This page has been archived and commenting is disabled.

Terminated CBO Whistleblower Shares Her Full Story With Zero Hedge, Exposes Deep Conflicts At "Impartial" Budget Office

Tyler Durden's picture


Earlier today, we suggested that in the aftermath of the Greg "Muppets" Smith NYT OpEd, contrary to assumptions by Jim Cramer, a bevy of potential whistleblowers would step up to tell their tale of fraud and corruption across all walks of life - from Wall Street to, far more importantly, Washington, consequences be damned. This was paralleled by an alleged JPM whisteblower describing to the CFTC the firm's supposedly illegal activities in the precious metals space, which while we initially dismissed, we now admit there may be more to the story (stay tuned), even though we still have our doubts. What we are 100% certain of, however, is that yet another whistleblower has stepped up, this time one already known to the general public, and one that Zero Hedge covered just over a month ago: we refer to the case of former CBO worker, Lan T. Pham, who, as the WSJ described in early February, "alleges she was terminated [by the CBO] after 2½ months for sharing pessimistic outlooks for the banking and housing sectors in 2010" and who "alleges supervisors stifled opinions that contradicted economic fixes endorsed by some on Wall Street, including research from a Morgan Stanley economist who served as a CBO adviser. As part of the review, Sen. Grassley's staff is examining whether Wall Street firms or others exert influence that compromises the office's independence." As we observed in February, "what is most troubling is if indeed the CBO is nothing but merely another front for Wall Street to work its propaganda magic on the administration. Because at the core of every policy are numbers, usually with dollar signs in front of them, numbers which have to make sense and have to be projected into the future, no matter how grossly laughable the resultant hockeystick." As it turns out, somewhat expectedly, the WSJ version of events was incomplete. There is much more to this very important story, one which has major implications over "impartial" policy decisionmaking, and as a result, Ms. Pham has approached Zero Hedge to share her full story with the public.

As we stated earlier, we will present any and every whistleblower's statement in its entirety, and without editing, and so we will, however we want to bring our readers' attention to several key aspects of Ms. Pham's termination from the CBO, because it may have substantial implications over the enacted $25 billion robosigning settlement. The reason for this is that Ms. Pham was fired because of her work voicing skepticism over precisely the same 'chain of title' validity issues that snarled foreclosure to a halt for much of 2011, which as Adam Levitin has said present a "potential systemic risk to the US economy" and which have necessitated the recently enacted Robosettlement to avoid massive losses for the banks (and in the process yet another shadow taxpayer bailout for the Too Big To Fail banks).

The bottom line is that the CBO was warned at least by Ms. Pham (and possibly others) over the dangers of precisely the issue that Attorneys General are scrambling to shove under the rug in exchange for a wristslap to all mortgage originators (i.e., the same banks that somehow are now getting bailed out by taxpayers and the GSEs on an annual basis). And just like every other issue that merely gets a cosmetic and very transitory liquidity facelift, nothing ever is actually fixed. As Ms. Pham says: "It is unclear how the recent State attorney generals’ agreement to a proposed yet unpublished terms of the $25 billion robo-signing settlement would repair the chain of title issues that continue to mutate. In January 2011, the Massachusetts Supreme Judicial Court reversed the foreclosure actions of two banks for lacking proof of clear title, followed by a decision in October 2011 that a buyer who purchased a house that was improperly foreclosed upon does not make the buyer the new owner of the house; the sale does not transfer the property."

While we are confident that even more contract laws will be terminally bent and broken simply to avoid some more balance sheet impairments for America's already insolvent financial system, the message here is clear: the CBO, and arguably other "impartial" policy advisors, will only focus on the established institutional opinion, preferably that set by Wall Street itself, and retaliate (in some cases with physical force) over anyone who provides a dissenting opinion.

Such as Ms. Pham.

Below is her full story (pdf).


Following the Wall Street Journal story, “Congress’s Number Cruncher Comes under Fire,” I realized that the true nature of the issues would not come out. Therefore, I am making public the letter that I wrote to Senator Grassley (Feb. 23, 2011) regarding circumstances that led to my firing after 2.5 months by the Congressional Budget Office (CBO), particularly my writing about mortgage fraud and its roots in mortgage securitization that CBO sought to deny was a problem.

