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The Farce-Hole Gets Deeper: Obama's "Robo-Settlement For Votes" Cost To Taxpayers: $40 Billion

Tyler Durden's picture




 

Plunging deeper into the farce-hole, the FT reports tonight that Obama's foreclosure settlement with the banks over their improper seizure of tax-paying US citizens' homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it is committed to provide - which means, in a (as TARP inspector general Neil Barofsky describes) 'scandalous' turn of events the bank will receive payments for averting a borrower default and be reimbursed by the taxpayer for the principal write-down. We have much stronger words for how we are feeling about this but Barofsky sums it up calmly "It turns the notion that this is about justice and accountability on its head". Are the Big Five banks truly beyond the law?

 

FT: US Taxpayers to subsidize $40bn housing settlement

US taxpayers are expected to subsidize the $40bn settlement owed by five leading banks over allegations that they systematically abused borrowers in pursuit of improper home seizures, the Financial Times has learnt.

 

...

 

However, a clause in the provisional agreement – which has not been made public – allows the banks to count future loan modifications made under a 2009 foreclosure-prevention initiative towards their restructuring obligations for the new settlement, according to people familiar with the matter. The existing $30bn initiative, the Home Affordable Modification Programme (Hamp), provides taxpayer funds as an incentive to banks, third party investors and troubled borrowers to arrange loan modifications.

 

Neil Barofsky, a Democrat and the former special inspector-general of the troubled asset relief programme, described this clause as “scandalous”.

 

It turns the notion that this is about justice and accountability on its head,” Mr Barofsky said.

 

BofA, for instance, will be able to use future modifications made under Hamp towards the $7.6bn in borrower assistance it is committed to provide under the settlement. Under Hamp, the bank will receive payments for averting borrower default and reimbursement from taxpayers for principal written down.

 

...

 

Andrea Risotto, Treasury department spokeswoman, said this system “leverages a way to help more people”.

 

But people familiar with the matter told the FT that state officials involved in the talks had had misgivings about allowing the banks to use taxpayer-financed loan restructurings as part of the settlement. State negotiators wanted the banks to modify mortgages using Hamp standards, which are seen as borrower-friendly, but did not want the banks to receive settlement credit when modifying Hamp loans. Federal officials pushed for it anyway, these people said.

 

Alys Cohen, an attorney at the National Consumer Law Center, said that if the arrangement increased help, then it was ”good for homeowners in the long term”.

 

"But in the end the servicers are not really being punished. They’re getting off easy,” Ms Cohen said.

 

As if the banks have not been spoon-fed enough over the past three years? We look forward to the mutually assured destruction spin (what would happen if they had to 'spend' that money themselves?) that will be propagandized should this be questioned openly and perhaps a glance at the level of bank reserves sitting on the Fed balance sheet might bring the citizenry off the couch, away from American Idol, and at minimum write a sternly worded text message to their closest BFF on Facebook.

Just to be clear: the guilty party in a fraud against taxpayers has their 'punishment' paid for by the innocent taxpayer who had the crime committed against them? ok, thank you.

 

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Fri, 02/17/2012 - 00:15 | 2168418 Great Unwashed
Great Unwashed's picture

No time to look into this now. I'll just wait for the exposé on CNN.

Fri, 02/17/2012 - 01:10 | 2168561 UP Forester
UP Forester's picture

I heard Al Gore has his own channel now, and are doing the most in-depth journalism on TV.

They must be, they have Jennifer Granholm....

Fri, 02/17/2012 - 00:15 | 2168419 SDRII
SDRII's picture

wsj leaking that bac might raise equity. surprise surprise. now we need to know who bought the 7 calls 

Fri, 02/17/2012 - 00:53 | 2168528 TheFourthStooge-ing
TheFourthStooge-ing's picture

SDRII wondered:

wsj leaking that bac might raise equity. surprise surprise. now we need to know who bought the 7 calls

Perhaps Whorin' Buffet?

 

Fri, 02/17/2012 - 01:45 | 2168611 slewie the pi-rat
slewie the pi-rat's picture

warrantBuffet?

Fri, 02/17/2012 - 00:18 | 2168433 Tsar Pointless
Tsar Pointless's picture

Watch "Chelsea Lately" and stop giving yourselves ulcers and hypertension.

You aren't going to stop it. You aren't going to change it.

And remember: Amerikkka was fascist before fascism was cool.

Fri, 02/17/2012 - 00:20 | 2168435 Pancho Villa
Pancho Villa's picture

This settlement has nothing to do with punishing the banks for illegal behavior.

The entire purpose is to let the banks off the hook with a token settlement that it now appears will be mostly paid by the US taxpayer.

Fri, 02/17/2012 - 00:21 | 2168437 digalert
digalert's picture

Obama:

I didn't come here to bailout fatcat bankers

Fri, 02/17/2012 - 00:30 | 2168460 Zero Govt
Zero Govt's picture

Not an Obumma speech goes by before he contradicts every word in it

He collected the Nobel Peace Prize and within 1 minute gave a speech promoting war.. WTF?!

