Boehner OR Obama..

 
But oh yeah, after the ones whom we were waiting for came in with the most transparent administration ever with hope and change for fundamental transformation in all 57 states, I thought that the days of business as usual were over.

..not.

Thu, 12/27/2012 - 23:53 | Link to Comment floydian slip
floydian slip's picture

oompa loompa color

Fri, 12/28/2012 - 01:44 | Link to Comment Manthong
Manthong's picture

"Live Long and Prosper."

Thu, 12/27/2012 - 22:17 | Link to Comment illyia
illyia's picture

Go to work for them and you can be included in the crony-club, too.

Great article for email.

Just saying...

Thu, 12/27/2012 - 22:59 | Link to Comment DollarMenu
DollarMenu's picture

I thought rule number one for the politicians is to

exempt themselves from any law they pass for the peons to obey.

They're all just greedy gasbags, expect nothing but stink from them.

Fri, 12/28/2012 - 06:33 | Link to Comment HeadintheGame
HeadintheGame's picture

Didn't know there was a statute of limitations on fraud?

Fri, 12/28/2012 - 10:37 | Link to Comment jayman21
jayman21's picture

Why do you think Holder has not done a thing?  They are letting the statute of limits run its course and say oh, we tried.

Fri, 12/28/2012 - 00:22 | Link to Comment Xanadu_doo
Xanadu_doo's picture

"Did I know in 2006? I don't know what I knew in 2006."

 

Brilliant.

Thu, 12/27/2012 - 22:13 | Link to Comment Stoploss
Stoploss's picture

Only thing left to do now is throw a bag of burning shit on the steps of the fucking congress building...

Thu, 12/27/2012 - 22:19 | Link to Comment knukles
knukles's picture

... ring the door bell and run off, giggling, hiding in the bushes...

Fri, 12/28/2012 - 00:01 | Link to Comment RockyRacoon
RockyRacoon's picture

An act for which YOU would go to jail. Hey, the rule of law has to start somewhere!

Sat, 12/29/2012 - 00:37 | Link to Comment knukles
knukles's picture

Gee thanks, Rocky

Was hopin' for a Corzine moment

Thu, 12/27/2012 - 22:35 | Link to Comment ball-and-chain
ball-and-chain's picture

The games never end.

Two sets of justice in America.

Us and them.

Screw it.

I'm buying a school bus and a ton of canned chili.

Tune in, turn on, drop out.

Screw the man and his gold.

http://www.angrysinner.blogspot.kr/2012/12/yesterday-dragon-lady-served-spare-ribs.html

Thu, 12/27/2012 - 23:57 | Link to Comment Osmium
Osmium's picture

I'm not sure too many people would want to be around you after you've eaten a ton of canned chili  :)

Fri, 12/28/2012 - 00:03 | Link to Comment RockyRacoon
RockyRacoon's picture

He has to have some source of power for that school bus.  They can run on methane you know.

Thu, 12/27/2012 - 22:39 | Link to Comment Renewable Life
Renewable Life's picture

Please don't tell me anyone is surprised here..........

ZHers know we have already volunteerily forfeited our freedoms and every check that our founding fathers placed on the system, in exchange for iPhones, McMansions, and unlimited debt (oh I mean credit) long ago!!

Enjoy the Empire, while it lasts, it's only still chapter 1, in this tradegy!

Fri, 12/28/2012 - 02:14 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

The power and criminals that be can do anything they like, coz nobody on the planet will do anything. We have seen so much fucking criminal activity and yet nothing has happened, nor will it. THEY know they are immune now, so expect rape and pillage to ratchet up.
Nothing will happen coz 99% of people today are weak cowards who hide behind lawyers.
Governments care only about law and order over citizens.
These are traits which belongs to a periods of collapse., big ones.

Fri, 12/28/2012 - 02:28 | Link to Comment Dr Benway
Dr Benway's picture

Exactly. It is like a light went on in the criminals head after the GFC: "hold on, if we can get away with this even when exposed, there is nothing we can't do!"

I mean I talk to people about all this, and even when they fully agree they say "oh well nothing to do about it"

Fri, 12/28/2012 - 00:25 | Link to Comment benjamin_1114
benjamin_1114's picture

I'm usually not negative about ZH posts, but this one is a worthless post.  I had a mortgage broker branch for 10 years, and the deals they got weren't that good.  If the politicians had any common sense they would have shopped around and they would have gotten a better deal through a friend that was a mortgage broker.  This proves why there were only xx politicians called out in this witch hunt, the rest got better deals with their real connections.  I didn't do any deals through Countrywide because their pricing was horrible, they approved everything so the sheep used them.   The realty is big banks (Wells, JPM, BofA, and Citi) these days are making 5-6 points off all FHA loans right now and brokers are making 2-2.75 pts (because anything more is criminal), because brokers are the reason for the housing crash per Barney Frank, the same clown that touted Bill Clinton's strong moves on the GSE's in the 90's.  We'll just call it Bush's fault.  I'm done with this conversation.