For clarification, the WSJ did not give proper recognition to some individuals. My “supervisors” was Dr. Deborah Lucas, who was CBO chief economist and assistant director, and is currently tenured professor of finance and economics at the Massachusetts Institute of Technology (MIT). MIT Professor Lucas was called by the President to serve in a leadership role at CBO. Morgan Stanley economist and CBO advisor, is the Vice President of Economics Research at Morgan Stanley, Richard “Dick” Berner, whose policy framework for refinancing stimulus was to be incorporated into my writing. Dr. Lucas also shared with me analyses from Goldman Sachs, also on the CBO’s distinguish panel of economic advisors, on the housing market such as the banks’ limited risks on mortgage buy-backs.

As a Congressional senior staffer, financial economist, my initial responsibilities were to write a brief (paper) to Congress on the state of the foreclosure crisis and the alternative policy options, as well as cover banking and housing. Almost to the exclusion of other policy options, CBO Assistant Director Lucas and senior management worked around Morgan Stanley’s policy framework and related ideas to present to Congress as the policy choice (One would be correct to point out that CBO does not make policy). Below are excerpts from my letter to Senator Grassley:

I was repeatedly pressured by the CBO Assistant Director, Deborah Lucas… to not write nor discuss issues in the banking sector and mortgage markets that might suggest weakness in these sectors and their consequences on the economy and households...

CBO: Robo-signing, foreclosure fraud as “hype in the press”

When I wrote about the emerging foreclosure problems in September 2010, CBO Chief Economist Lucas maintained that robo-signing was media “sensationalism,” “the kind of event of the moment where we should be adding skepticism, not just repeating the hype in the press”; CBO wrote that my writing about it “lacks judgment about what is important.” Exploring this further in the letter,

…Issues at the heart of the foreclosure problems pertain to securitization….and the Mortgage Electronic Registration System (MERS), which purports to have legal standing on electronic records of ownership on about 65 million…mortgages… MERS…facilitated Wall Street’s ability to expedite the pooling of subprime mortgages into MBSs by bypassing standard ownership transfer procedures as the housing bubble escalated…


The implications have profound financial and economic consequences that would be of compelling interest to Congress and the public, but the CBO sought to silence a discussion of such risks, that in reality have been materializing. These risks put into question the ability of investors or bondholders to make claims on the collateral (the homes) that underlies trillions of dollars in MBSs, the bulk of which are now guaranteed by …Fannie Mae and Freddie Mac. This affects $10 trillion in residential mortgage debt outstanding, of which $7 trillion in mortgage-backed securities (MBSs)…

The CBO dismissing such issues prevents an analysis of the risks, so that the public may be forced again to shoulder the consequences for which they have not been a given a voice or a choice.

A month later after being told by CBO Chief Economist Lucas to not repeat this media hype, Georgetown University Law Professor Adam Levitin, Special Counsel to the Congressional Oversight Panel and scholar at the American Bankruptcy Institute, raised essentially the same issues in his testimony before the House Financial Services Committee:

“The chain of title problems are highly technical issues, but they pose a potential systemic risk to the US economy. If mortgages were not properly transferred in the securitization process, then mortgage-backed securities would in fact not be backed by any mortgages whatsoever….


These problems are very serious. At best they present problems of fraud on the court, clouded title to properties coming out of foreclosure, and delay in foreclosures that will increase the shadow housing inventory and drive down home prices. At worst, they represent a systemic risk that would bring the US financial system back to the dark days of the fall of 2008.” [Executive Summary, first page]

Essentially, the chain of title on securitized mortgages appears broken, whether or not there is a foreclosure. This would pertain to most homebuyers in the past 10 years as most mortgages were securitized by Fannie Mae and Freddie Mac providing the guarantees, and the largest banks (“The $7 Trillion MBS Problem – Foreclosure Problems and Buybacks”). Recall that these same entities founded MERS, which expedited securitization and purported to have foreclosure authority from its electronic records of ownership on about 65 million mortgages. “Robo-signing” emerged as fraudulent or defective documents were used or created to establish the legal authority to foreclose as MERS faced legal challenges; as of July 22, 2011, foreclosures could no longer be initiated in MERS’ name. At last year’s pace, some figures suggest it could take lenders in New York 62 years to clear their foreclosure inventory, 49 years in New Jersey and a decade in Florida, Massachusetts, and Illinois.