And his Presidency has continued in the exact same vein ..hypocracy and deceipt with such consumate delivery you realise the man is a pathalogical liar and a human train wreck

Fri, 02/17/2012 - 00:52 | 2168526 alien-IQ
alien-IQ's picture

just like the guy that went before him and just like the guy that will come after him.

they're all the same whores.

Fri, 02/17/2012 - 01:28 | 2168593 DaveyJones
DaveyJones's picture

and as this place falls apart they are getiing exponentially worse like the prostitute years beyond her age, desperate for her fix bowing to the striking abuse of her gold encrusted pimp 

Fri, 02/17/2012 - 09:46 | 2169086 CoolBeans
CoolBeans's picture

I have to think that if he's not the anti-Christ, he is a minion helping to pave the way for him/her. 

Fri, 02/17/2012 - 11:57 | 2169729 viahj
viahj's picture

Clinton as the head of the world bank would probably qualify

Fri, 02/17/2012 - 00:22 | 2168444 Augustus
Augustus's picture

"Just to be clear: the guilty party in a fraud against taxpayers has their 'punishment' paid for by the innocent taxpayer who had the crime committed against them? ok, thank you."

Just to be clear:  the guilty party in the fraud is the no good SOB who borrowed the money on the third refi for the ski trip expenses, marble counters, and expanded swimming pool and now won't pay it back.  Got that?  OK, thank you.

Fri, 02/17/2012 - 00:26 | 2168452 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

That person will go bankrupt, their kids will grow up wondering why mommy and daddy don't speak anymore.  The systen is to blame, not the individuals.  If the system was better, and fair, then fine, but as long as there is a ponzi scheme, the ones running it are to blame, and they should be killed in the name of justice.

Fri, 02/17/2012 - 03:59 | 2168709 EasterBunny
EasterBunny's picture

I agree, but the banks that lent them the cash should take the pain on a default, not everyone else.
It seems that too many foolish lenders are getting off lightly; there's no responsibility for ones actions these days. Everything is the fault of someone else.
This is what they teach in schools these days though, so why are we surprised?

Fri, 02/17/2012 - 04:08 | 2168722 EasterBunny
EasterBunny's picture

Make that "...too many foolish borrowers..."

Fri, 02/17/2012 - 00:23 | 2168446 Zero Govt
Zero Govt's picture

Que 1. Are the Big Five banks truly beyond the law?

Que 2. Do the Five Banks sponsor US Presidents election campaigns?

Answer to Que 1 and 2. Yes and Yes

Fri, 02/17/2012 - 00:26 | 2168454 Mutatto
Mutatto's picture

AAPL up $12 when this shit hits MSM.  Bernanke farts in the Oval office = another $4.50...

 

 

Fri, 02/17/2012 - 00:29 | 2168464 SilverIsKing
SilverIsKing's picture

Are the Big Five banks truly beyond the law?

Good one! LOL

Fri, 02/17/2012 - 01:14 | 2168569 UP Forester
UP Forester's picture

Just the laws they can't get changed, ex post facto.

And for those they can't, they ignore, as do the .gov agencies that are supposed to investigate.  What better way to get a job at the banks than a little quid pro quo.

Fri, 02/17/2012 - 00:29 | 2168465 LongSoupLine
LongSoupLine's picture

 

 

"How the fuck is it possible that I'm here by myself?!" - Bernie Madoff in his cell watching CNBS and daily Obama promptor sessions.

Fri, 02/17/2012 - 00:30 | 2168466 Dr. Engali
Dr. Engali's picture

Do you suppose this is what the Japanese felt like? Watching the banks get bail out after bail out , even as they continued to plunder? Thinking "this has to collapse"? Then twenty five years later finding themselves thinking the same thing.

Fri, 02/17/2012 - 00:42 | 2168495 tarsubil
tarsubil's picture

That probably is my worst nightmare. If this goes on for 25 years, all of my good years will be living under this shit. My children will be rich beyond my wildest imagination though if I get to stack for 25 more years.

Fri, 02/17/2012 - 00:30 | 2168468 Seasmoke
Seasmoke's picture

and the states are supposedly using their money to fill in their budget gaps.........WHAT THE FUCK IS GOING ON !

Fri, 02/17/2012 - 00:43 | 2168500 tarsubil
tarsubil's picture

EVERYTHING IS BULLSHIT! THAT IS WHAT THE FUCK IS GOING ON!

Fri, 02/17/2012 - 00:56 | 2168534 alien-IQ
alien-IQ's picture

We call it "getting fucked".

They call it "business as usual".

Fri, 02/17/2012 - 00:36 | 2168479 Burr's 2nd Shot
Burr's 2nd Shot's picture

All fiat transactions are ultimately backed by the taxpayers.  This just shows it more clearly than most.

Hate the game, not the players.  Or did I miss the memo about the Lady Byng trophy for least corrupt participant in the Ponzi scheme?

Fri, 02/17/2012 - 00:39 | 2168489 Korbin Dallas
Korbin Dallas's picture

Welcome to the United States of Chicago.  Good Times.

Fri, 02/17/2012 - 10:48 | 2169298 chunga
chunga's picture

Chicago?

