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Full FHFA Statement Disclosing Suits Against 17 Banks (Including Such Dead Man Walking As SocGen)
FHFA goes hog wild and potentially full retard in suing everyone, or specifically 17 global banks, up to an including such dead men walking as Barclays, RBS and SocGen. Oddly such crony capitalist favorites as Wells Fargo are suspiciously absent: we wonder what the cost of that particular Eureka moment was to the interested party. Either way, come Monday, this will get interesting when already scarce liquidity goes... poof. Full statement is below, while the link to all the individual law suits is here.
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Timmy will pull some stupid ass stunt in an attempt to quash these.
And we can all thank Blythe Masters for being one of the main drivers behind the creation of the derivatives market.
Putting the 'poof' into liquidity.
QE3 guaranteed as QE 1 and QE2 was how The Bernak was able to give free money to the banksters. QE3 coming soon, so nice gold and silver play here (buy).
MSM has not been spining the bank lawsuits like they spun the USA doungrade to AA+
Doesn't the banks own the MSM?
I smell a spat between TPTB
Hmm, WHY ISN'T Wells Fargo on that list?
Good point. My take on this is that some sacrificial lambs of a very hated sort are about to be offered up to people to quell some of the rage. Have Blankfein do the perp walk and we can all pretend that there is justice in this country while the FED quietly does it's thing, the Patriot act continues to exist, molestation by TSA is still a daily occurrence. Just offer up a few of the big boys (who lets face it are just errand boys for the REAL powers) and the masses will be quieted for awhile.
It's sort of like the banking version of replacing the hated white man Bush (who is definitely worthy of hate!) with the friendly well spoken black man affirming we still have a Democracy. You chumps buying that shit? Please pay no attention to his voting record around retroactive immunity for the telecoms...
Yeah that's what I think is going on the magician is getting nervous we might start paying attention to the important hand, better do something REALLY eye catching with the front man hand. Also, if they take out some of the banks it would be a perfect scapegoat for a deeper crash that leads to oh, I don't know, global monetary integration and coincident global government? It was the naughty Junior Varsity bankers! Now let us all follow the lead of the BIS and G-20.
Kudos to Bruce K for sniffing out the FHFA ...
The squeaking wheels get louder by the day... soon we will see a little smoke from the wheel bearings... and when the first wheel falls off hell will be coming to breakfast.
All we can do is try to be prepared as best we each can... good luck.
Ouch, I can feel each one, oh woe are we...!
DCRB... I had your biz in mind when I posted above... New spindles and axles required... just wheel bearings will not do... :)
Hah! Just what I suspected!
:)
I just put up a new article at my blog re the Debt, Gold vs. Platinum and the Banks being sued. Anyone curious? Send me a gmail at my name and assure me you will behave and I will send the link to my bog. I ask this as I publish under my own name. Over 200 of my readers came from ZH.
US Taxpayer bails out the banks... Then Sues the banks to recover... the banks fail and the FDIC (read Taxpayer) bails out the er, ah Taxpayer...
VELOCITY Bitchez!
Actually, I don't think so. If Treasury didn't want this to happen, Geithner could have fired DeMarco prior to the filings. No, there is some kind of game going on here, but we don't know what it is yet. If DeMarco did this against Geithner's will and he doesn't fire him, then we must conclude that the political price is too high. I happen to think that DeMarco is a tougher cookie than the admin. thought, else they wouldn't have given him the job. The cynic in me wonders if this is a ploy by Obama to test the public's mettle. If the public demonstrates strong support for this action, maybe, just maybe, Obama will toss the banksters overboard.
Thoughtful and original concept... I like it.
Pure fairytale but I like it.
Obama tossing the bankers would require HIM to have the ability to think thoughtfully and originally. The bankers write all his speeches... he just reads them and tries to look like a regular joe. Put more crudely, they have their hands far enough up his backside to make his mouth move.