Fri, 12/28/2012 - 02:12 | Link to Comment KCMLO
KCMLO's picture

9.9% LTV outta whack is pretty steep for an exception.  Cashout above program maximum stated but doesn't say by how much.  I get that he's pushing loans with 80% CLTV and lower in these examples but there's a phrase for lending at low LTVs to shitty borrowers... it's called predatory lending.  That's for poor people though.  Doesn't even begin to address how "rich" people making $5k a month in one of these scenarios had to state over $20k just to qualify.  I'd be willing to bet that those appraisals showing LTVs were dogshit fabrications (then again, that was such a common practice at the time, they have a point, they may just have been getting the same fradulent treatment everyone else was).  Back to the stated loan scenario, I saw this all the time back then.  How negligent as a lender do you have to be to push through a loan where the verifiable DTI is 200%+?  We had LO's putting some crazy numbers for income on stated products and they would never get through with a variance that large... unless we were knowingly making a bad loan.

You're right about now though.  I've seen some crazy crap come across my desk.  Saw a $150,000 FHA r/t refi come through with 6.87 rebate from Wells.  LO was pulling in $10,000 + on one crappy transaction.  Honestly, even though I'll lose my job again, I can't wait until this bullshit finally ends, or at least the refi boom dries up.

Fun fact, FHA only requires a 5% improvement in monthly payment for the loan to qualify as "beneficial."  I'm seeing lots of complete fucking morons refinancing their house, pulling out their term to another 30 years and destroying what tiny bit of equity they had just to "save" $35 a month.

Fri, 12/28/2012 - 00:30 | Link to Comment El Oregonian
El Oregonian's picture

I believe the 1983 song "Burning down the House" by the Talking Heads fits this rather nicely...

Fri, 12/28/2012 - 08:52 | Link to Comment Remington IV
Remington IV's picture

Barney Frank , Chris Dodd , Maxine Waters ... four horsemen of housing apocalypse

Thu, 12/27/2012 - 21:43 | Link to Comment greased up deaf guy
greased up deaf guy's picture

crooks. all of 'em.

Thu, 12/27/2012 - 22:15 | Link to Comment Ignatius
Ignatius's picture

The HSBC Settlement tells us everything we needed to know about how crooked the system is. Everything was admitted, no fancy legal footwork nor cross-examination required.  They are international drug money launderers and they paid a fine and walk.  The kid on the corner who launders through the local taco stand does hard time.

If you're a big shit, you take a big shit.

"I don't recall" -- the Watergate defense -- is now common currency among the big shits.  A modern variant is "It just vaporized".  How many times we gonna haul up our skirts and inveigh 'shock'?

We are on notice.

Fri, 12/28/2012 - 01:11 | Link to Comment halodoc
halodoc's picture

Rule of Law was pretty much dead the GM bankruptcy farce, then the last nail in the coffin was Corzine and MF Global bankruptcy. HSBC "Settlement" and this are just them thumbing their noses at us after they yell "Andate tutti a 'fanculo!" at us.

Fri, 12/28/2012 - 02:34 | Link to Comment Dr Benway
Dr Benway's picture

A large part of the reason is the dual mandate regulators perceive themselves to have. Gotta prop up 'confidence' in the system and market, even if it requires lying and covering up.

Fri, 12/28/2012 - 02:23 | Link to Comment Mentaliusanything
Mentaliusanything's picture

No way........ All animals are equal... some more equal than others!

where did I Reid (sic) THAT?

Thu, 12/27/2012 - 21:44 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Why do you think the police depts have "internal affairs" instead of civilian review boards?

Thu, 12/27/2012 - 22:33 | Link to Comment flacon
flacon's picture

If there were no female police officers would it be "gay affairs" or "gay internal affairs"?

Fri, 12/28/2012 - 02:34 | Link to Comment Mentaliusanything
Mentaliusanything's picture

Ah ,Pick me, Pick me..... Its because they probe Internally! You just got to know all that probing internally is for those who can stomach the shit they find. Not for Public display as it might offend those who think equal justice for all is a real thing.

"You cant handle the truth" so we will look after it INTERNALLY!

We would not want you to worry..... We will take care of it for you. It our duty to Protect and Serve (our own interests)

Now more along or eat the Taser Bitches

Thu, 12/27/2012 - 21:46 | Link to Comment q99x2
q99x2's picture

Secession and then try the traitors in a State Court. Secede before it is too late.

Thu, 12/27/2012 - 22:40 | Link to Comment knowless
knowless's picture

Secession will occur through the panic, any local government already preparing will claim territories, the rest will be labor and resource extraction sites. The fed will continue on, but their power will wane, foreign governments will eventually deal with the divided central states directly as the fed produces nothing. They will push their hand, just hope the other blocs don't decide to send "humanitarian interventions".

Thu, 12/27/2012 - 22:42 | Link to Comment knowless
knowless's picture

I'm constantly years behind by the way..

Thu, 12/27/2012 - 23:11 | Link to Comment Big Slick
Big Slick's picture

I’m waiting for the corporations to rule the world… and for Rollerball

 

http://www.youtube.com/watch?v=EZFaPezzM4k

 

“You know how the game serves us.

