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Bad News For Bank Of America Imminent? Attorney General Says Completing BofA Fraud Analysis

Tyler Durden's picture




 

Just out from the office of David Grais of Grais & Ellsworth

July 26, 2011
By Electronic Filing and Hand Delivery
Honorable Barbara R. Kapnick
Supreme Court, New York County 60 Centre Street, Room 208 New York, New York 10007

 

In re The Bank of New York Mellon, Index No. 651786/2011

 

Dear Justice Kapnick:

 

As per the Court’s instructions of yesterday, we prepared the enclosed omnibus proposed order for all intervenors. We conferred with the Trustee, the 22 investors that have already been permitted to intervene as petitioners, and all proposed intervenors that have already filed petitions. If the Court grants the petitions to intervene, all parties and proposed intervenors stipulate to the enclosed form of order. We also conferred, per the Court’s request, with the office of Attorney General of the State of New York. The Attorney General’s office has asked us to inform the Court that it is completing its analysis.

 

Respectfully,

 

David J. Grais

full motion:

DocumentDisplayServlet

h/t Manal Mehta

 

 

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Wed, 07/27/2011 - 10:53 | 1497796 Ryman1075
Ryman1075's picture

On a long enough timeline the survival rate for everyone drops to zero.

Wed, 07/27/2011 - 10:56 | 1497804 TruthInSunshine
TruthInSunshine's picture

On a long enough timeline, Eric PlaceHolder does something?

Guarantee you that Jamie Dimon is behind whatever moves come next. That Jamie Dimon; some say he's sharp. I say I'll outperform his corrupt ass any day of the week if given half the inside information he gets from his peeps (e.g. The Bernank).

Wed, 07/27/2011 - 11:05 | 1497873 ratso
ratso's picture

I sure that you're wrong about the Jamie Dimon conspiracy theory.  That being said, it is about time for Bank of America to visit the proctologist.  The surprising finding will be that it is all ass and no head.

Wed, 07/27/2011 - 11:12 | 1497917 JohnG
JohnG's picture

Just how are you associating Dimon with BOA?

Do tell.

Wed, 07/27/2011 - 11:20 | 1497951 TruthInSunshine
TruthInSunshine's picture

I'm associating Jamie by way of the fact that he's got an inside track on major happenings, seemingly before anyone else who is an "investor" knows.

A major happening would be severe carnage at BofA, an institution holding 40% of Americans' savings and cash equivalent deposits.

The impetus of my emphasis wasn't as literate as it should have been in my original post.

Wed, 07/27/2011 - 11:25 | 1497971 JohnG
JohnG's picture

Ahhhh, and here I was thinking you had your criminals confused.

I'm sure you're right that JPM is the govt's favorite bank excepting the fed of course.

So what does he know do you think?

Wed, 07/27/2011 - 11:20 | 1497950 Alienated Serf
Alienated Serf's picture

TIS,

tis from the NY Attorney general, not placeholder.  Do you think placeholder would actyually do anything?

Placeholder will neutralize anything the pesky NYAG does anyway.

Wed, 07/27/2011 - 11:23 | 1497959 TruthInSunshine
TruthInSunshine's picture

This is a good point, AS.

Eric Placeholder has been a major cock blocker for anyone seeking just restitution from the playas and TBTF inner sanctum on Wall Street, and his cock blocking ways will probably continue unless Obama decides he needs some very major, very visible sacraficial lambs to get re-elected (and this presumes Obama has control over those playas, when the reverse is more likely the case).

Wed, 07/27/2011 - 11:39 | 1498034 Alienated Serf
Alienated Serf's picture

Yup,

placeholder/obama are champions of non-prosecution/self regulation (as detailed by taibbi).

disgusting.

Wed, 07/27/2011 - 12:01 | 1498111 trav7777
trav7777's picture

I am glad to see his nickname catching traction, props.  I got that from the Washington CityPaper which is politically barely to the right of the Village Voice.

You can see downthread how they ARE going to go after WFC and BAC for the fact that blacks DEFAULTED on their loans.  When it is white borrowers, it's NINJA and deadbeats that these banks falsified shit- it's all on the borrowers.  When it's black borrowers, it  beez scriminashuns that they DIDN'T lend and then scriminashuns when they DID lend and had to NINJA the docs to make the loan happen.  And if FICO (which doesn't know race) or even traffic cameras are catching blacks with lower scores and higher ticket rates, then they beez rayciss too.

Every single failure of any black is the fault of YT scriminashuns.  It's a civil rights case that broke blacks that shouldn't have been lent to defaulted on subprime loans.  Just like it was a civil rights case that the banks refused to lend to people with documented failures to repay credit.

Wed, 07/27/2011 - 12:07 | 1498140 Libertarians fo...
Libertarians for Prosperity's picture

Hey Anders - 

It's nice to know the Norwegians have internet access from their jails.  Are we going to be blessed with more of your racist shit all day today?

