• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Massive Wave Of Lawsuits To Be Filed By The US Against America's Biggest Banks As Soon As Tomorrow

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 09/01/2011 - 22:31 | 1624753 j0nx
j0nx's picture

WTF is going on today?? Lots of chatter about the government finally doing their fucking job and going after these shitbirds. Maybe Barry and CONgress have finally seen the fucking light?

Thu, 09/01/2011 - 22:33 | 1624758 WallStreetClass...
WallStreetClassAction.com's picture

no shit. a good question. or is this the next level of distracting the attention?

Thu, 09/01/2011 - 22:42 | 1624791 Ahmeexnal
Ahmeexnal's picture

campaign propaganda for Ogolfer.

and campaign funds too.

anyone with any $ on those banks will be lucky to recover a dime for every dollar in deposits.

FDIC is a joke.

Thu, 09/01/2011 - 22:43 | 1624807 j0nx
j0nx's picture

Umm really? You think they really want to incite bank runs on every bank in America by not honoring deposits? Think again.

Thu, 09/01/2011 - 22:45 | 1624818 Ahmeexnal
Thu, 09/01/2011 - 22:52 | 1624857 eureka
eureka's picture

It could all be about Obama's re-election - flex a little muscle for the plebs - right?

Thu, 09/01/2011 - 22:54 | 1624869 Bananamerican
Bananamerican's picture

"if the banks are sued, and if justice prevails, the end of the world is nigh"

well, then let's NOT have justice prevail!

...you're welcome amerika

Fri, 09/02/2011 - 00:09 | 1625138 TexasAggie
TexasAggie's picture

Remember, Clinton's AG threatened to sue if the banks didn't increase loans (mortgages into low income neighborhood (ACORN backed), The Sec of Housing essentially promised that Fannie and Freddie would buy the mortgages.  I hope the banks actually defend against these suits, but they will probably be offered a deal and a lot of the difference between what the gov asks and settles will go to BHO in campaign contributions. We, taxpayers, get 10 cents and BHO collects 90cents of every dollar.

Fri, 09/02/2011 - 00:27 | 1625165 AnarchyInc
AnarchyInc's picture

The wisest thing that I've ever heard from an Aggie.  Have fun getting smashed in the SEC

Fri, 09/02/2011 - 00:50 | 1625207 Waffen
Waffen's picture

either you are a bitter shorthorn or one of the losers still hanging onto the horns nuts in the BIGXII-III.

A&M going to the SEC is the best thing the administration has done in my lifetime and getting smashed a few years is a ok considering the long-term benefits.

Fri, 09/02/2011 - 01:51 | 1625286 Michael
Michael's picture

Barry and the Shit Bags need to raise money to pay for big bloated government anywhere they can get it at this point.

Chapter 7 banks don't need to be bailed out, they need to be liquidated.

Fri, 09/02/2011 - 03:14 | 1625355 crazyjsmith
crazyjsmith's picture

B and Co. are goig to try to buy us for around $50B.

They are going to shake down the banks for some coin and parade it around like the Lion King.  Just like they shook down BP in the Gulf.  Big media bonanza = Re-elected Barry O  

They even shook down Uncle Warren for $5B, basically made him ante in, kind of like a Tithing to that big wooden owl in the freaky woods.  

 

We'll will probably see banks get split up, but they will retain full control of capital and capital flows, a controlled demolition (many relevant analogies come to mind). The eye of the pyramid remains in place.

 

 

Fri, 09/02/2011 - 03:49 | 1625377 Michael
Michael's picture

Not if we get the poking angle right.

Fri, 09/02/2011 - 04:19 | 1625393 Michael
Michael's picture

I'm thinking about writing an auto-biography;

Dr. Ron Paul,

Physician who delivered over 4,000 kids.

Fri, 09/02/2011 - 06:56 | 1625465 nmewn
nmewn's picture

That faint chortle everyone hears is Armando Falcon saying...told you so, you pandering shills.

Thu, 09/01/2011 - 23:05 | 1624937 SoCalBusted
SoCalBusted's picture

yup - Banks made billions, fine them millions.  "Gee look at the great job we did for the little guy!"

Thu, 09/01/2011 - 23:11 | 1624968 Not A Pundit
Not A Pundit's picture

Turbo Tax Timah might reply to that with:

"Let them make millions so we can then screw them and transfer the money to the bankrupt USA."

When a school of pirahnas get hungry enough, do they feed upon themselves?

Fri, 09/02/2011 - 00:01 | 1625120 DoChenRollingBearing
DoChenRollingBearing's picture

http://finviz.com/futures.ashx 

shows only modest futures down for the Dow (23:59) and essentially flat movement in gold despite:

-- BIG .gov lawsuits vs. the TBTF banks

-- the BIG Wikileaks dump (the other big ZH story tonight)

What's it going to tkae?