It has a definite social purpose.

Nations are bankrupt, gone.

None of that tribal warfare any more.

Even the corporate wars are a thing of the past.

 

“Now everyone has all the comforts.

No poverty, no sickness, no needs and many luxuries,

which you enjoy just as if you were in the executive class.

Corporate society takes care of everything. And all it asks of anyone,

all it has ever asked of anyone ever, is not to interfere with management decisions. 

Fri, 12/28/2012 - 00:59 | Link to Comment halodoc
halodoc's picture

No. Why should we secede? We didn't do it. The states need to ban together and DISBAN Washington, DC as the capitol of these united States. Then, wall the sumbitches up inside and try them all as criminals and shoot anyone who tries to escape.

Thu, 12/27/2012 - 21:47 | Link to Comment Zero_Sum
Zero_Sum's picture

Wait, who thought that the wall street/washington revolving door was coming to an end? No one that reads ZH, I'd wager. I therefore reject your premise.

 

Thu, 12/27/2012 - 22:04 | Link to Comment Dr. Sandi
Dr. Sandi's picture

Looks like you beat me to it. But I said it anyway, later. These threads are so perverse.

Thu, 12/27/2012 - 21:48 | Link to Comment Dingleberry
Dingleberry's picture

Hmmm......So "Obamacare" levies a tax (in particular) on sun tanning beds.  I often wondered why in the hell they chose that item among all the shit they could have taxed.  

Know we know.....

See what happens when you "out" your cronies on the take in Congress?

TAKE THAT MAZILLO!!!

Thu, 12/27/2012 - 21:52 | Link to Comment knukles
knukles's picture

And... and and and
It's democratic sponsored legoisaltion ... what with the Boner's tan...

See, everything is politics!

Thu, 12/27/2012 - 21:50 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

I blame the Rockefellers and the Rothschilds

Thu, 12/27/2012 - 21:51 | Link to Comment Boilermaker
Boilermaker's picture

SURPRISE!!!

Thu, 12/27/2012 - 21:51 | Link to Comment Unprepared
Unprepared's picture

I wanna throw up.

Thu, 12/27/2012 - 21:57 | Link to Comment knukles
knukles's picture

I know what you mean.
Even more disturbing is the satanic "May I live long and prosper, fuck you very much." Klingon "Dat be da trut, mothafuckah" hand sign language he's giving.

 

Same way Congress took care of their insider trading provisions... remained excluded from the law... drops off the radar screen and

Viola! 

All's well that never ends, Peasant.

Thu, 12/27/2012 - 22:34 | Link to Comment scatterbrains
scatterbrains's picture

yo nigga you crazzed..   that's his pleading the fizzoth sign... see the 1+3+1 finger arrangment ? keep it real yo

Thu, 12/27/2012 - 21:52 | Link to Comment knicks3005
knicks3005's picture

Angelo has a worse tan than Boehner

Thu, 12/27/2012 - 22:07 | Link to Comment Dr. Sandi
Dr. Sandi's picture

It reminds me of the skin tone on those early color TV sets with the round tube.

Thu, 12/27/2012 - 21:54 | Link to Comment chump666
chump666's picture

"Agent Orange" ah f*ck that nearly killed me hahahahaha.

 

 

Thu, 12/27/2012 - 21:54 | Link to Comment OutLookingIn
OutLookingIn's picture

SCUMBAG.

Thu, 12/27/2012 - 21:56 | Link to Comment nmewn
nmewn's picture

And you thought the rule of law would help against those who write the law?...lol.

Thu, 12/27/2012 - 22:00 | Link to Comment knukles
knukles's picture

Only thing gonna fix this shit is having Mother Superior Sister Mary Magdelaine taking each and every one of 'em to the wood shed for a good public reaming with the Prodigal Strap-on.

(Strap-on tools. He he he he he he)

Thu, 12/27/2012 - 22:05 | Link to Comment Dr. Sandi
Dr. Sandi's picture

It had better be one with powered rotary attachments or I won't be satisfied.

Thu, 12/27/2012 - 21:57 | Link to Comment Seasmoke
Seasmoke's picture

That's ok Chris Dodd is no longer there. Hang him for treason.

And Barney Frank will be gone in weeks. Hang him for treason.

Thu, 12/27/2012 - 22:00 | Link to Comment chump666
chump666's picture

History is a wash cycle.

http://youtu.be/aDaOgu2CQtI

Thu, 12/27/2012 - 22:02 | Link to Comment Dr. Sandi
Dr. Sandi's picture

 

Just when you thought the seemingly endless rabbit hole of Wall Street-Washington corruption, cronyism, co-option, crime and kickbacks may have finally come to an end...

What the hell you talkin' about? Of course it hasn't come to an end. Those dog fuckers are still breathing, so they're still grafting.

Is there anybody on this site who really thinks we're seen the end of this horse shit?

Thu, 12/27/2012 - 22:09 | Link to Comment knukles
knukles's picture

Well at least this one need not to be revisited.