It is unclear how the recent State attorney generals’ agreement to a proposed yet unpublished terms of the $25 billion robo-signing settlement would repair the chain of title issues that continue to mutate. In January 2011, the Massachusetts Supreme Judicial Court reversed the foreclosure actions of two banks for lacking proof of clear title, followed by a decision in October 2011 that a buyer who purchased a house that was improperly foreclosed upon does not make the buyer the new owner of the house; the sale does not transfer the property.

A striking little mention fact of the Massachusetts foreclosure case was that the lenders could not show that the two mortgages were part of the securitization pool. Let’s consider a thought exercise. Others have the raised the question: if the entity that has been taking the homeowners’ mortgage payments is not the real owner, what happens when the true owner(s) of

the mortgage shows up? Are homeowners on the hook again for those ‘missed’ mortgage payments? It was not uncommon for mortgages to be sold multiple times, and it is my understanding that loans were intentionally not given unique identifiers as it moved from origination or purchase through to securitization.
In response to the WSJ story, Director Elmendorf issued a public statement maintaining the integrity of CBO’s work, an excerpt which reads:

“…We have the utmost confidence in the objectivity of our work and devote considerable time and energy to explaining the basis of our findings as clearly as we can to help Members of Congress understand the work that we do.” (Bolded emphasis is CBO Director Elmendorf’s)

In early November 2010, a stunning example was CBO Director Elmendorf’s, a Harvard Ph.D. economist, view that employment growth in housing construction would spur economic growth, in his discussion of inputs into CBO’s macroeconomic forecast model. A question about the assumption was met with Director Elmendorf asking why they were “pessimistic” about such assumptions.

After my termination, Director Elmendorf stated that I should have followed directions from the more knowledgeable and experienced Chief Economist Lucas, taken the opportunity to learn from her. Director Elmendorf saw no ethical issues in her direction, but shifted to perhaps we had a difference of professional opinion. As I understand, Director Elmendorf and MIT Professor Lucas first claimed to Senator Grassley’s office that they could not speak about my termination due to personnel privacy protections, when none exists for Congressional employees. When given full immunity to speak freely to Senator Grassley’s office regarding my termination, they refused to speak.

It has been suggested to not mention these things in polite conversation, but I admit there were oddities following CBO’s termination. After CBO fired me at the end of the day saying “we do not know whether or what you know about economics, economic theory or finance,” I returned to my office to make a phone call. Everyone had left, but there was a silhouette of a man standing in the dark in an office across the courtyard watching me during the 15-20 minute phone call. Later, I came home to find some papers had been moved and could no longer find some important documents pertaining to this case. I attempted to retrieve these documents from my office at CBO, but the power to my office was shut down precisely as the documents from my computer were about to be e-mailed to me; the entire floor and building were unaffected. At about 3 a.m. during a week day, there was sudden a loud crash into my front door followed by complete silence. Perhaps it was just a complimentary early wake-up call.

The truth is still what it is.

As I have come to learn, the issue of foreclosure fraud ‘robo-signing’ seems to be spoken in hushed tones near the powers of Washington D.C. CBO has the ear of Congress and can make or break policies that affect the nation with its analyses.

Who is the CBO serving?

Lan T. Pham, Ph.D.



And her full letter to Chuck Grassley can be found here - pdf.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 03/16/2012 - 00:29 | 2260826 tmosley
tmosley's picture

What, you think printing makes dollars more valuable?

Can you point to a single instance in history where a nation collapsed due to a currency that was too valuable?

Fri, 03/16/2012 - 00:45 | 2260854 jimmyjames
jimmyjames's picture

What, you think printing makes dollars more valuable?

Can you point to a single instance in history where a nation collapsed due to a currency that was too valuable?


Point out where i ever said that-

And btw--the Nation hasn't collapsed yet-in case you didn't notice-


Fri, 03/16/2012 - 00:53 | 2260865 Calmyourself
Calmyourself's picture

You really don't have many answers other than piss off do you? So where is my strengthening currency, I have things to buy..  Chop, chop let's see it..

Fri, 03/16/2012 - 00:58 | 2260873 jimmyjames
jimmyjames's picture

You really don't have many answers other than piss off do you?


Pick your subject-I'm ready-

Fri, 03/16/2012 - 01:26 | 2260916 akak
akak's picture


Pick your subject-I'm ready-

Perhaps we can discuss the fact that in all several thousand years of monetary history there is not ONE example of a fiat currency deflation, or an APPRECIATING fiat currency, and hundreds if not thousands of examples of precisely the opposite?  Or the fact that EVERY fiat currency in history has ended its life in currency collapse or hyperinflation?  Or maybe the fact that EVERY instance of uncontrolled growth in governmental debt has led to fiat currency depreciation, outright collapse and/or hyperinflation, with not ONE example of such debt growth leading to an appreciating fiat currency instead?