Even if what you say is true, I lay odds on success at 1:1,000,000 even WITH strong public support. Kennedy tried it and look where it got him.
It may sway some. But the lack of Wells Fargo on the list and the Warren Buffett connection won't go unnoticed..
http://www.bloomberg.com/news/2011-08-16/buffett-increases-wells-fargo-s...
This election cycle is going to be the dirtiest / shittiest / most fun to sit back and watch..
pass the popcorn.
Elliot Spitzer tried it in New York and look where it got him.
People forget that even Jamie Dimon and Lloyd Blankfein are but mere Junior Varsity bench players compared to those who OWN JPM and GS let alone the holders of FED and BOE stock. That's the real power and they have long shown a willingness to throw a few of those guys to the angry horde to placate the horde whilst they operate in the shadows.
No doubt if any big guy went to jail he would need to think long and hard about opening his mouth lest he get sent a message or have a lethal accident just ask Madoff: http://www.brokencountry.com/index.php/2009/12/24/bernie-madoff-takes-a-beating-in-prison/
Yeah, I know there were later denials, but I think Bernie was sent a message and it was STFU before you have something really bad happen to you or your family.
Chromer..been wunnerin how DeMarco got off the resevation without a pass from tiny turbo meself..Got me a gold foiled helmet to proved I'm nuts.
Tight Lines!
Probably, but then I never thought they would even make the appearance of acting upon the FCIC* report and the hard work by Phil Angelides and Brooksley Born!
Sure, I may be the ONLY American outside of the DOJ who has actually read the entire report, and while I was aware of the mechanics of the entire thing long ago, it WAS NEWS to me about Clayton Holdings, that forensics analysis firm the banksters hired to audit their faulty loans --- and when the Clayton people explained that this one was 1/2 bad, and that one was 1/3 bad, etc, etc., the banksters ignored them and went ahead with their bundling and tranching anyhow. (Criminal intent to defraud)
And when Clayton Holdings offered this data (free of charge) to S&P, Moody's and Fitch --- the three primo ratings giants told them they didn't want to know about it. (Colluding with intent to defraud)
Yes, this is probably just a political gambit, but it would be nice to dream of at least one honest person at the DOJ.....
*FCIC: Financial Crises Inquiry Commission
I guess it's time to start a new war than, Iran and/or Syria looks ready for picking
Save fuel, do them both and throw in Yemen and Somalia for shits and giggles.
The UN and the Red Cross (both Rothschild subsidiaries) have already taken care of Somalia.
Like I said on a nearby thread, I am taking out $500 / day from the ATM this weekend!
people at work looked at me wierd a couple weeks ago when i filled out the form to stop having my checks direct deposited to my bac acct
i guess they'll be filling out there own forms on tuesday
'i' before 'e' except after 'c' .... forget all that followed but 'weird" was one of them :)
And they will soon be filling their foodstamps forms too.
Go into the branch and take it all out tomorrow. I'm doing the same.
WOO! BUY SILVER CRASH JPM... err wait...
Same here, DCRB. I've got the bare minimum in the ol' community credit union. Not earning interest, so may as well keep it handy for he regular coin shop excursions.. ;)
+ $1880
Some 20 years ago I got my first ATM card. The limit I could take out was $300. That was often pretty close to being enough to buy an oz of gold.
Now I can take out $500 a pop. Takes 4 ATM visits to get enough cash for an oz.
Also, there is no opportunity cost to holding long green, since they pay essentially NO interest on our savings...
I made a phone call to BECU HQ and now they 'graciously allow' me to pull out $1000/day at the ATM. Nearly brings a tear to my eye, their kindness. Shall I kiss their feet...? [sardonic lolz]
Lol...
At least, there is no opportunity cost until this idea is resurrected
http://www.wired.com/politics/law/news/1999/10/32121
"Cash and the 'Carry Tax' Declan McCullagh 10.27.99WASHINGTON -- US currency should include tracking devices that let the government tax private possession of dollar bills, a Federal Reserve official says..."