From today's Chicago Tribune...

Foreclosure abuse rampant across U.S., experts say

According to these experts only about 80% of the foreclosures are illegal. That's not too bad.

Of course, the banker men have their own experts who assert that none of them are illegal and have lost or altered all their documents to prove it.

Then we have the DOJ and the AGs who've never heard of this.

Fri, 02/17/2012 - 00:46 | 2168509 RobotTrader
RobotTrader's picture

Stephen Roach retiring.

Can't blame him, tough business to be in.

Fri, 02/17/2012 - 01:11 | 2168563 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yeah, tough business....telling lies for a living.

Wait, did I write telling lies?  I meant selling lies.

Fri, 02/17/2012 - 00:46 | 2168511 williambanzai7
williambanzai7's picture

Provisional Agreement is a cross between an MOU, a cow and a Greek Parliamentary Resolution.

Fri, 02/17/2012 - 00:53 | 2168517 alien-IQ
alien-IQ's picture

With the full understanding that this post is likely being monitored, I will still say this:

It's time to start burning down banks and lynching politicians.

(of course and as always, I mean that with all due respect and in the best possible way)

Fri, 02/17/2012 - 09:41 | 2169073 CoolBeans
CoolBeans's picture

You've just registered on the "Thought Police' prospective terrorist list for your free-thinking ideas and failure to comply.

Welcome! We need more like-minded citizens. 

For the "Thought Police" monitors - we are speaking of the metoaphorical "burn down".  We are pissed and the systems needs a re-boot.

Fri, 02/17/2012 - 00:54 | 2168529 mendolover
mendolover's picture

Getting a very bad vibe.

 

Fri, 02/17/2012 - 00:54 | 2168532 NotApplicable
NotApplicable's picture

Sopping up liquidity?

Fri, 02/17/2012 - 00:58 | 2168537 Cult_of_Reason
Cult_of_Reason's picture

Why do we pay taxes?

The federal government uses our tax dollars to redistribute wealth to political cronies, and to support bankrupt Social Security, bankrupt health care, national defense and social services such as food stamps, housing, and banker bailouts.

Fri, 02/17/2012 - 06:34 | 2168831 disabledvet
disabledvet's picture

what national defense? at least i understand social security. in theory.

Fri, 02/17/2012 - 01:00 | 2168541 sitenine
sitenine's picture

I'm mad

Fri, 02/17/2012 - 01:33 | 2168601 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I'm pissed.  Litterally.

Fri, 02/17/2012 - 01:02 | 2168543 pods
pods's picture

Each day I wake up with renewed vigor that eventually lady justice will arise from her slumber, if I can just reach 1 person, who reaches 1 person...................

And every night I go to bed a bit more disheartened than the night before.

The days are short, and the nights are long.

Here's to pleasant dreams for all.

Good night ZH.

pods

Fri, 02/17/2012 - 01:32 | 2168600 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I went to bed the other night alone because the date I was on was so boring I decided to tell her the economy was going to crash this year.

You want some dreams?  Start drinking Kava by the spoon full.  That shit will fuck you up.

Fri, 02/17/2012 - 04:02 | 2168717 Mr Poopra
Mr Poopra's picture

Did you know everything is 50% percent off when you're by yourself?  Wonderful!

Fri, 02/17/2012 - 04:10 | 2168724 Archon7
Archon7's picture

I was thinking more like 90% off when I'm alone.

Fri, 02/17/2012 - 10:47 | 2169294 WmMcK
WmMcK's picture

Have a cup of kava, what a cup of coffee!

Fri, 02/17/2012 - 01:08 | 2168553 q99x2
q99x2's picture

I guess BO decided not to join the likes of Kennedy, Garfield and Lincoln.

In a way I feel sorry for the sucker. He must be in a situation similar to one that a prisoner experiences - extreme stress from being dependent on the decisions of others for the outcome of his future. He likely doesn't want a second term at this point in his career. I bet you he ducks out somehow.

Fri, 02/17/2012 - 01:30 | 2168598 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

BO is a walking puppet.

Fri, 02/17/2012 - 01:37 | 2168606 DaveyJones
DaveyJones's picture

if big boys can't handle the game, big boys should not play

Fri, 02/17/2012 - 04:09 | 2168723 Archon7
Archon7's picture

You're assuming that he's not intentionally trying to wreck the nation.  He wants another term because he's not done yet.  He's said so himself in several speeches already, stuff about "finishing what we started", not changing horses in mid-stream", etc.

Fri, 02/17/2012 - 01:11 | 2168564 Maroon Phoenix
Maroon Phoenix's picture

This smells a lot like Bank of America being fined, and their shareholders punished, because Bank of America misled their shareholders.

Fri, 02/17/2012 - 01:29 | 2168595 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Sounds like there should have already been a pullback.  Why'd it get skipped?  What's inflation at?  What's a dollar worth?  Oh, compared to a euro it's fine.  The dollar's fine!

Fri, 02/17/2012 - 01:15 | 2168566 bob_dabolina
bob_dabolina's picture

This market is HOT...I love buying it. 