(maniacal laughter)

 

And by the fucking way, note exactly when the news is being released.  About as close to a late Friday night miss the news cycle as can be imagined what with everybody in the Christian World on holiday.

And in any case, anybody here tried to look at or listen to "news" recently?  Not a goddamned single reasonable source except for a few news aggregators. 

Everything's gone all to hell

To hell, I say.

Not coincidence, let me tell you, fucking NWO mind control propaganda if one didn't "know better"
"Know Better".  Get it....

Thu, 12/27/2012 - 22:11 | Link to Comment NoDebt
NoDebt's picture

Perfect crisis management.  They followed the playbook perfectly:

1.  Deny there is anything wrong.

2.  When that fails, admit something is wrong but deny there is anything that can be done about it.

3.  When that fails, admit something COULD have been done about it, but it's too late now.

Crisis averted.  Bastards.

I have known people like this in my life (on a less grand scale, of course).  They are scum.  They KNOW you can see through their lies, they literally don't give a crap if you do or not.  "I stole from you, you'll never nail me, so fuck you" is how they operate.  There's a nice warm corner of hell waiting for them.  They'll never pay the price in the here and now.

 

 

Thu, 12/27/2012 - 22:51 | Link to Comment nmewn
nmewn's picture

But but but...their "intentions were pure" (cynically) everyone should own a house!

We needed to pass a new law and regulate the financial system even more...they needed to do "something"...lol...Janet Reno said so.

Gawd the ways people can be manipulated never ceases to amaze me...if I were a craven thief I would be a billionaire by now.

Just say its for the poor, the homeless, the "disinfranchised" and the fucking money rolls in by the truckload...won't you please help this poor puppy...look at its fur...its all matted!

Dumbasses...emotion will always cost you more on the back end...but it keeps the politicians & lobbyists in business.

Thu, 12/27/2012 - 22:03 | Link to Comment buzzsaw99
buzzsaw99's picture

Tangelo is the worst mass rapist in world history. Taxpayers, shareholders, homeowners. He fucked everyone and laughed at them later.

Thu, 12/27/2012 - 22:10 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

I think theres a new O'care treatment in there as well,  Mass Rape Therapy.  Learned from the best mass rapists in the world.

Thu, 12/27/2012 - 22:05 | Link to Comment fonzannoon
fonzannoon's picture

whatever. we are fucked.

Thu, 12/27/2012 - 22:17 | Link to Comment A Lunatic
A Lunatic's picture

Seconded.......

Thu, 12/27/2012 - 22:09 | Link to Comment Dr. Engali
Dr. Engali's picture

Could we please have a meteoroid hit congress during the state of the union address? Take all them lying theiving crooks out in one fell swoop.

Thu, 12/27/2012 - 22:13 | Link to Comment knukles
knukles's picture

Now that would be funny!
I can see it now, the MSM statist liberal media trying to accuse the God they refuse to recognize of an Apocalyptic action (and since that God don't exist in their reality, it would be the Republican's fault) against their kind while the far religious right screams bloody murder about the Book of Revelations.

Get some real entertainment...

Thu, 12/27/2012 - 22:16 | Link to Comment fonzannoon
fonzannoon's picture

They are meteor cockroaches. Slowly out of the massive crater in the ground filled wth smoke, one by one each member of congress etc. will crawl out and shake themselves off like my dog and go on like nothing happened.

Thu, 12/27/2012 - 22:22 | Link to Comment knukles
knukles's picture

Man, that is beautiful.

Thu, 12/27/2012 - 23:26 | Link to Comment XitSam
XitSam's picture

Don't they stick the VP in an out of the way corner of the country during SotU? Means Biden would be prez. With the rest of them gone, I'm ok with that.

Should I have Mike warm up the catapult?

Thu, 12/27/2012 - 22:10 | Link to Comment A Lunatic
A Lunatic's picture

Any laws these assholes pass in the future should be immediately nullified by everyone. These fuckers NEED our compliance in order to perpetuate these scams, and if the law does not apply to them then it sure as Hell need not apply to us. It's no longer enough to merely recognize the hypocrisy, we need to destroy the system that allows these criminals in Congress to police themselves. There is NO accountability.

Fri, 12/28/2012 - 00:09 | Link to Comment RockyRacoon
RockyRacoon's picture

So, why do the same old people get elected, year after year? It's our own fault! Well, it's your fault because I always vote against any incumbent, no matter what.  Wait... it's my fault as well because I vote at all.  Aaargh.

Fri, 12/28/2012 - 02:51 | Link to Comment Mentaliusanything
Mentaliusanything's picture

In that "lies" the problem. I often wonder If Abraham Lincoln could be a Staffer today let alone a congressman. He would never be President. That .... That could upset the Apple cart (fucking sarc is killing me)

That overly suntanned Fuck will be treated to the same as justice as Mussolini.

You fuck up to get strung up.... Animal Farm was not Fiction

Thu, 12/27/2012 - 22:11 | Link to Comment NOPOMO
NOPOMO's picture

Insider Trading for Congress is not wrong either.