WHITE POWER!!

<CLICKING HEELS>

 

 

Wed, 07/27/2011 - 12:14 | 1498177 trav7777
trav7777's picture

hey fuckface-

you'll get more respect around here if you actually refute points with facts, instead of resorting to that BS which will only get you laughed at.

Nobody respects your cries of "DAT BE RAYCISS"

Wed, 07/27/2011 - 10:55 | 1497812 Cash_is_Trash
Cash_is_Trash's picture

Flaming fiat avatars rule my friend!

Wed, 07/27/2011 - 11:43 | 1498049 AR
AR's picture

BAC should go to 8.80, low 8-handle (maybe 8.20).  If this does NOT hold the decline, 6.80 to 7.05/10 area will attract buyers.  Moynihan has only about 6-9, maybe 12-15 months to really convince the Street, before pressure from large shareholders demand the Board replace him. He will become the "scapegoat" and will resign for "personal reasons" (the Board will give him a 8-10MM retirement package).  Here is the interesting part.  We believe Sally Krawcheck will replace Moynihan (and currently, is quietly being groomed or moved around for such possibility).  New developments shall begin to unfold itself by year-end (maybe even within the next few months sooner). 

Wed, 07/27/2011 - 10:54 | 1497798 High Plains Drifter
High Plains Drifter's picture

quick robo. go short  BAC...........:)

Wed, 07/27/2011 - 10:54 | 1497802 buzzsaw99
buzzsaw99's picture

You can tell that BAC isn't in "the club".

Wed, 07/27/2011 - 11:04 | 1497866 GeneMarchbanks
GeneMarchbanks's picture

You meant "tha club" of course, remember, these are bankstas...

I'm sure their assets will gladly be taken over by ______ in a sorta move reminiscent of of the good'ol Lehman days.

 

Wed, 07/27/2011 - 13:43 | 1498508 el Gallinazo
el Gallinazo's picture

Yeah. It's time for another big feed. The Bear and Lehman just exited from the hindquarters of the great New York Anaconda. After BOA, I see Morgan Stanley as next on the buffet, and then probably Wells. I hope there are some Japanese directors still on their feet despite radiation poisoning to film the last epic, The Morgue meets the Squid. Guaranteed to be a thrilla.

Wed, 07/27/2011 - 11:04 | 1497871 High Plains Drifter
High Plains Drifter's picture

that is why they were made to buy countryslide .........etc

besides their headquarters is not in new york either.........

 

Wed, 07/27/2011 - 11:17 | 1497934 I am a Man I am...
I am a Man I am Forty's picture

yep, i've noticed this for a long time, also being out of charlotte, i think jpm will own them b4 it's all said and done

Wed, 07/27/2011 - 10:55 | 1497814 treemagnet
treemagnet's picture

How bad can it be when nobody goes to prison?  The fine will be approximately 1/5 of the crime, only to be passed on to the public (again) through more gov't tolerated/sponsored shenanigans.  Party on right?

Wed, 07/27/2011 - 11:02 | 1497856 Gubbmint Cheese
Gubbmint Cheese's picture

The fine will be 1/5 1/5000th of the crime..

I fixed your typo treemagnet.. :)

Wed, 07/27/2011 - 11:04 | 1497869 treemagnet
treemagnet's picture

I never could do math in my head!

Wed, 07/27/2011 - 10:56 | 1497820 Long-John-Silver
Long-John-Silver's picture

Lehman Brothers II Bitchez!

Wed, 07/27/2011 - 10:56 | 1497827 vast-dom
vast-dom's picture

Repeat [fraud analysis] for Citi, Goldman, et al. = guilty = crash.

Wed, 07/27/2011 - 10:57 | 1497828 Global Hunter
Global Hunter's picture

Other banks with better political connections are salivating and dividing up the "good" assets and divisions as we speak.  The "bad" assets will be bought by the government.  Easy fix

Wed, 07/27/2011 - 11:02 | 1497863 Snidley Whipsnae
Snidley Whipsnae's picture

And we get Countrywide... in an around about fashion.

Wed, 07/27/2011 - 13:34 | 1498473 moneymutt
moneymutt's picture

and what should have happened with Coutnrywide...bankrupty...with scorned creditors going after Mozillo's person assets like locusts based on fraud....instead, we the taxpayers, who never bought any of CWs fraudulent commercial paper get to pay...does not matter which party is in charge both require little guy to face music, financially and in courts if they committ a crime, while big guys profit and never see bars.

Wed, 07/27/2011 - 13:34 | 1498474 moneymutt
moneymutt's picture

and what should have happened with Coutnrywide...bankrupty...with scorned creditors going after Mozillo's person assets like locusts based on fraud....instead, we the taxpayers, who never bought any of CWs fraudulent commercial paper get to pay...does not matter which party is in charge both require little guy to face music, financially and in courts if they committ a crime, while big guys profit and never see bars.