Fri, 09/02/2011 - 00:09 | 1625136 bankrupt JPM bu...
bankrupt JPM buy silver's picture

WARNING!! There is a large fucking SMILE on my face.

Fri, 09/02/2011 - 00:40 | 1625189 cossack55
cossack55's picture

Nukes

Fri, 09/02/2011 - 00:45 | 1625199 RockyRacoon
RockyRacoon's picture

What's it going to tkae?

At some point... blood.

Fri, 09/02/2011 - 08:33 | 1625637 mendigo
mendigo's picture

please remain in your seat

we have everything under control

Thu, 09/01/2011 - 23:32 | 1625037 Freddie
Freddie's picture

+100

Fannie Mae and Freddie are like the post office.   ACORN aka community organizers (including you know who) sued banks to force them to make loans to people who could not pay them back.   This is all Cloward Piven to destroy capitalism and take down the USA>   The banks are sh*t but the govt and Fannie and Freddie are worst - packed with Clinton/Obama cronies setting up 2008.

I had to go into Chase twice recently. The areas the branches in were largely white.  1 out of 15 employees in both branches were caucasian.   The big banks are scum but if you think the govt is the good guy - you are sadly mistaken.  This is hussein shaking down campaign money.

Thu, 09/01/2011 - 23:47 | 1625076 macholatte
macholatte's picture

Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers.

And what about Franklin Raines?

Franklin Raines is an Obama financial advisor who took $90 million in bonuses while running F-mae and F-mac straight in to the ground.  He was also directly involved in causing the subprime financial crisis.  This scum bag basically "cooked the books" to put more money in his own pockets and in the pockets of his "pals".  However, for some strange reason, Obama and the Democrats don't seem to be a bit outraged by Raines "performance" bonuses.
http://groups.google.com/group/rec.gambling.poker/browse_thread/thread/bdd1eea51bef964e

Thu, 09/01/2011 - 23:50 | 1625088 macholatte
macholatte's picture

TBTF, Freddie, Fannie GS, BofA, JPM and the rest of the lot needs to go directly to bankruptcy court, do not pass go and do not collect $200 B in bonuses.

Fri, 09/02/2011 - 00:41 | 1625192 cossack55
cossack55's picture

Way past that point. Their court is on the other side of the river Styx.

Fri, 09/02/2011 - 05:51 | 1625418 zhandax
zhandax's picture

Youse guys are forgetting who pulls the strings in DC and who is up for re-election next year.  Read Bruce Krasting's post from yesterday....http://www.zerohedge.com/contributed/feds-plan-rumors-news

This is simply the first step in the process.  First, demonize the mortgage originators (the big banks and their patsys).  Second, introduce this grand plan to 'refi everyone left out of the .guv gravy with a new 4% mortgage'.  Third, make it look like .guv is 'stuffing it down the bank's throats'.    Fourth, refi all the current mortgagees at 4%.  Now all those borrowers have an extra few hundred every month courtesy of obummer, just in time for election.  Never mind that it pays down the fed's MBS balances and gives them an extra $trillion to buy bonds (or derivatives, or whatever).  Fifth, take a victory lap at the next inaugural and enjoy another four years of green fees on us.

The bankers get to look victimized by .gov.  obummer gets the best PR one could hope for going into an election.  Ben gets to reload his heliccopter and we peons even get an extra hundred or so in our pockets each month.    And, truth be told, everyone here gets to celebrate when gold hits $3000/oz next September because of all that new money sloshing over the seawalls on top of of all the liquidity already pumped into the system.  Problem is, there is still no driver for jobs out there and all that new money is going straight into hard assets.

Fri, 09/02/2011 - 09:43 | 1626120 FEDbuster
FEDbuster's picture

My "hard assets" include 7.62 x 39 and #10 cans of food.  This may be about making Barry look tough and populist, but the results may be the trigger to TEOTWAWKI.  I always thought it would be the end of reserve currency status for the dollar, but a take down of 30 major banks around the world would have the same effect.  Banksters still have some leverage though, so this could just be a smoke bomb tossed out by a desperate failing President.

Fri, 09/02/2011 - 00:10 | 1625141 Dineroguru
Dineroguru's picture

Thank you for trotting this lap-dog of the public sector/private sector/political hack multimillionaire crooked as a snake, scum bag...He does not get nearly enough credit for this mess he created nor does Billy Clinton and another stealth SOB to the bone limo-lib ROBERT RUBIN-- who of course was Turbo Tax Timmy's Mentor and Champion. After Little Timmy crapped his pants as NY Fed Gov Bob Rubin couldn't crow more loudly about moving him into the Treasury....  What a group of "Capitalists"!