Thu, 12/27/2012 - 22:13 | Link to Comment PeeramidIdeologies
PeeramidIdeologies's picture

Is this a legitimate transcript? If so, that's quite the piece to be released for public scrutiny. Funny thing to be in such a position relative to the law... Wait is it even safe to comment on shit like this?

Thu, 12/27/2012 - 22:16 | Link to Comment knukles
knukles's picture

No.

And you already knew that or your ignorance of the law is no excuse, so either way,off to the Summer Camp for you....
Cerebral cortex implant #1

(it only hurts until you get used to it)

No, there's no appeal process.  You didn't have a trial to appeal.

Thu, 12/27/2012 - 22:39 | Link to Comment PeeramidIdeologies
PeeramidIdeologies's picture

Haha true. I'm going to assume my fish is too small to be fried at this point.
My law studies are a bit rusty as you have noticed, but it's a shame that the prosecutor failed to pin him with the important numbers... Although I'm sure the out come had already been decided.
Thanks for the invitation, but I'm interested in the # 5

Thu, 12/27/2012 - 22:14 | Link to Comment devo
devo's picture

'Off to the tanning beds.'

--Angelo

Thu, 12/27/2012 - 22:14 | Link to Comment ugmug
ugmug's picture

Is it just me but is the burnt tan of Angelo Molizo similar to the one that John Boehner sports? Could they be financial twins in crime?

Thu, 12/27/2012 - 22:16 | Link to Comment devo
devo's picture

He looks like an oompa loompa!

Thu, 12/27/2012 - 22:16 | Link to Comment williambanzai7
williambanzai7's picture

Mozillo

Thu, 12/27/2012 - 22:17 | Link to Comment Bay of Pigs
Bay of Pigs's picture

May the FARCE be with you

Thu, 12/27/2012 - 22:18 | Link to Comment lizzy36
lizzy36's picture

Hard to believe that the bottom 50% feel free to abuse the system so badly. 

When my grandparents arrived from poland in the 1930's welfare was for the "poor" (they arrived with $6 in their pockets. The shame and stigma of accepting government assistance was so horrific, that hardly anyone would accept it.

Today, with crony capitalism (legalized theft), there is no stigma. It is merely trickle down legalized theft for the poor.

What an absolute farce of a system.

Thu, 12/27/2012 - 22:21 | Link to Comment chunga
chunga's picture

Anyone interested in Countrywide should read this amended credit agreement.

THE MONEY AND WHERE IT CAME FROM

"Below is just a small example of who the true lenders were for all the toxic loans. I have dozens of these from all the players. The Mortgage Contract was fraud in the factum and fraud in the execution and not one loan written since 2000 is valid and void as a matter of law."

Thu, 12/27/2012 - 22:26 | Link to Comment JustACitizen
JustACitizen's picture

ROFLMAO - This is quality stuff. Another case of the ALL MIGHTY ELITE MASTERS OF THE UNIVERSE going to some form of a courtroom and pleading complete ignorance: "I dunno - I was setting objectives" "I don't know - I just run meetings", "I don't know, I am a useless piece of shit that couldn't get by a screening interview from H.R." - But, I ran the fucking company into the ground because I am a greedy piece of shit...more like it.

What color is the sky Mr Angelo? I don't know - do I have to answer that? These beautiful words should be displayed proudly throughout the newsies and the internets (sic) - so that all of the ass-kissers out there can see their "masters" at their finest.

Thu, 12/27/2012 - 22:27 | Link to Comment Atlantis Consigliore
Atlantis Consigliore's picture

It was a No Doc No Ethics Loan Liar Loan; $ 45 B a month being monetized by the FED;

keep on buying the lying loans.

Thu, 12/27/2012 - 22:34 | Link to Comment knukles
knukles's picture

We're fucked.

Just think about it.  The shit's bad paper sold to them can't pay so they loose home, bundled out to Freddie Fannie etc, so it's losses be guaranteed buy the taxpayer, programs to help out the fuckers loaned the money paid by the taxpayer, losses in mutual funds, pension accounts etc, ultimately borne by taxpayer and finally the shit winds up on the Fed's books all of the implications surrounding which, are borne by the taxpayer.

And the malefactors on the business, law making and regulatory side make out just fine thank you very fucking much.

Aaaaaaraghhhhhhhhhhh!

Thu, 12/27/2012 - 22:30 | Link to Comment max2205
max2205's picture

Great, now the world can end

Thu, 12/27/2012 - 22:33 | Link to Comment Katrillion
Katrillion's picture

Fuck you mozilo

Thu, 12/27/2012 - 22:34 | Link to Comment Downtoolong
Downtoolong's picture

I guess they were all holding their little pinky out to one side when they swore on the bible, just like Angelo, which of course means it doesn't count.

Thu, 12/27/2012 - 22:37 | Link to Comment muppet_master
muppet_master's picture

odummernomics has "pardoned"

the "VIP" friends of Angelo = barney frank and chris dodd.= the horror, the hypocrisy of the LIE-berals...LOL !!

all you can do is LOL, not turn around in disgust....its not worth getting iLL !