Apparently, such an idea did not completely die in 1999. See this 2009 FT blog post very seriously discussing the need for, and practical issues related to, negative nominal interest rates (read: tax on cash).
http://blogs.ft.com/maverecon/2009/05/negative-interest-rates-when-are-they-coming-to-a-central-bank-near-you/#ixzz1WqlyvqF9"....Taxing currency may be awkward and intrusive, but abolishing currency is not just easy (just do it) but also has considerable advantages as a blow against criminality and terrorism....
To get the bearer to come forward to pay the negative interest [on cash holdings] we can either rely on honesty and a sense of patriotic duty, or we can impose sanctions for non-compliance. I am afraid penalties for non-compliance (fines, a day in the stocks) would be required to make negative interest on currency work. This would require random checks etc...."
The article carries an implicit (and sometimes not so implicit) assumption that people carrying (read: hoarding) cash are suspect. Mentioned criminal and terrorist activities.
This article references a 2009 NBER presentation, http://www.nber.org/~wbuiter/negative.pdf.
It has a chart entitled "If currency creates the zero lower bound, what can be done about it?" with such ideas as
- "Abolish currency (first?best solution!)
- Replace currency with universal accounts with the central bank, possibly administered through commercial banks, post offices etc. Could pay positive or negative interest
- Tax currency and mark (stamp) it (Gesell, Irving Fisher). Like clipping coupons"
and a later chart proposes
- All currency notes ending in that integer, printed in that year or earlier, lose their legal tender status and are no longer redeemable/exchangeable at central bank for anything else
- "Problem: value of fiat money is what people think it is" (!!!!!). "Legal tender status not necessary. Threat of confiscation may still be necessary"
I need to read the NBER presentation in more depth, as aspects sound very similar to what has begun. Not sure if that was predictive or discussing the wheels in motion at that time. If predictive, very scary, as it implies further steps in the future.
dont spend that $1500 all at once
How about $2000 for a Gold Eagle?
QE 3 would be pretty pointless as well at this time.
Does this mean I don't have to pay my mortgage any more? <sarc>
You're still paying?
sue everybody!
This smacks of posturing by the administration. "Hey look, we're doing something about those evil banks!" Right. I'll believe it when I see a judgment against them that isn't paid with taxpayers $s.
Yep.
GP... Here you go... The banksters are robbing the world blind... Time for Obummer to grow a pair and throw them under the bus.
"Nassim Taleb: The American Economy Will Transfer $5 Trillion To Banker Pay And Bonuses Over The Next 10 Years"
Nassim Taleb
"For the American economy – and for many other developed economies – the elephant in the room is the amount of money paid to bankers over the last five years. In the United States, the sum stands at an astounding $2.2 trillion.
Extrapolating over the coming decade, the numbers would approach $5 trillion, an amount vastly larger than what both President Barack Obama’s administration and his Republican opponents seem willing to cut from further government deficits.
That $5 trillion dollars is not money invested in building roads, schools, and other long-term projects, but is directly transferred from the American economy to the personal accounts of bank executives and employees.
Such transfers represent as cunning a tax on everyone else as one can imagine."
http://www.businessinsider.com/american-bankers-do-not-deserve-22-trillion-in-pay-and-bonuses-2011-9
Sure, obviously. What isn't obvious to me is that the .gov has all of a sudden sprouted a pair and is going to bite the hand that feeds them hard enough to draw blood.
Its not at all obvious until you read this piece from Bruce Krasting...http://www.zerohedge.com/contributed/feds-plan-rumors-news
This is the first step. The second is for obummer to announce a settlement where the banks refi everyone's mortgage at a low rate as punishment. Except it doesn't really hurt that much and by paying off all those pre-2008 mortgages and writing new ones, it gets the banks out of a big chunk their MERS risk. It also lets obummer put an extra hundred or two each month in the homeowner's pockets in front of an election and gives banana ben a trillion more bucks to throw at the bankers for their trouble. I would really love to know who thought of this; it is simply brilliant.