I know, monetary history --- it likes to bitchslap deflationary flat-earthers each and every time.

Fri, 03/16/2012 - 01:26 | 2260925 jimmyjames
jimmyjames's picture

Perhaps we can discuss the fact that in all several thousand years of monetary history there is not ONE example of a fiat currency deflation, or an APPRECIATING fiat currency,


Try Japan for deflation fuckwit-

If the price of a house drops 50% then your dollar buying power increased by 50%...NO?

You don't know your ass from a hole in the ground-

I've backed you into a corner every time and so have some other people here-but akak slinks away into the shadows because he doesn't know what he speaks of-

Fri, 03/16/2012 - 01:53 | 2260935 akak
akak's picture

You are such a lying, ignorant sack of shit that it makes me feel soiled to even address your innumerable bits of pro-central bankster misinformation, disinformation and propaganda.

I just KNEW that you were going to TRY to use Japan post-1989 as your supposed example of a fiat currency deflation, but wrong again, idiot.  Aside from the fact that that is the ONE SINGLE such example that you deflationary flat-earthers constantly trot out --- because it is the one such example that you possibly CAN trot out --- even that is just more mainstream propaganda, as Japan did NOT experience any so-called "deflation"!  But by clearly not understanding monetary theory even slightly, you deflationary nitwits confuse the collapse of asset bubbles, and falling asset values, as actual deflation, when the two have no direct relationship whatsoever --- contrary to such monetary dullards as Karl Denninger, houses and stocks are NOT money.  The decline in asset valuations is in no way a "deflation", except in the mind of hopelessly confused Bernanke-worshippers. 

Moreover, it is notable that even in your supposed Japanese deflation the associated fiat currency, the yen, had its supply increased almost every year subsequently, and did NOT increase in purchasing power at any time, but FELL as the Japanese general price level (i.e., cost of living) rose in every single year since their supposed deflation began in 1989.  Boy, that was some curious currency deflation!

Anyway, even IF we were to give you Japan as an example of a deflation under a fiat currency regime, it is the ONLY such example (and the final chapter in that story has not yet been written --- their day of reckoning is still at hand), whereas I can give you literally HUNDREDS of examples of fiat currency debasements and/or collapses due to governmental profligacy and exponentially rising debt such as we are experiencing today --- so are you REALLY going to go all-in on betting AGAINST odds of (at best) hundreds to one?

Really, is this the best you deflationary flat-earthers can come up with?  Because destroying your absurd arguments it is like shooting fish in a barrel, or beating up on kindergarteners --- which intellectually is rather close to the truth.

Fri, 03/16/2012 - 01:53 | 2260951 jimmyjames
jimmyjames's picture

You are such a lying, ignorant sack of shit that it makes me feel soiled to even address your innumerable bits of misinformation and disinformation.


Change your shitty underwear then-unless your mom still does it for you-

You didn't address the post about the shadow banking credit money and the losses (deflation) in the trillions that Tyler posted here yesterday did you?

You seem to skip reading and just run to the board to try and be the loudest most prolific hyper-inflationist on the board huh?

When you see a few zeros added to your currency-let me know-

Fri, 03/16/2012 - 02:14 | 2260962 akak
akak's picture

And when you deflationary nitwits ever see ANY fiat currency STOP losing value each and every year, let us know.  It has NEVER happened once in all of human history, but you never know!

You can try to obfuscate the issues and repeatedly try to confuse us with side issues and dazzle us with bullshit (Denninger is famous for this), but in the end the matter is exceedingly simple: overspending and overindebted governments ALWAYS resort to fiat currency debasement, ALWAYS --- if the currency in question does not undergo hyperinflation and/or a sudden and drastic collapse in value along the way.

So in the end, if we don't see hyperinflation, but "merely" a sudden 75% collapse in the value of the US dollar, as Argentina experienced in 2001-2002 (under remarkably similar circumstances), will you claim victory and declare my thesis invalid?