.....just like he has pardoned CORZINE...WITHOUT A TRIAL..he simply told that idiot looking fool (holder) to fast n furiously DO NOTHING !!!! voila !!! ROFLMAO !!!

Thu, 12/27/2012 - 22:45 | Link to Comment newengland
newengland's picture

CONgress loves the roll of the limousine wheel, and will consort with anyone that pays for it including gangster banksters, while wringing its hands and pleading innocence...all the better to get money out of everyone else.

Da guy who knows a guy knows Jimmy Dimon and Corzine, bit part players, deadly in their money grabbing intent. CONgress, dupes.

Iceland defied the banksters and prosecuted complicit politicians, and that is the way of a true Republic which is the foundation of the USA, despite the lies told since WWII by bank pets and dupes.

Before battle, Vikings whispered to each other:

'There do I see my father. There do I see my mother, and my sisters and brothers. There do I see the line of my people.

Back to the beginning they call to me. They bid me to take my place among them.

In the halls of Valhalla where the brave may live forever.'

Thu, 12/27/2012 - 22:39 | Link to Comment q99x2
q99x2's picture

Now tonight it is going to be 28 degrees in Southern California. The NWO UN branch is collecting carbon taxes from working people of the world to be used to lower the global temperature further. They are using our money to feeze us to death. Arrest them. Get them and put them into jails.

Thu, 12/27/2012 - 22:49 | Link to Comment earleflorida
earleflorida's picture

a perfect pre-post?mortem cast face... wouldn't one say after all is said and done...

:((

Thu, 12/27/2012 - 22:52 | Link to Comment ugmug
ugmug's picture

It has gotten so bad that congress doesn't even try to hide their skeletons in a closet anymore.....they put them in a tanning bed instead.

Thu, 12/27/2012 - 22:54 | Link to Comment CheapBastard
CheapBastard's picture

Zero down loans (and almost zero down loans) continue so his legacy lives on. House prices will continue to drop for a generation...all they can do is to slow the plunge, not stop it.

Thu, 12/27/2012 - 22:59 | Link to Comment WillyGroper
WillyGroper's picture

>>>>>>Referred to internally as Branch 850, the unit had 13 full-time employees trained to provide enhanced customer service.

 FOA - Enzyte + Rasputin's Johnson = John Q. Public's tonsilectomy via flaming anal rape.

This is worse than a Freddie (Kruger) movie. Unfreakinbelievable 

Thu, 12/27/2012 - 23:29 | Link to Comment LouisDega
Thu, 12/27/2012 - 23:03 | Link to Comment icanhasbailout
icanhasbailout's picture

Isn't it time we found out exactly who Angelo's friends were, in particular those holding positions of public trust?

Thu, 12/27/2012 - 23:07 | Link to Comment Bear
Bear's picture

Any real in-depth, intense investigation would have found this ... well, completely 'normal' House members activities

Thu, 12/27/2012 - 23:11 | Link to Comment williambanzai7
williambanzai7's picture

How many did Barney have to blow to make this happen?

Thu, 12/27/2012 - 23:36 | Link to Comment ugmug
ugmug's picture

Barney claims, like BJ Clinton, that he never inhaled!

Fri, 12/28/2012 - 00:27 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Barney's defense for his silence was " They made me bite the pillow"!

Thu, 12/27/2012 - 23:21 | Link to Comment PhD
PhD's picture

and once again in the case of people versus crony capitalism, the people lose.

While I do love Zero Hedge and have been following the site since its very beginning, I do whish that you Tyler, and your crew would stop with this collecitivist BULLSHIT!

Because there is NO PEOPLE, there is only YOU mr reader, and NOONE ONE IS COMING TO SAVE YOU! Get this FACT into your FUCKING mind! NOW!

Its not the PEOPLE who lose, ITS YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU! YOU  and your CHILDREN!

I do appologice for the caps lock, while it  might seem excessive it is very much necessary.

If YOU dont stand up to this shit, YOU ARE FUCKED, thats is the reality of this shit. YOU ARE FUCKED IF YOU DONT RESPOND.
God help you if you have children, because I do, and I am fucking TERRIFIED despite having prepared for 10 years. And yeah, I do have a PhD in economics and logistics and I have studdied this insanity for 8 years now!

P.S. I am highly drunk and emotional. (sorry about the spelling)

 

Thu, 12/27/2012 - 23:44 | Link to Comment newengland
newengland's picture

PhD,

No surrender. Carry on. Only an insane person could stay totally sober when the lunatics are in charge. 

My country, tis of thee. That is the people who love their family, friend, neighbour; the Constitution and Declaration of Independence.

No surrender, friend. Have faith in the Republic of the USA, currently under fire from within and without. No surrender.

Fri, 12/28/2012 - 01:42 | Link to Comment Boxed Merlot
Boxed Merlot's picture

P.S. I am highly drunk and emotional. (sorry about the spelling)...