Yeah but you turn away from one pet dog and begin lavishing your attention on the other...makes the ignored doggie mad enough to bite. The Banksters' $$ donations and under-the-table back-pats are more and more going to the GOP. Much to O'B's displeasure me-thinks.
Can I sue you?
Sue me?
Sue everybody!
maybe i could sue for punitive damages...that you're giving me...
+1 Jerky Boys reference
here is the bit http://www.youtube.com/watch?v=QhjBlPucpd0
That I'm giving you? I'm a lawyer whet did I do to you?
Punitive damages
So you want to sue me? I'm a lawyer...
Sue everybody?
.
I was drinking, and I lost control of the bike.
well......my shoes fell off......
I'm sure HM Government (us plebs that is) will stand behind our bankers in the UK.
I can see you are really upset about this, FHFA. I honestly think you ought to sit down calmly, take a stress pill and think things over.
I can feel it. I can feel it....
They've really opened up a shit storm! Finally! Take these corrupt bitches down. All of them.
So glad I held onto my short positions throught this phony ramp up. Obama is obsessed with destroying capitalism. Doesn;t this idiot realize if you SUE banks then they won't LEND any money?
Oh wait... that's the point.
I doubt he's trying to destroy capitalism. He ain't smart enough.
I don't have anything to say about his intelligence, but read what little is available about the man's background and reconsider the first half of your post.
"I doubt he's trying to destroy capitalism."
Then why did he teach Alinsky classes at Columbia?
America! Fuck!! Yeah!!!
$16 Trillion Dollars???
http://info.publicintelligence.net/GAO-FedAudit.pdf
PLUS!!!
Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans
http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html
PLUS!!!
SEC Covering Up Wall Street Crimes?
http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817
Plus!!!
How about the $2.5 Trillion in Social Security Bailouts??
http://moneywatch.bnet.com/retirement-planning/video/good-news-on-social-security/478373/
No Worries!! Washington DC is putting together an Austerity Plan!! Right Now!
Subject: Taking hostages in a hurricane?
Dear Friend,
The waters have just begun to recede in Vermont. New Jersey is still reeling. North Carolina is just starting to pick up the pieces. But Republican House Majority Leader Eric Cantor is already taking Hurricane Irene's victims hostage.
Truly, Mr. Cantor has no shame. It's outrageous to take advantage of the urgent needs of hurricane survivors in order to advance his radical crusade to cut Medicare, Medicaid and Social Security. But that's exactly what one of the top Republicans in Congressional leadership is doing with his refusal to allocate money to disaster relief unless Congress first offsets that money with cuts to vital government programs.
I just signed a petition telling Eric Cantor to release the hostages and stop blocking funds for urgently needed disaster relief. You should sign the petition too. Click below to take action.
http://act.credoaction.com/campaign/hurricane_hostages/?r_by=26640-4136952-0dcX88x&rc=paste2
No thanks.
http://www.openfilm.com/videos/psywar
http://metanoia-films.org/index.php
worth every minute!
Thanks CD!!
CD went corporate on us.. he only posts his blog stuff.. not more interaction with the wee lil people! LOL!!
17 banks and 17 eurozone members - just seems weird
Next Obama gonna sue dem 57 states and all them angry white folk that hold onto their guns and bibles.
and don't forget to sue the "corpsmen" also !
and don't forget to sue the "corpsmen" also !
They need an excuse for an even bigger QE3, that debt ist going to monetize itself...
Lots of individuals also listed as defendants.
guess thats why Blankfiend lawyered up last week......
im sure the chief ball licker at government sacks will come out ok
He's not named as a defendant in the Goldman suit. :-(
OK, so let me get this straight. On the one hand, the Fed and the Federal government have spent literally trillions to bail out the banks. Now, the FHFA, a branch of the Federal government, is suing these same banks. I may not be the brightest bulb around, but isn't that rather strange? Maybe that's why the banks aren't loaning any money. Perhaps they figure they'll pay the judgments from this lawsuit (if, in fact it goes anywhere) with funds they got from the Feds.
this looks like good news for my fraudulent Bank of America Mortgage and Bank of America HELOC.......now just need Wells Fargo on this list for the Triple play
How do WE sue Fannie and Freddie to get all of our tax money back?