Fri, 09/02/2011 - 00:48 | 1625204 RockyRacoon
RockyRacoon's picture
Question of Raines and Obama connection

On 16 July 2008 The Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters.".[25] Also, in an editorial on August 27, 2008 titled "Tough Decision Coming", the Washington Post editorial staff wrote that "Two members of Mr. Obama's political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae."[26] On September 18, 2008, John McCain's campaign published a campaign ad that quoted the Washington Post reporting regarding Raines and Obama. The ad also notes that "Raines made millions and then left Fannie Mae while it was under investigation for accounting irregularities".[27]

Neither Raines nor the Obama campaign had disputed the Post's reporting before the ad. The text in question consisted of one sentence in each article. After McCain's attack ad however, both denied that Raines was or had been a provider of advice to Obama or the Obama campaign.[28][29][30]

In later commentary the Washington Post (the original source) described McCain's attempts to connect Obama with Franklin Raines based on their reporting as "a stretch" and said all reporting they did about the matter actually stems from a single conversation a reporter had with Raines in which she recalls Raines said he "had gotten a couple of calls from the Obama campaign". When the reporter queried Raines to the nature of the calls he said "oh, general housing, economy issues".[31]

Additionally, an email hoax falsely claims Raines was made "Chief Economic Advisor" for the Obama presidential campaign.[32]

 

http://en.wikipedia.org/wiki/Franklin_Raines

Fri, 09/02/2011 - 01:57 | 1625291 Manthong
Manthong's picture

Franklin Raines, former Clinton "Budget Chief" (gag) is in the middle of that dung heap and should be right up at the front of the line to the National Razor for a permanent haircut.

Heard on the radio news a  claim it is Fannie suing the banks.

Isn't that kind of like Butch suing Sundance for robbing trains?

Fri, 09/02/2011 - 04:36 | 1625398 Sp00ky
Sp00ky's picture

Really?  Everyone here bitches cos Obama and crew does nothing about the bankers, and now everyone bitches cos they do?  Everyone sez the banks have bought him off, Wall St owns him?

Maybe this is the reason Lord Blankfein retained counsel, eh?  He and his minions surely see something bigger coming soon.

Fri, 09/02/2011 - 06:03 | 1625437 OldPhart
OldPhart's picture

Step 1:  Create a problem

Step 2:  Allow the problem to blow up

Step 3:  Find a crony to blame it on, slap wrist

Step 4:  Declare solution to problem, and extol the humiliation and torture the crony endured

Step 5:  Save croney as necessary evil, etc

Step 6:  Campaign on toughness, solutions to problems, etc

Step 7:  Return to Step 1

 

Fri, 09/02/2011 - 07:03 | 1625472 ISEEIT
ISEEIT's picture

This has nothing to do with justice and everything to do with reelection. The extremist running the regime are cold blooded, Link is a tiny slice of background on the religion AKA 'progressivism'.

http://thedailybell.com/2872/Adrian-Krieg-The-Evil-Marionette-Master

Fri, 09/02/2011 - 07:37 | 1625500 MassDecep
MassDecep's picture

The Banks run these clowns. If you Sheeple can't see through this, I really gotta question the prestige of ZH subscribers. Pull your head out of your asses and common sense will reveal who your masters really are.

Thu, 09/01/2011 - 23:00 | 1624900 Long-John-Silver
Long-John-Silver's picture

Timmy will print whatever amounts of fiat digital or paper dollars that will be required to replace the peons deposits.

Thu, 09/01/2011 - 23:41 | 1625066 august west
august west's picture

i agree. the number that sticks out in this article is 30 billion.  30 billion is chump change in the scope of things. this was a purposeful leak imo to make it look like taxpayers won't be the patsy for fannie and freddie anymore. 

Thu, 09/01/2011 - 23:04 | 1624931 MachoMan
MachoMan's picture

They don't have any choice...  the FED has painted itself in a corner and they actually have to develop goodwill before they can implement any meaningful social policy (and have any chance of it being accepted).  They throw us a bone every once and a while and we don't piss in their shoes.

Fri, 09/02/2011 - 00:14 | 1625146 Dineroguru
Dineroguru's picture

Great call MachoMan!  Spot on.  Buffet is worried about a revolution and they need to paper it over..

Sun, 09/04/2011 - 07:09 | 1631098 e-recep
e-recep's picture

spot on. buffet like any other big wig is afraid of the french revolution II. his head will be the first to roll.