 

It's not the PEOPLE who lose, ITS US! US! US! US! US! US! US! US! US! US! US! US! US! US! US! US! US! US! UD! US! US! US! US! US! US!

Individuals are guilty of criminal conduct but it's US that are the victims of their criminal conduct.  Where is the SCOTUS when they're needed? 

(Oh yeah, they're paying on their fraudulently created CW loans currently being serviced by the TBTF BAC co-owners of thge fed.

End the fed!  Restore Constitutional currency!

P.S.S.  I am somewhat drunk and emotional. (sorry about the spelling)

Thu, 12/27/2012 - 23:23 | Link to Comment Fozzy Slippers
Fozzy Slippers's picture

We know where your bunkers are. You filthy fucking POS.

Thu, 12/27/2012 - 23:33 | Link to Comment lasvegaspersona
lasvegaspersona's picture

In the movie Rollover, a bank investigator commits suicide because he has taken a low interest loan from a bank he oversees and is afraid he will be caught. This part would now play as comedy.

Thu, 12/27/2012 - 23:51 | Link to Comment newengland
newengland's picture

And the special long term friend legal advisor friend of the Clintons blew his brains out after Bill and Hillary got their dream jobs,  according to the official version of events. What did he know that they didn't want him to tell?

The Constitution by worldly wise men was written to impose limits on career politicians because they knew that only the most venal seek permanent power over the people who pay for them.

Thu, 12/27/2012 - 23:55 | Link to Comment working class dog
working class dog's picture

A system base on scarcity and profit at all costs, will breed cheating and lieing and stealing at all levels of the system, gubbament, quasi gubbament (central bank, Fannie and Freddie)

all companies that rely on the need to make profit to survive and to make profit at all costs, have to cheat land lie, and collude to win.

this system will eventually be replaced by technology. and a system with no advertising, no lawyers, no laws. as laws just prove the system is flawed, otherwise there would be no need for laws, technology will set you free, but not in this lifetime. A system of abundance is what should be implemented. Good luck with that!

Fri, 12/28/2012 - 00:22 | Link to Comment blindman
blindman's picture

this is weird. ok, that is the new normal.
When a Blind Man Cries - Deep Purple
http://www.youtube.com/watch?v=9_Iq9CWuqMM
,
Tom Waits - Mr. Siegal
http://www.youtube.com/watch?v=BeKxoEh-Y4I
.
i spent all my money in a mexican whorehouse baby, across the street from a
catholic church, then i wiped off my revolver, and i buttoned up my
burgundy shirt, uu.. i shot the morning in the back, with my red wings on, told
the sun he'd better go back down, and if i can find a book of matches, i'm
goin' to burn this hotel down.
oh....
you got to tell me brave captain, why are the wicked so strong, how do the
angels get to sleep, when the devil leaves his porch light on?

well i dropped thirty grand on the nugget slots, had to sell my ass on
fremont street, and the drummer said there's sanctuary over at the Baghdad
room, ohh., and now it's one for the money, two for the show, three to get ready,
and go man go, i said tell me mr. siegel, how do i get out of here?

willard's knocked out on a bottle of heat, drivin' dangerous curves
across the dirty sheets, he said man you ought to see her when her parents
are gone, man you ought to hear her when the siren's on.

i said , tell me brave captain, why are the wicked so strong, how do the
angels get to sleep, when the devil leaves the porch light on?

don't you know that ain't no broken bottle, that i picked up in my
headlights, on the other side of the nevada line, where they live hard die
young, have a good lookin' corpse every time,
.
well you know the pit-boss said i
should keep movin', this is where you go when you die, so i shot a black
beauty, and i kissed her right between the eyes.

ohh now willard's knocked out on a bottle a heat, drivin' dangerous curves
across the dirty sheets, he said when the bitch is wound up, and her parents
are gone, man you ought to hear her with the siren on.
.
i said tell me brave captain, why are the wicked so strong, how do the
angels get to sleep, when the devil leaves his porch light on?
.
i spent all my money now, in a mexican whore house,
across from the street from a catholic church
and then i wiped off my revolver
and put under my burgundy shirt.
.
i shot the mornin' in the back
uhh.. with my red wings on,
told the sunny day to go back down
if i can find a book of matches
i'm gone to burn this hotel down .

uhh and it's one for the money, two for the show,
i said three to get ready and go man go
i said, tell me mr. siegel, how do i
get out of here?

Thu, 12/27/2012 - 23:56 | Link to Comment holdbuysell
holdbuysell's picture

Well done, ZH: another stellar example of your ability to pull facts from the timeline to piece a story and not just presenting what just happened, which loses the context and accentuates the blatant inconsistencies.

Kudos for helping us remember and keeping it honest.

Fri, 12/28/2012 - 00:05 | Link to Comment Lucius Corneliu...
Lucius Cornelius Sulla's picture

The USA has always followed the golden rule.  Corruption is nothing new.  Congress has almost always mostly been made up of hucksters, liars and sleezebags.