Huh?
This is literally what "...shit hits the fan" means
dont use the word "literally" if you don't understand what it means.
FHFA probably has to sue all banks including U.S. banks to make it look legit, but I believe
their target is really the E.U. banks. By putting pressure on E.U. banks and bringing their
stock prices down, they expedite the need for the ECB to bail them out, which could only
be done at this point through monetization. When the E.U. starts printing money, then the
Fed can start outright QE3 without tanking the dollar. What we need now is a major crisis
in order to pump trillions into our weak economy without hitting a wall of opposition.
We know a crisis is brewing in Europe, so why not help it along.
Calling all ETs!!
Krugman may be squeezing himself right now.
how come Wells Fargo is not on the list?
because Uncle Warren was bouncing lil Barry on his knee?
Need...money...must...sue...those...with....
Damn it I read it wild hog....love hunting hog
Let me get this straight...So the government will have to bail out the 17 banks after they sue them..what has this world come to?
Bring me the head of Angelo Mozillo.
So what happens after our government takes the whole global financial system down? Oh yeah, Ben for Ruler of the Universe!
With Treasury Yields virtually crashing on the long end today.
They should double the debt ceiling and just announce a complete 100% takeover of the entire mortgage industry, and wipe all these bad loans clean off the banks's books.
With financing at near zero cost, the net impact to the country's debt service will be nominal.
SOMETHING has to be wrong with that...
But, I cannot yet refute your proposal...
Sorry you missed a beautiful TMV entry.
fuck me i meant to buy sbnd all day and just forgot. +5% afterhours.
How much did the fed give each of these guys?!
Lots!
I don't understand why everyone is complaining about this. All I hear on ZH is complaint after complaint about "banksters" and the crooks GS, JPM and so on. Now that a govt agency is going after them, you all are taking out your money, and complaining about partisan tactics and the banks getting shut down. Will anything satisfy you? Other than more gold?
More guillotines.
That was funny, and I'll give you a green up arrow too!
ublic-pay angings-hay
There is this little issue called "TRUST". The government and bankers have lost the trust of the people. No one believes them and if they want to regain the trust of the people it will take a lot.
.... fool me once ... blah, blah, blah ...
http://trololololololololololo.com/
It means nothing.
A bunch of bullshit for the lawyers to pad their resumes with.
http://strikelawyer.wordpress.com/
They will get a slap on the wrist, pay a few bil and in the fine print of the settlement you will see that all the fraudulent mortgage transfers will have been fixed. Nothing to see here.
General Electric? what is this a list of fortune 500 companies that got more in tax subsidies than they posted as profits
.
since the 80s
SPY dropped on only 200 million shares today, compared to 500 million and 700 million on the last two big drops.
I'm sure that the rally out of these lows is going to be spectacular.
Bob Brinker will surely chortle on this weekend about the "implied inflation rate of less than 1%".
Hence my sympathy for you missing the TMV entry. Do you ever trade?
Black monday in Europe. You can be sure of that.
Eurotards deserve it. Might be good for USDHUF tho.
Is there a second round? Looks like they stopped at S. What about Wells Fargo or the company it bought Wachovia? Since they have Countrywide, do they have Washington Mutual? What about Golden West? This list seems incomplete.
I think we can ready our ``JUMP YOU FUCKERS`` signs...
My work depends on bank lending. I have that photo on my office wall.
Have for Three Years.
The .gov must be more broke than we imagined--FHFA is asking for jury trials = more money awarded.
ha!