Fri, 09/02/2011 - 00:14 | 1625147 Dineroguru
Dineroguru's picture

Great call MachoMan!  Spot on.  Buffet is worried about a revolution and they need to paper it over..

Fri, 09/02/2011 - 00:52 | 1625208 RockyRacoon
RockyRacoon's picture

The situation reminds me of the abusive parent or spouse:   Slaps the kids and old lady around and then treats them to candy and goodies to assuage the guilt.   Slap the banks with a minor ($30 bil -- chicken feed) fine, and then bail their asses out. What a dog and pony show.

Fri, 09/02/2011 - 00:13 | 1625142 Sambo
Sambo's picture

Dime on a dollar? Those who have deposited 2.5 million or greater will get back 250K for their Master relationship accounts. Others may have to wait ...a long time... to get the dime.

Fri, 09/02/2011 - 00:57 | 1625217 Whalley World
Whalley World's picture

Did Barry give it to Warren or what!

Thu, 09/01/2011 - 23:49 | 1625082 Kali
Kali's picture

Shark frenzy, they are all starting to eat each other.

Fri, 09/02/2011 - 00:48 | 1625202 sun tzu
sun tzu's picture

Fannie and Freddie have lost over $1 trillion on bad debt. Now the banks get sued for $30 billion. That's 3 cents on the dollar

Fri, 09/02/2011 - 01:05 | 1625235 Kali
Kali's picture

Agreed, but this is just the beginning.  Just think how J6P is gonna react when it is recognized, legally, these fookin crooks stole their homes and punted us all into a depression.  This isn't just about the money.  The peeps will be clamoring for blood.  And the fingers at the top will all start pointing at each other.

Fri, 09/02/2011 - 10:06 | 1626261 citta vritti
citta vritti's picture

Isn't that about the same rate as the $8.5 billion proposed BAC et al. settlement (or maybe that's 2 cents)?. Hmmm. 

Feds simply can't let the statute of limitations run - that's basic malpractice, however you spin it. And this will give the federales more input into settling things in their and their friends' favor. 

This is one of those times that Reagan was right: The scariest words in the English language are, "I'm from the government and I'm here to help." If only he and his administration had done more to live up to them.

We find ourselves again at a Berlin moment: Tear down these banks, Mr. President.  

Fri, 09/02/2011 - 12:10 | 1626810 Breaker
Breaker's picture

"Fannie and Freddie have lost over $1 trillion on bad debt. Now the banks get sued for $30 billion. That's 3 cents on the dollar"

That's pretty much what will always happen when the government sets things up so that rewards go to bankers (money), congressmen (power and money), and Fed administrative agencies (pure power and budgets) while risks are on the taxpayer. There is noone particularly interested in protecting the taxpayer--the symbiotic relationship is between Wall Street and the government who split up the "rewards" part. The taxpayers are sometimes pesky but they have a short attention span so there are folks very interested in making sure the taxpayers do not upset the apple cart.

Thus, this is set piece theatre intended to keep the apple cart upright by deflecting victim (taxpayer) attention from the source of the problem--a government powerful enough to create this problem in the first place--without atually hurting the banks any more than necessary. After all, Wall Street contributed hugely to Obama's campaign in 2008 and the pain to be inflicted will be as little as possible. But there needs to be a publically designated bad guy here and it cannot be the government or the whole shebang falls apart. So the evil bankers will dutifully play their role and the real evil genius (the government) will continue to accumulate money and, more important, power as a result of this sequence of events.

Fri, 09/02/2011 - 12:11 | 1626815 Breaker
Breaker's picture

"Fannie and Freddie have lost over $1 trillion on bad debt. Now the banks get sued for $30 billion. That's 3 cents on the dollar"

That's pretty much what will always happen when the government sets things up so that rewards go to bankers (money), congressmen (power and money), and Fed administrative agencies (pure power and budgets) while risks are on the taxpayer. There is noone particularly interested in protecting the taxpayer--the symbiotic relationship is between Wall Street and the government who split up the "rewards" part. The taxpayers are sometimes pesky but they have a short attention span so there are folks very interested in making sure the taxpayers do not upset the apple cart.

Thus, this is set piece theatre intended to keep the apple cart upright by deflecting victim (taxpayer) attention from the source of the problem--a government powerful enough to create this problem in the first place--without atually hurting the banks any more than necessary. After all, Wall Street contributed hugely to Obama's campaign in 2008 and the pain to be inflicted will be as little as possible. But there needs to be a publically designated bad guy here and it cannot be the government or the whole shebang falls apart. So the evil bankers will dutifully play their role and the real evil genius (the government) will continue to accumulate money and, more important, power as a result of this sequence of events.

Do NOT follow this link or you will be banned from the site!