Wed, 07/27/2011 - 10:57 | 1497833 snowball777
snowball777's picture

I love it when banks fight with each other. Maybe we can chip in and get them some chainsaws to play with.

Wed, 07/27/2011 - 11:05 | 1497878 treemagnet
treemagnet's picture

Wonder if they realize they've joined their own "fight club"

Wed, 07/27/2011 - 12:57 | 1498336 Doyle Hargraves
Doyle Hargraves's picture

Or maybe they will just do this!!! (h/t Steve Quayle)

http://www.eurekalert.org/pub_releases/2011-07/acs-nmf071311.php

 

Soylent Green Bitchez!!!

Wed, 07/27/2011 - 10:59 | 1497838 Stoploss
Stoploss's picture

Well, that's it for the dunkin doughnuts pop.

Crash on..

Wed, 07/27/2011 - 11:00 | 1497850 gwar5
gwar5's picture

.

 

BAC never was a founding member of TPTB and the old money trust banks that started the Fed.

Wed, 07/27/2011 - 11:18 | 1497939 snowball777
snowball777's picture

Aww..tiny violins just for them. The Bank of Lynching America Countrywide is still a cartel in every state in the union and should be treated as such.

Wed, 07/27/2011 - 11:31 | 1497993 I am a Man I am...
I am a Man I am Forty's picture

Yep, BAC is a shit organization of thieves in suits, i can speak from experience

Wed, 07/27/2011 - 11:00 | 1497851 Cdad
Cdad's picture

Oh no!  You mean criminal syndicate bankers are in trouble with the law?  

10,000 pink slips from Blight on America bank, please.

Wed, 07/27/2011 - 11:01 | 1497854 DaveyJones
DaveyJones's picture

speaking of international criminal bankers, have you seen Keiser's piece on Greece.

http://www.youtube.com/watch?v=bISfaVkszo0&feature=player_embedded

Wed, 07/27/2011 - 11:07 | 1497884 High Plains Drifter
High Plains Drifter's picture

attack on the metals has started this morning .........of course.........

Wed, 07/27/2011 - 11:07 | 1497887 apberusdisvet
apberusdisvet's picture

The plan is already set in stone; JPM and GS divide up the good assets; the public will eat the trillions in liability/toxic assets.  Charlotte NC based companies are not in the proper loop.

Wed, 07/27/2011 - 11:19 | 1497943 snowball777
snowball777's picture

Yay, we save on gasoline!

Wed, 07/27/2011 - 11:08 | 1497889 baby_BLYTHE
baby_BLYTHE's picture

Seize, Liquidate and Revoke all TBTF banks' charters

Never again will the criminal syndicate be allowed to usurp the labor of hardworking Americans to swindle profit.

Once these banks are removed from existence a new banking system will take its place that rewards investors that choose to save.

The Federal Reserve will only exist as a check clearing agency and the US Treasury will guarantee all deposits redeemable in Gold or Silver.

That will go along way to reviving the American economy and will protect both investors and consumers better than any central planning agency

Wed, 07/27/2011 - 11:21 | 1497952 Temporalist
Temporalist's picture

Blythe you should know that "never again" has been said many times before in the past.

Wed, 07/27/2011 - 11:23 | 1497956 trav7777
trav7777's picture

gold and silver standards are all that the Founders could come up with to try to ward off the depradations of the bankers in Europe

Wed, 07/27/2011 - 11:37 | 1498021 baby_BLYTHE
baby_BLYTHE's picture

Gold & Silver have a vast history (thousands of years) preceeding the Bank of England and the American Revolution.

Hard money never really had its chance in the US. The first central bank was established only a few short years after the signing of the Constitution.

In real terms, US currency never lost its purchasing power (even gained) up until the creation of the Federal Reserve due to the severe bouts deflation that occured during the 18th century. Gold & Silver were largely responsible for this.

Wed, 07/27/2011 - 12:04 | 1498124 trav7777
trav7777's picture

everyone knows that, as well as the history of jiggering with the G/S ratio to move flows of metal, the Sterling Bill, and the history of debasement and tokenization/demonetization even in pure metals standards.

The point really is that the banking system of usury seems inexorable.  It almost requires a religious prohibition to stop it.

Wed, 07/27/2011 - 14:45 | 1498771 11b40
11b40's picture

....which is why it is banned in the Muslim religion.  Mohammed got this one right.

Wed, 07/27/2011 - 11:08 | 1497890 PulauHantu29
PulauHantu29's picture

"No one saw this coming," the Bankers testitified under Oath to Congress.

Wed, 07/27/2011 - 11:10 | 1497905 Ryman1075
Ryman1075's picture

How perfect the ZH mantra applies.