"In case it’s escaped your attention, with RBS involved in the suit, we’ve reached the point in the financial crisis where the US government is effectively suing the UK government."
http://ftalphaville.ft.com/blog/2011/09/02/668196/fannie-and-freddies-re...
So it goes.... The "No American Left (without a house) Behind Program" was a great contributor to banks lending vs property of "dubios/relative value" and in order to deal with the volume, they largely computerized the process, and through Greenspan rates kept ratcheting lower, adding fuel to the fire. There are so many contributing factors here that its hard to quantify. CRA-programs whereby banks were in fact FORCED to lend to persons in their own community who otherwise called FOUL if denied credit and FNM/FRE effective GSE programs which (by Federal policy) encouraged loans to effectuate NINJA style programs. The idea that the SAME GOVERNMENT will then go back in blame the same institutions for somehting that they were responsible for creating (much of) due to a littany of policy mistakes and gratuitous and selfish grandstanding for political favor among constituents..... the idea that now the same government would come back and try to bankrupt the same institutions goes well beyond blasphemy.
We have long said that the DEBT of the banks will be fine but that the EQUITY will be of dubious investment quality due to the "whipping boy" routine which would follow such an enormous increase in bank reserves after the spreads that these institutions have been able to enjoy under current interest rate conditions. Simply put, the authorities would see the massive buildup of cash and then sue for it under the pretense that banks were ENTIRELY at fault for the mortgage mess, when in fact policy was more the problem. Banks are currently stacking up huge reserves as a result of being leveraged 12:1 and collecting three points of spread.... 30%+ annual book cash growth.... makes up for tons of bad debt..... and then there are the increased reserve requirements...... so the cash laying around is now extraordinarily significant. Exoect this to be chewed up during the new process in which the same policymakers blame banks for human tendency to overextend themselves, and a government policy which effectuated more home ownership than any time in history, at which point a newbie couple out of college or even high school would have the opportunity to buy a house for $500,000.00 with basiclly zero down.
Suck it Up II
That's not evil bankers....that's a system which was primed from many years of policy preconditions resulting in a boom and the bust that had to follow. Expect BAC, C, WFC and JPM to muddle along and the authorities to attempt to extract cash (the government is in fact desperately in need of it) in which case the populist threat swells with a litany of suits, then ebbs a while before going away entirely over the next several years. At some level, if I were a BAC or a WFC Chairman, I wold relish the thought of winning the majority of these suits. At some point, the whole "bankster" argument becomes ridiculous and the system has been purged "enough" and the rally cry from the sock-puppets (politicians) in the audience becomes a joke. Some people wiill not stop complaining until the whole system has collapsed. Since that's not going to happen, we must deal with the imerfections, and work with a system that while imperfect.....every passing day confirms that the USA still has the best one in place....save for those people lucky enough to be among the PIIGS.
Buy the bank bonds, preferred stock....and for real cowboys, buy the convertible preferred equity. Common need not apply.
Solutions Delivered Daily: shawnm@pamria.com
I'll keep betting on the "whole system collapse", thanks.
Bro you should be buying into the markets at 11,400(ish) orrrrrr! shorting!! YEAH!! thats it! Shorting!!
Markets are on FIRE!!!
FIRE!
I hope you donate some money to zerohedge for free advertisement of Pacific Asset Management.
Troll
http://www.openfilm.com/videos/human-resources
"FHFA goes hog wild and potentially full retard in suing everyone.."
Now is not the time for half retarded measures afterall so hell why not ?
PS. Can't get my ZH donation through on 2 attempts tonight... Reggie got his Subs' from me 2nd day of trying so bit perplexed.. will try to sort this early next week as you deserve a crate of Crystal (or Bud Lite, or Alcopops!)
All I can say is, wow.
Reminds me of that Stephen King short story where there was an exdoctor who was shiprwrecked with 2 trunks of H he was smuggling to get his license "fixed" by somebody, breaks his leg, and since he's got no food, he starts eating.
Himself. Starting with the leg he had to amputate at the calf, then going up further.