If you're not buying it, you're holding a dump in your hand. 

Fri, 02/17/2012 - 01:27 | 2168591 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Dude I've been saying to buy stocks for two fucking years now on this site. 

How's your blog?

Fri, 02/17/2012 - 06:37 | 2168834 disabledvet
disabledvet's picture

i just stick with an index fund and let the greedy bastards win again. and again. and again. and again.

Fri, 02/17/2012 - 01:40 | 2168607 BlackholeDivestment
BlackholeDivestment's picture

http://www.youtube.com/watch?v=i8QVgbPvJts

...hey all you so called ''American Soldiers'' still dressed up, as if you are not under ''new world order''. LMAO.

Fear not, the lukewarm people (like idiot parents of soldiers under new world orders) and the two parties have sold ''America'' for the new world order kick in your Constitution, AKA ass. So, if the misson does not make your wife or husband a widow, and your children orphans, this new world order will be aaah waiting fer your dumb dusty ass when you go through the cage door (for every foul bird) into what you call home. LOL.

What? Little Miss Rambo thought she was a Purple Heart Hero? LMAO. Ho no, we're just punk'd out by the heartless NWO and the shit just got turned a deeper purple ...Bitchez. Your labor does not serve anyone, and in the end ...not even the Suicide Vampire Squid of the Great Wal Mart of China. http://www.youtube.com/watch?v=iLvIDfqiri4 

At this point, what do you call an asshole claiming to be an ''American'' Law Officer that just sprayed an Occupy D.C. etc... protestor with gas or pepper spray etc...?  

                    SWINE or PIG? Eh, maybe just dumb bastard. 

 

Fri, 02/17/2012 - 01:43 | 2168610 OC Money Man
OC Money Man's picture

Two weeks ago I published in Big Government and on the Pacific Research Institute’s CalWatchdog website: “New California Budget Crisis May Torpedo November Tax Increase Initiative”, a report illuminating how State Controller John Chaing had shocked California’s spendthrift politicians by announcing the State would be out of  cash beginning March 8th and would miss up to $5.4 billion in vendor payments through May 1st.  The timing of the Chaing announcement was disastrous for state politicians because it destroyed any hope that Governor Jerry Brown’s $6 billion tax increase initiative on the ballot in November would pass. 

Now it appears that Brown successfully lobbied for California to get $6 billion in cash and siphon off a total of $18 billion from the $25 billion national mortgage settlement with Bank of America, Wells Fargo, JP Morgan, Citigroup, and Ally Financial, who were accused of fraud in the handling of foreclosures and loan modifications.  But as Franklin Center Fellow, Steven Greenhut asks in a deliciously sarcastic article: “Why should a taxpayer in Houston or Wichita bail out irresponsible California homeowners, banks and the state’s public employees’ retirement fund?”  Greenhut states the “real source” of money to initially fund the national mortgage settlement money to bail-out the “Left Coast” is “Federal Reserve/Government coffers.”

Kamala Harris, California’s Attorney General, claimed the settlement may help 250,000 California desperate homeowners avoid foreclosure by requiring the banks to cut mortgage debt amounts.  But Greenhut points out that powerful interest groups, like the $250 billion  California Public Employees’ Retirement System, which have nothing to do with individual mortgage holders, have already carved off a piece of the national mortgage settlement cash to bail-out some of their losses in real estate speculation supposedly due to bad investment advice.  A seventeen month investigation by the Los Angeles Times recently found some of that bad advice appears to have come from the former Chief Executive Officer of California’s public pension fund, Federico Buenrostro Jr.  It seems he and other pension Board buddies are accused of pressuring subordinates to invest billions of dollars of with politically connected firms and strong arming staff to pay $4 million in fees to Alfred J.R. Villalobos, who later hired Buenrostro.

Most Americans still snarl about crony capitalism when they think about how multinational banks were bailed out a $1 trillion slurp of taxpayer’s hard earned cash, then funded pay back the money by hiking customer fees and cutting off borrowers.  But with the President and Congress solemnly telling  Americans healthy banks were key to our future, most of us just gritted our teeth and came together to bail-out of the banks, insurance companies, and other financial firms. 

With only 13% of the GDP of the United States, California is getting 72% of the settlement proceeds.  Undoubtedly, national banks will pass 100% of mortgage settlement costs onto customers their nationally customers in the form of higher fees.  Consequently, 87% fees increased nationally will go to bail-out California’s insolvent budget.  When the good folks of the other 49 states learn that this huge chunk of what is advertised as helping Americans avoid foreclosure is actually going to bail-out California’s “Left Coast” politicians, I believe they will come together again.  But this time they will be showing their fangs and carrying pitch forks! 

Most Californians refer to Jerry Brown as left wing, but I think he just proved he is more left brained.  Left brain thinkers excel in math, language studies and logic problems.  Given that the five banks that just settled only control or own only 7.3% of all outstanding single-family mortgages, every time Brown wants to increase spending, he just needs to find some more banks and do another “settlement.”  After all, with bank customers across the country destined to pay 87% of the increases in bank fees and California 72% of settlement proceeds, Governor is a mathematical genius or governors and their Legislatures in the other 49 states are really stupid!        