Wed, 07/27/2011 - 11:22 | 1497906 wang
Wed, 07/27/2011 - 11:11 | 1497910 digalert
digalert's picture

.

 

I've had my eye on a vacant home for over 900 days now. It's a BAC property that I'm sure reflects alot of what this bankster is holding. I wonder if now they'll submit to my offer to take it off their hands?

Wed, 07/27/2011 - 11:23 | 1497960 Temporalist
Temporalist's picture

Check out this guy in TX.  He paid $16 for the right to own this home in 3 years:

http://www.youtube.com/watch?v=z2S9b40ITNM

Wed, 07/27/2011 - 11:24 | 1497965 trav7777
trav7777's picture

TX has an aberrantly short adverse possession period.  In other states, it can be as long as 20 years before you acquire title.

They won't take the offer because they are not actually in business in a real sense

Wed, 07/27/2011 - 14:01 | 1498548 moneymutt
moneymutt's picture

if they sold you the house, then they would have to mark down the value of the asset, that would then mean 10-30 times less the previous house value amount of lending they could do via fractional reserve and if they sold a house like this at a great discount to book value anymore than a handful of times across the country, they would not have enough reserves for the lending they have done, and they would be insolvent. Of course the house is flowing NO cash, but they get back door cash to operate from FED, such as borrowing huge money from discount window and then buying Treasuries, which then they collect interest on. So why sell house? Insolvency tends to reduce bonuses

Wed, 07/27/2011 - 11:22 | 1497945 Temporalist
Temporalist's picture

Just some more good news for the financials:

Wells Fargo Target Of Justice Department Probe; Agency Alleges Discriminatory Lending

http://www.huffingtonpost.com/2011/07/26/wells-fargo-justice-department-...

 

 

Wed, 07/27/2011 - 11:27 | 1497975 trav7777
trav7777's picture

lemme guess:  they either didn't lend to apreficans with really low credit scores, thus it's scriminashuns or else they DID lend in which case the borrowers defaulted or paid high interest rates and then defaulted, thus it's sciminashuns.

Wed, 07/27/2011 - 12:01 | 1498113 Libertarians fo...
Libertarians for Prosperity's picture

I LOVE GUESSING GAMES!

IS IT ANOTHER DAY?  CHECK!

IS IT ANOTHER THREAD? CHECK!

IS IT ANOTHER OPPORTUNITY FOR TRAV7777 TO SPEW HIS KKK, WHITE POWER GARBAGE?  CHECK!

I WIN!

Wed, 07/27/2011 - 12:09 | 1498158 trav7777
trav7777's picture

yeah, one problem there, genius....I WAS RIGHT.

It's fucked up when dipshit idiots like you are calling the TRUTH "KKK white power garbage"...you really are fucked up in the head

Wed, 07/27/2011 - 12:19 | 1498182 Libertarians fo...
Libertarians for Prosperity's picture

All white trash, KKK freaks think they're correct.  Have you ever met one that was willing to have rational, intelligent discourse on the matter?

WHITE POWER!!

<CLICKING HEELS>

 

 

Wed, 07/27/2011 - 11:44 | 1498054 Dr. Engali
Dr. Engali's picture

I wonder if BAC will be the "bad bank" that they load up all the crap on and liquidate? Too bad it's not U.S. bank,they hold my mortgage. I hate them fuckers.

Wed, 07/27/2011 - 12:59 | 1498351 MarcusLCrassus
MarcusLCrassus's picture

So, time to pull all your money out of BoA?  This is getting serious.  It may be time to sound the general alarm to the public. 

Wed, 07/27/2011 - 13:04 | 1498363 Atlantis Consigliore
Atlantis Consigliore's picture

for our hitler friends,

 

"is it safe?"   probing the foreclosures B of A defaults at 15%

 

is it safe?"  probing again Tier I capital at 4.7%  (below 9.5%)

 

is it safe?"  3 million REO  homes so far,

 

another 3 million with Anchored  2nd mortgages HELOCS

on the books  at 90 -120% LTV now worthless, and wont be released EVER.  thats 6 million homes  

nationwide a 15% NOD  over 90 days late same as foreclosed or

filed.   thats another  7.5 million homes.

 

Is IT SAFE?" 

 

as Whitney says  how many Muni foreclosures when Jefferson

County $ 3 B ddefaults ?  

 

IS IT SAFE.  maybe they can dump the wire house at

$ 5 a share.  maybe. ....

Wed, 07/27/2011 - 22:43 | 1500189 StychoKiller
StychoKiller's picture

Is it safe?

The Earth will eventually be consumed by the Sun when it turns into a red super-giant.

The solar system could meet up with a wandering black hole, which would ruin everyone's day!

The entire Galaxy is on a collision course with  the Andromeda galaxy.

ALL THINGS MUST PASS.

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karmete's picture

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