 

Fri, 12/28/2012 - 00:10 | Link to Comment TuesdayBen
TuesdayBen's picture

Speaking of Congress, am watching local news, and newscaster stated, straight faced, that Reid accused Boehner of being "unable to control his caucas"...! Fellas, can ya relate?

Fri, 12/28/2012 - 00:25 | Link to Comment HowardBeale
HowardBeale's picture

With each new transgression of this type by the gang of 535, there are at least another 535 high capacity magazines loaded and locked into place all across the country: when you blatently abuse The People, putting yourself above the law that proscribes their behavior, The People will eventually turn to their natural rights, as delineated by the framers: "...when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."

With this kind of "fuck you you stupid peaseant fucks" kind of behavior by our supposed "representatives," you can be assured that some fraction of the gun-owning People out there are mad enough to start looking for the right time, the right place, the greatest gathering of the greatest theives to ever walk the face of the planet. I, for one, will jump for joy in the streets the day one or all of these criminal fucks is taken down.

Fri, 12/28/2012 - 10:05 | Link to Comment irie1029
irie1029's picture

And who is organizing the revolution?  OWS? LOL.  Ron Paul?  Gary Johnson?  Libertarian Party?  The MSM has the sheeple so brain fucked with hopium and free phones the only way for sane people to survive is to leave the US.  My question is where to go.

Fri, 12/28/2012 - 00:46 | Link to Comment proLiberty
proLiberty's picture

You cannot have Crony Capitalists without Crony Politicians.  

Fri, 12/28/2012 - 01:00 | Link to Comment ebworthen
ebworthen's picture

Well of course, if you asked the Nazi's or the Stalinist's if they were guilty of genocide they said "no".

Surprise that CONgress finds itself not at fault or in league with a generational criminal like Mozilo.

No trust or allegiance to the U.S.A. anymore for me; put that in your moral hazard pipe and smoke it you traitorous ASSHOLES.

Fri, 12/28/2012 - 01:10 | Link to Comment johngaltfla
johngaltfla's picture

As I have said many times before, Obama, Bush, Bernanke, anyone member of the House or Senate could ass rape the Pope on live television and the response would be:

 

"It's the Pope's fault."

 

These dirt bags would sell their children's souls to Satan to raise money for re-election and their Hooker of the Month selection.

 

Welcome to Rome v3.1.

 

Sucks to be us, as in the U.S.

Fri, 12/28/2012 - 01:44 | Link to Comment blindman
blindman's picture

where is the alternative to
"singing to the choir" ?
.
i know .. singing in the rain !
or another empty room !
ain't life grand !
.
but u forge onward as the calling demands
hope and faith have meaning and power here.
.
"I'm Singing in the rain", Gene Kelly
http://www.youtube.com/watch?v=rmCpOKtN8ME
.
period, ongoing ....

Fri, 12/28/2012 - 02:59 | Link to Comment nathan1234
nathan1234's picture

How can a committee without ethics judge ethics of others without ethics also!

It is clear that all organisations such as the CFTC, the SEC  etc are bereft of any ethics and are corrupt to the core.

They seem to think they can get away with it.

History always remembers these kind of people. When the time comes they will resort to the usual - " I followed orders".

But the mobs and the new justice will not accept their explanations for the havoc caused by them.

 

 

 

 

Fri, 12/28/2012 - 09:53 | Link to Comment irie1029
irie1029's picture

Good point.  The "ethics committee" should be one citizen from each state and let them decide wether or not they are guilty.  

Fri, 12/28/2012 - 03:12 | Link to Comment helping_friendl...
helping_friendly_book's picture

I would relish the thought of executing, a properly condemned by due process of law, all those letting us "eat cake" whilst they corrupted the Constitution.

I would volunteer to put some lead in their Medulla Oblongata.

It would be my pleasure as well as my duty.

Fri, 12/28/2012 - 03:16 | Link to Comment FleaMarketPete
FleaMarketPete's picture

Why would I care about political indiscretions when I can vote for gov't handouts?  Usama bin Obama, Reid, Piglosi can steal all the shit they want as long as I get my fair share.

Fri, 12/28/2012 - 09:12 | Link to Comment I_Am_
I_Am_'s picture

Disgusting, the fing face and the fing outcome! 

Fri, 12/28/2012 - 09:55 | Link to Comment BattlegroundEur...
BattlegroundEurope2011's picture

The US Politburo speaketh.

Fri, 12/28/2012 - 10:09 | Link to Comment roadhazard
roadhazard's picture

To me that guys face is the poster boy for the entire financial industry.

Fri, 12/28/2012 - 10:56 | Link to Comment rustymason
rustymason's picture

I thought this Sicilian wiseguy Mozillo was goin' legit.

Fri, 12/28/2012 - 12:48 | Link to Comment SmittyinLA
SmittyinLA's picture

All those loan fraudsters are going to get their just desserts, not from the public or voters but from the market.

 

 

Fri, 12/28/2012 - 16:51 | Link to Comment Walt D.
Walt D.'s picture

Wall Street and the Financial Sector own Congress (or they did before the public employee unions came on the scene) - these were just employee loans - all banks do this.

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