Fri, 02/17/2012 - 05:46 | 2168654 BlackholeDivestment
BlackholeDivestment's picture

Talk about a back door man

 http://www.youtube.com/watch?v=jChqf7syif0 

                                 ...in the Whore House of Babylonian Cards  http://www.youtube.com/watch?v=A790-gWdFYA 

OC, you know who voted for that genius? LMAO, the $42K median income idiot savants in their $600K+ California Mc Mansion in Prefabia. http://www.youtube.com/watch?v=wxe-iYs3FIQ

Fri, 02/17/2012 - 01:45 | 2168614 Sandmann
Sandmann's picture

So when will it be a requirement to name the lobbyist law firms that drew up legislation ? In places like Texas there was a residual hatred of banks going back to the 1930s BEFORE iNterstate Banking was permitted. It must be quite seething now as Banks are shown to be the Secret Society which runs the US political machinery and sponsors the puppets like Phil Gramm.

Fri, 02/17/2012 - 01:48 | 2168616 Atomizer
Atomizer's picture

As long as the knowledge ball keeps rolling. Failure prevails for selected few.

It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.

-Henry Ford, founder of the Ford Motor Company

Money plays the largest part in determining the course of history.

-Karl Marx writing in the Communist Manifesto (1848)

 

Fri, 02/17/2012 - 02:00 | 2168626 Spaces
Spaces's picture

How about the entity linked below? I might describe it as a GSE-hybrid.

http://urban-ls.com/

I note the outsourcing to this company from Bank of America, including ECR (Executive Customer Relations). Yes, that's right, Bank of America is outsourcing the highest level of customer relations.

Bank of America mortgage contracts likely account for the bulk of Urban Lending Solutions revenues, though the ECR contract is particularly puzzling to me. Customers are greeted with:  "Thank you for calling Bank of America's Office of The CEO and President, how may I help you?" as if Brian Moynihan were accessible (I am unaware that anyone in that department has ever met or talked directly with Brian Moynihan).

Fri, 02/17/2012 - 02:14 | 2168636 Ponzi Unit
Ponzi Unit's picture

Every week a new outrage.

Fri, 02/17/2012 - 02:17 | 2168637 billsykes
billsykes's picture

insert 2 cocks in taxpayer ass.

Fri, 02/17/2012 - 02:31 | 2168645 foofoojin
foofoojin's picture

taking bets on when the same game plan will be used on all those student loans?

Fri, 02/17/2012 - 03:11 | 2168679 HardlyZero
HardlyZero's picture

When the collapse happens all the unemployed will be housed in the empty foreclosed homes.  There will be no money to run the prisons.  So your neighbors will all be unemployed bankrupt students or low-risk felons.  Its going to look just like a sci-fi movie...a mixture of Soylent Green, Omega Man, and Mad Max.  What a trifecta.  Boffo.

Fri, 02/17/2012 - 02:36 | 2168647 toadold
toadold's picture

Don't forget all those various municipal, state, and union penison funds that are bleeding to death right now.  They will be next in line for Obmambies vote buying with tax payer money.  Meanwhile look for raids on pension funds that invested well.  Texas Teachers Retirement for instance has done quiete well by investing in Gold ETF's, unlike George Soros though, they don't have any really good buddies in Washington.  I expect sometime in the near future they'll find out their gold is gone to pay off Obama's buddies. 

Fri, 02/17/2012 - 03:13 | 2168681 HardlyZero
HardlyZero's picture

George Soros (initials GS!) is buying Gold again.

Fri, 02/17/2012 - 02:41 | 2168653 rosebud
rosebud's picture

this sight is so much like the Onion-only negativity taken to the extreme     The Awfulness of it all  = its all just awful -  whats awful is you guys taking it in the shorts by your own doing.

Fri, 02/17/2012 - 02:55 | 2168665 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

USA! USA!

Fri, 02/17/2012 - 02:55 | 2168666 Bear
Bear's picture

Roosevelt had his CCC and so does Obama (Crocked Crony Capitalism) ... and the MSM just sits on its ass (or slobbering at the feet of the Big O)

Fri, 02/17/2012 - 04:01 | 2168713 Archon7
Archon7's picture

It may be the other way around... Big O slobbering at the feet of the MSM.

Fri, 02/17/2012 - 02:56 | 2168667 headless blogger
headless blogger's picture

People call the Greeks lazy and all, but I kind of admire them. They actually go after the culprits; sure it gets a little violent, but what do the elites expect?

I guess Americans are going to wait until there is absolutely nothing left from the looting of the nation's wealth, before they do anything like the Greeks. But by then it will be far too late.

No telling what kind of government we are going to be getting in the near future, but it will certainly have Banker prints all over it.

I guess Americans just became cowardly over the years.  OWS was mostly about showing everyone how the protesters could be "nice" and "law-abiding". It was a joke.