I will repeat the pertinent fact once again, as you are clearly extraordinarily dull --- ALL of monetary history supports the belief, nay the iron-clad fact, that the US government (along with other Western governments), facing unsupportable overspending and debt, will resort to currency debasement to relieve that debt, if the market (such as it is) does not force the issue, and a sudden and dramatic currency collapse, first.  And note that said currency collapse need NOT be total to be utterly devastating to the average citizen.

Fri, 03/16/2012 - 02:14 | 2260974 jimmyjames
jimmyjames's picture

LOL--you do not even understand what hyper-inflation is-

Fri, 03/16/2012 - 02:40 | 2260981 akak
akak's picture

Well, since you clearly do not understand what "deflation" is, I should hardly ask you to define the term "hyperinflation", but go ahead and indulge me --- it should prove amusing, if nothing else.

But before you do, I must point out that it is another piece of the typical deflationary flat-earthers' propaganda tactics to implicitly or explicitly posit that hyperinflation is the ONLY theoretically possible alternative outcome to your supposed (and never before seen) fiat currency deflation --- but that is a disingenuous and false dichotomy, and in any case I do NOT believe that the USA or Europe face a Weimar Germany Mark II, with wheelbarrows of currency being trundled around for a loaf of bread.  What I DO think we face, most likely, is a repeat of the Argentine currency crisis of 2001-2002, in which our fiat currencies will lose 50-90% of their values over the course of one to several months.

But as for the fiat currency of an overspending government with unsustainable debt GAINING in value as a result --- please don't insult my intelligence.  Not just most, but ALL of monetary history says that you would be (financially) dead-wrong to predict such an outcome.

Fri, 03/16/2012 - 10:27 | 2261618 francis_sawyer
francis_sawyer's picture


deflation = happens in so-called "asset prices" (houses, stocks, beanie babies, pokemon cards)

inflation = happens in things you need to survive (energy, food)

Fri, 03/16/2012 - 10:39 | 2261654 tmosley
tmosley's picture

By that definition, Weimar, Zimbabwe (and 99% of other hyperinflationary hells) were deflationary.  Real estate can't be exported, so its value falls through the floor due to economic contraction.  Things that can be exported, but usually aren't maintain some portion of their purchasing power.  After the shelves were totally empty in Weimar, people would buy random physical things, like bedpans, or childrens dolls, to try to preserve some portion of their purchasing power.  Of course, things that have an actual international market, like gold, silver, and energy simply went beyond reach.

Try buying a gallon of gas or a melon in Japan versus their price 30 years ago.

Thu, 03/15/2012 - 23:47 | 2260714 gwar5
gwar5's picture

Congratulations to ZH for being the go to site for whistleblowers. Huge thanks to Lan Pham for coming forward and sharing this important story. (If the Men in Black keep creeping around, Lan can stay with me)

The robo-signing story is one of government sanctioned fraud and theft on an enormous scale. But Wall Sreet has also prevented any oversight and accountability by hijacking Washington. Pham's story is a good peek into how honest public servants protecting the public interest are being shut out and silenced by the Wall Street squids. You are only rewarded if you agree to become part of the problem. 

I believe Morgan Stanley was also recently caught red-handed stealing billions over decades automatically from pension whenever they executed a foreign transaction. Yes, it takes years of research and an economic PhD to pull that off for years and avoid jail. 


I think Pham should sue for a percentage of the government fraud waste and abuse saved. 

Fri, 03/16/2012 - 00:01 | 2260754 digalert
digalert's picture

Thank you Ms. Pham and ZeroHedge too.

What we've got here is a Criminal Bankster Occupation with squid like arms throughout government(s) and we've got them on the run.

Fri, 03/16/2012 - 00:05 | 2260763 nah
nah's picture

wistle blow all u want... until congress acts upon the will of 90+% of the people


here we are bitchez


Fri, 03/16/2012 - 00:05 | 2260768 Tortuga
Tortuga's picture

over on this post from the cfc website of a jpmorgan whistleblower. Hmmmm.

Fri, 03/16/2012 - 00:11 | 2260780 onlooker
onlooker's picture

Bravo to the Brave. Cheers to Tyler and the Lady. However, this is dangerous ground our Heroes tread upon. There is nothing more dangerous than exposing Wealth, Politicos, and Rulers to exposure which might lead to truth and justice (not likely in today’s world, but possible).

ZHers may love their Heroes, but much better Alive, than Missing or Dead.

I strongly suggest both of our heroes live in a State that has a  “right to carry Law (firearm)”.