Wish I could remember the name of that story...
All I can say is, wow.
Reminds me of that Stephen King short story where there was an exdoctor who was shiprwrecked with 2 trunks of H he was smuggling to get his license "fixed" by somebody, breaks his leg, and since he's got no food, he starts eating.
Himself. Starting with the leg he had to amputate at the calf, then going up further.
Wish I could remember the name of that story...
If these lawsuits are not settled, it will be the end of mark to myth because the FHFA is asking for recovery of monetary losses, including any dimiunition in value of the RMBS certificates.
Chumba?
Update (5:38pm, New York time): Bank of America released the following statement in response to the lawsuits:
“The GSEs have in their past public statements acknowledged that their losses in the mortgaged-backed securities market were due to the unprecedented downturn in housing prices and other economic factors, including sustained high unemployment. Also, they claimed to understand the risks inherent in investing in subprime securities and, in fact, continued to invest heavily in those securities even after their regulator told them they did not have the risk management capabilities to do so. Despite this, the GSEs are now seeking to hold other market participants responsible for their losses.”
http://ftalphaville.ft.com/blog/2011/09/02/668196/fannie-and-freddies-re...
There is no way this will go to a jury trial.
I can't wait to read the comments here when they "settle" for less than $5B!!
Prepare youself and don't get overly excited.
Obama is putting on this show to appease the voters.
Where is the lawsuit against the PennyMac guys?! Kurland, Spector, etc.? Have you seen their logo? It couldn't be more brazen and inappropriate. http://www.pennymacusa.com/about_us.php
edit: my bank knocked down my daily withdrawal a few weeks ago from 1500 to 399 (effectively 380 from ATM) without telling me today my card didn't work it had "expired" luckily I took most of my cash out the last few weeks. If I lose the last few hunge in there I won't cry, losers.
The post has been updated.
http://strikelawyer.wordpress.com/2011/09/02/the-government-v-the-banks/
Seriously, forget the hype on this one. It's ridiculous.
Take 'em all down until only one left standing.
Obama says we call the new bank Wells Fargo National Bank of USA
So the Gov't just sued itself being the major shareholder of Ally bank.
Nice, I wonder who will win?
From wikipedia:
"As of December 2010, 73.8% of Ally was owned by the United States Treasury, with the remainder divided between Cerberus Capital Management, General Motors, and other investors.[4]"
http://en.wikipedia.org/wiki/Ally_Financial
Would not a Federal suit take precedence and disable other parties' actions on similar targets?
Has FLFA experience in gumming-to-death legal matters?
Could be valuable services rendered?
FHFA is in prime position to render valuable services to interested persons [insulation from heat, i.e. crim liability] so that only corporate entities and their investors are liable for penalties [losses]. The crims skate to their tanning salon and Riviera penthouse.
Warren paid his way out of this really cheaply.
Utilizing several sites for data & including the UBS mortgage lawsuit of 27-Jul-2011 the total aggregate value for all mortgage lawsuits is $199.6 billion - if TARP was $700 billion would that imply 1 Trillion USD in bad mortgage paper - the only solace I have is that Jamie Dimon (Top Notch Theif that HE is) wins the top prize on the FHFA listing at a mere $33 BILLION USD!
This is good. Long overdue.
After reading the plaitiffs allegations, it seems likely that this is a no-win deal for the two agencies to press at the demanded jury trial. The plan might be just a woof, woof by the administration for the coming elections, but it does not seem like a serious case has been put together by the agencies involved. Maybe a fifteen cent on the dollar nuisance case if that. No banks will go down on this one, imho.
Not an attorney just an oldman om
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Canadian banks being sured by FHFA: Zero
Wonder if this means Canadian banks don't buy this shit?? Wonder if the absence of all Canadian banks indicates some kind of difference in regulatory framework governing those banks?? Wonder if that same framework would apply to those banks' domestic markets??
Hmmmmm. Best not to read into this though
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