 

Fri, 02/17/2012 - 04:00 | 2168711 Archon7
Archon7's picture

The American left has been grooming a few generations of entitled parasites just for this day.  Now there are more than 50% of Americans receiving some kind of handout from the government, and the reason the sheeple are going to wait and wait is because everybody's trying to get their share first.  "I got mine".  This infuriates the productive, working people, represented by the Tea Party, who are probably the last remnant of the American spirit.

Fri, 02/17/2012 - 05:46 | 2168797 Raging Debate
Raging Debate's picture

No. OWS promoted non-violence. It had nothing to do with being nice: www.ragingdebate/occupymovie . That movie I made is the real stuff if you really want to know what OWS was about. What prevents you from doing such things?

Fri, 02/17/2012 - 09:31 | 2169049 CoolBeans
CoolBeans's picture

Seriously...totally agree.  Where is the outrage? 

I've spent thousands of hours (as a parent of a future generation, citizen, compliance geek and consumer) trying to spread the word and send data to regulators - any little thing I can do to be a bit of a splinter under the skin of some of these bastards (banksters, politicans and regulators who turn blind eyes).  Its become a regular hobby.

I know there are others out there, too.  But the majority of people just seem to shrug and have given up.  Oh, that's right - American Idol, The Real Housewives, whatever is on TV and they're too busy updating their Facebook, etc.

People!  We need some outrage here!  If we don't take back American and re-establish a system of real values here, we will be lost forever. 

Fri, 02/17/2012 - 03:03 | 2168670 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

...on our channel one news tonight (New Zealand) we saw a group of US citizens (on a tour of the White House), meet (serendipitously!)...MICHELLE. Cue adulation, tears, idolisation...truly you guys (USA) are fucked...and so are we all. On NEW ZEALAND's TV news for  fuck's sake...I do not give a monkey's premature ejaculation about Mrs Soetero nor your dumb-ass denizens fawnings (present company excluded of course)

Fri, 02/17/2012 - 06:20 | 2168802 NuYawkFrankie
NuYawkFrankie's picture

Was Michelle cleaning the windows... or maybe mopping the floor?

Nevertheless, you are right: there's no one quite as susceptible to being awestruck by the tawdry trappings of power & celebrity as your typical Dumb Yank. You can take that to the bank.

Fri, 02/17/2012 - 09:23 | 2169023 CoolBeans
CoolBeans's picture

Hey - I live here and I can't stand to look at the woman (the anti-Christ's wife/minion) when her mug is on the tube.  

Have you noticed how she's gone from massive shopping sprees to her recent photo op "in a dress from Target"? 

 

Fri, 02/17/2012 - 03:04 | 2168673 upb
upb's picture

obama is rampin the market to get re-elected!!

 

http://tinyurl.com/7tu9qov

Fri, 02/17/2012 - 03:53 | 2168707 Archon7
Archon7's picture

You ain't seen nothin' yet...  he's gonna be giving out so many freebies between now and November he'll make Santa Claus look like an amateur.

Fri, 02/17/2012 - 06:46 | 2168837 disabledvet
disabledvet's picture

does that include the commodities market? you know "the one where the New York people stole the stuff cuz that's actually worth something"?

Fri, 02/17/2012 - 03:15 | 2168684 AnAnonymous
AnAnonymous's picture

Really, with US citizens, it is all about being on the right side of the fence.

In regard with US citizenism, what's wrong with this deal?

It is classical US citizenism.

Indians had plenty of those deals. Were judged good by US citizens.

US citizens have had 200 years to denounce this kind of deal, so why now?

Ah, yes, too many US citizens, not enough Indians, so now some US citizens are on the wrong side of the fence. And suddenly, the deals no longer appear that sweet.

Fri, 02/17/2012 - 04:25 | 2168740 Moe Howard
Moe Howard's picture

Roadside shitting nose picking Chinese citizenism, blobbing up again.

Fri, 02/17/2012 - 03:15 | 2168685 swani
swani's picture

Does anyone still believe that we live in a Democracy?

Fri, 02/17/2012 - 04:28 | 2168743 Moe Howard
Moe Howard's picture

If they did they would be confused because we are a constitutional republic. Too much tv I guess, they keep talking about democracy, democracy is rule by mob.

 

"Give a man a gun and he can rob a bank, give a man a bank and he can rob the world"

Fri, 02/17/2012 - 05:34 | 2168789 Sandmann
Sandmann's picture

Republics are perfectly compatible with Oligarchy

Fri, 02/17/2012 - 03:51 | 2168705 Archon7
Archon7's picture

Banksters gone wild, ripping off the government and the People?  This is old news.  If the Marxist-in-Chief had sided with the American People, now THAT would have been news...

Fri, 02/17/2012 - 05:16 | 2168777 HankPaulson
HankPaulson's picture

These banks are much more competitive and efficient than taxpayers, who seem to always make a loss on their transactions.

Fri, 02/17/2012 - 05:33 | 2168787 Sandmann
Sandmann's picture

Voters get to choose the puppets but Bankers get to pull the strings

Fri, 02/17/2012 - 05:19 | 2168780 lolmao500
lolmao500's picture

Many Of You Will Not Believe Some Of The Things Americans Are Doing Just To Survive

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

http://www.blacklistednews.com/Many_Of_You_Will_Not_Believe_Some_Of_The_...

Fri, 02/17/2012 - 05:32 | 2168783 blueridgeviews
blueridgeviews's picture

Too Big To Fail and too politically connected with Barrack for justice. This takes crony capitalism to massive new hieghts.

Fri, 02/17/2012 - 05:39 | 2168793 Sandmann
Sandmann's picture

One thing noone mentions is that when Southern European States joined the European Union their Voters thought they would get Northern European standards of governance to CONTROL their own corrupt elites - instead they saw the EU infiltrated by Greek corruption and Irish nepotism (don't ask how many jobs for the boys they have in EU institutions) and the elites were given a free pass to raid the Community Chest, did not go to jail, and did pass Go

Fri, 02/17/2012 - 05:46 | 2168796 Thunder_Downunder
Thunder_Downunder's picture

wow...

 

... really.... Just wow America.

Fri, 02/17/2012 - 06:40 | 2168836 Colonial Intent
Colonial Intent's picture

Wulff in sheeps clothing?

Merkel The Shepherd?

Fri, 02/17/2012 - 07:30 | 2168857 Fantasy Planet
Fantasy Planet's picture

Even 250 years ago 1/2 of the U.S. population didn't want any part or believe in doing in damn thing to stop England's abuse of its "colony", and their only form of entertainment was dancing with the sheep.    

Fri, 02/17/2012 - 07:52 | 2168865 Raskolnikoff
Raskolnikoff's picture

Addicted to sex, video games and drugs, they only cared for instant gratification. Don't tell us what to do with our bodies, we are way too busy having fun and shirking the minimal responsibilities required to qualify to be good human beings. Tomorrow we become slaves, but today we are kings!

Fri, 02/17/2012 - 07:58 | 2168869 Catullus
Catullus's picture

From looking at jail time to getting a bailout?! THROW THIS FUCKER OUT OF OFFICE. 

Look, AG putrid piece of shit, unagree to this.  It'll be the best thing you ever do in your career.  Say "no one gave me the full details. I thought there'd be actual reconciliation of this whole mess and that'd we put 2 decades of sweeping this under the rug to bed.  That doesn't appear to be the case any more. We're moving forward with criminal investigations."  They'll sweeten the pot 3-4x beyond what has already been "settled" upon.  It's not their money, why do they give a fuck?  Plus the banks all have a monoline with the Fed.  Twist some balls.

Fri, 02/17/2012 - 07:59 | 2168870 Rider
Rider's picture

Great, another taxpayer RIP OFF !!!

Fri, 02/17/2012 - 08:03 | 2168875 Coffin Dodger
Coffin Dodger's picture

The dawning realization that it's all fucked is pretty scary.

Fri, 02/17/2012 - 10:52 | 2169316 boiltherich
boiltherich's picture

You can take comfort in one thing Coffin, it can't get a whole lot worse before people wake and it starts to get better, at least in so far as that is possible.  Though having said that I reserve the right to be wrong on occasion.  What is the worst case scenario?  The end of humanity?  The condition of humanity today is such that extinction might not be the worst thing that can happen to it.  My own personal moment of terror over human prospects came when the global population hit 4 billion when I was in high school (1974) and they told us that it would hit 7 billion by 2028 when my classmates and I would turn 70.  That seven billion milestone is already in the rearview mirror and shrinking on the horizon fast.  I will be really amazed if any of us live to see eight billion.  And it will not be corporations or politicians that will be to blame but dumb fucking (literally) people that refuse to reproduce responsibly.  If you want to see our near-term future visit Tijuana, if you want to see the middle-term future visit sub-Saharan Africa, if you want to see our longer-term future go take a look at Mars. 

Fri, 02/17/2012 - 08:13 | 2168880 LookingWithAmazement
LookingWithAmazement's picture

"Desperately seeking Americans for factory jobs"

http://money.cnn.com/2012/02/16/smallbusiness/manufacturing_jobs/index.htm?iid=Lead

A work glut is in the making. #WhatCrisis?

Fri, 02/17/2012 - 08:15 | 2168884 Everybodys All ...
Everybodys All American's picture

redistribution. This is the most corrupt administration in history.

Fri, 02/17/2012 - 08:17 | 2168885 Element
Element's picture

Neil Barofsky, a Democrat and the former special inspector-general of the troubled asset relief programme, described this clause as “scandalous”.

 

Don't get on any light aircraft Neil ... the satanist-joo-trans-Atlantic-vampire-squid might start to take a dim view of your uncooperative sense of decency and justus.

Fri, 02/17/2012 - 08:17 | 2168887 youngman
youngman's picture

Think of it this way...this is a Bailout of the states....they can sue the banks ..the banks pay..the banks then get a new loan from the Federal Government....the States get bailed out...look..California got 3 billion or more out of this first one.....they said there will be more...its a back door way of funding the states deficits....that is all....and it looks good on paper...bad guy loses...good guys win...the Federal government is not breaking the law....lol...

Fri, 02/17/2012 - 08:18 | 2168888 dcb
dcb's picture

 for all you right wing douche bags who keep up with the stupid Obama anti banker,business stuff, when are you going to wake u0p that those are just lines you are spouting like a parrot. I don't expect you to actually think about what reality, but if this doesn't prove to you in your own little minds the reality being fed to you is crap, then nothing will. For all you left wing douche bags, who keep backing Obama as if he is even attempting to do the right thing, or that he is on your side, if this doesn't correct your false reality world nothing will. This folks is the reality, BS talk for the press, what goes on in public, and both sides stealing from you behind closed doors. Perhaps this will start to wake you up to reality. if a republican administration did this democrats would howl. it's only by having the fake demi democratic populist in the white house that the right gets away with this, and the democrats can pander the big business lobby. Why I would never vote for Obama again, is right here in black and white. His "task force" turns out to be another way to get money to the banks. The man is evil, a huge two faced liar, wake up and smell the roses.

Like is said before. Baaaaa (little sheep who actually think along these false lines suckered into their game. nice easy to control.

 

Fri, 02/17/2012 - 09:04 | 2168979 tmftdoyle
tmftdoyle's picture

The real "Buffett Rule". 

Fri, 02/17/2012 - 09:15 | 2169003 CoolBeans
CoolBeans's picture

Widespread and monumental fraud and no jail time except for a few scapegoat robosignors.

Astonishing.  Proof positive - even for those who refused to see if before - as to what the U.S. government is made of.

I find myself entertaining the thought of leaving the U.S. more and more these days.  But, a larger part of me wants to stay and fight for the freedoms this country was built upon.  

This is not the America my hero father fought for in WWII, God rest his soul. 

I will not comply.

Fri, 02/17/2012 - 09:16 | 2169006 Downtoolong
Downtoolong's picture

It's bad enough when the fox is guarding the henhouse. But, when the chickens are paying the fox to do it things just get stupid.

 

Fri, 02/17/2012 - 10:31 | 2169244 boiltherich
boiltherich's picture

"Are the Big Five banks truly beyond the law?"

Good one Tylers.  A test question for the Nubes?  If so it is a trick question yes?  We all know that not only are the big five truly beyond the law, they are at the head of the corporate establishment that IS the law. 

Fri, 02/17/2012 - 10:37 | 2169251 dexter_morgan
dexter_morgan's picture

Well, if we can't even prosecute a guy that stole money from clients (Jon Corzine where are you?) can we really expect anything different from these guys?

 

If money buys elections, looks like 4 more years of Mr. Wonderful. He's makin it rain money all up in dere for the banksters!

http://news.yahoo.com/obama-raises-29-million-campaign-dem-party-1115345...

Fri, 02/17/2012 - 10:48 | 2169297 Dermasolarapate...
Dermasolarapaterraphatrima's picture

J&J stepped up thier production of KY Lube....Sheeples are gonna need it...

 

http://www.crossfitnewmarket.co.nz/wp-content/uploads/Funny-Pig.jpg

Fri, 02/17/2012 - 10:55 | 2169341 nah
nah's picture

the only people that are opposed to this kind of stuff live in tent cities and are currently getting chassed off by cops sprayed by mace and bonked in the head

.

http://www.youtube.com/watch?v=eKgPY1adc0A

Fri, 02/17/2012 - 10:58 | 2169364 flyonmywall
flyonmywall's picture

Since the banks own the government, would you expect anything actually fair? No bank shall ever lose any principal. It's the guiding principle of the Federal Reserve. Everything else is just lip service.

The funny part about this is that it will further depress home prices, or at least, keep them from appreciating. Stagflation, here we come.

It's good for the people that have money, but not good for the worthless wage slaves, or the ones that have no jobs.

 

Fri, 02/17/2012 - 10:59 | 2169369 Buck Fartz
Buck Fartz's picture

Regardless of the fascist/bailout aspects of this new uber-bank-backstop...it's changing the psychology around the mortgage insurers completely. It relieves their risk in the aggregate. MTG and RDN are on a lower left to upper right trajectory that shows no signs of stopping. - Buck

Fri, 02/17/2012 - 11:02 | 2169395 motionview
motionview's picture

 

Thanks for the reach-around.

Kamala Harris, Antonio Villaraigosa, Gavin Newsom, and Phil Angelides

-The On Deck Team. If you liked  the Chicago Crew, you'll love the CA Clown Posse! Si Se Puede!

 

Fri, 02/17/2012 - 11:20 | 2169525 Jumbotron
Jumbotron's picture

All you need to know......

http://www.youtube.com/watch?v=hYIC0eZYEtI

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

 

'nuff sed....... R.I.P. George

Fri, 02/17/2012 - 11:25 | 2169554 Mad Max
Mad Max's picture

So it's kinda like being raped and having the rapist bill you for their time?

Fri, 02/17/2012 - 14:12 | 2170511 Dermasolarapate...
Dermasolarapaterraphatrima's picture

Please pass the hampster...with the KY.

Mon, 03/12/2012 - 18:00 | 2248714 innertrader
innertrader's picture

SOCIALISM!!!  AREN'T YOU PROUD???

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