Buy a lightweight S&W 5 shot snub with covered hammer. This is easy to carry hidden and can be fired inside a coat pocket without the hammer catching on anything. Buy a mid-size hi-cap 9mm or two and fire at least 50 rounds a week to be defensively proficient. A double action is good for a ”safety off” carry and bedside companion.

This is not a shield against the bastards getting you, but at least you have the opportunity to inflict damage.  Whistle Blowing is an unsafe move. Publishing honest and true information and News that exposes dangerous persons or institutions could and may be unsafe.  IF our Nation is going to survive as a free and just Nation,  these Hero persons must continue to light our world and give us information, faith, and cause. God help them survive the darkness we live in. I suppose that we, as interested parties to preserving these information people, should not only voice support but provide help if they need us.

ie help then if they need help        can we assist Freedom? 

Fri, 03/16/2012 - 08:13 | 2261233 j0nx
j0nx's picture

Can we dispense with the secret squirrel horse shit please. Thanks. I highly doubt that these people need to worry about hot tubs and small airplane rides...

Fri, 03/16/2012 - 08:28 | 2261262 dontgoforit
dontgoforit's picture

you are so grossly wrong it's scary

Fri, 03/16/2012 - 00:15 | 2260793 Eally Ucked
Eally Ucked's picture

I still don't understand how ZH determines credibility of some whisleblowers? On what basis the JPM guy was dismissed as "this letter is either a complete fraud or simply a total mockery" and  Lan T. Pham is not? Maybe they are both frauds or maybe not, maybe mixed coctail, one is other is not. Who the f... knows!

Fri, 03/16/2012 - 01:13 | 2260888 i-dog
i-dog's picture

One has documented evidence of having previously acted to expose the fraudsters (letter to Chuck Grassley, Feb-2011) ... the other doesn't.

Of course, the reply to Ms. Pham from Senator Grassley, and the testimony his investigation of her important allegations unearthed, would clarify further. What's that you say? No investigation? No reply?

FWIW, I once wrote a letter complaining of corruption in the police force. At first, they tried to discredit me (Sockpuppetry101: Lecture 1). Then they tried to downplay the claimed effects of the corruption and that I was "mistaken" (Sockpuppetry101: Lecture 2). Then they dragged out the investigation for an eternity (Sockpuppetry101: Lecture 3).

Finally, they had two impressively-uniformed senior sockpuppets attempt to hand me a letter claiming that there had been a complete investigation and no wrongdoing found (Sockpuppetry101: Lecture 4).

I told them to take it back, since I could take the complaint much higher than it had already gone. They did so, and arrested 5 police officers a few days/weeks later ... putting the most senior of them on trial for corruption in the state Supreme Court (he was found guilty and jailed) and firing 3 others.

Of course, all the chickenshits around me told me "don't make waves", "it happens all the time...what are you on about?", "don't speak up, they'll shoot you!", etc, etc. But some of us know that they are no different than any other bully...gutless when confronted.

Fri, 03/16/2012 - 10:18 | 2261588 andyupnorth
andyupnorth's picture

Wow!  I hope that's a true story.

Fri, 03/16/2012 - 10:45 | 2261672 i-dog
i-dog's picture

Indeed it is.

Fri, 03/16/2012 - 00:16 | 2260794 besnook
besnook's picture

in the parphrased words of the first draftee since 1970, jeb bush. the truth is for losers.

the rule of law has given way to the law of rulers.

Fri, 03/16/2012 - 08:14 | 2261236 j0nx
j0nx's picture

If you think jeb bush will be drafted then you're delusional. The name bush is forever toxic with regard to high office.

Fri, 03/16/2012 - 00:23 | 2260806 BlackholeDivestment
BlackholeDivestment's picture

...oh really? ''physical force''. Very interesting. They are Jack's death.

Fri, 03/16/2012 - 00:29 | 2260825 imaginalis
imaginalis's picture

Thank you for having the integrity to speak out Dr Pham. I wish more were like you.

Fri, 03/16/2012 - 00:33 | 2260833 LiquidityandLunacy
LiquidityandLunacy's picture

Tyler only comes out of his shell to pwn people who didint read the article so maybe I should post something ignorant so he will make me famous too :)



Tyler, whether the leak about JPM is true or not, the facts presented in the leaks are true, regardless of who penned it. We all know it, and it will never be righted by the law. You and I both know this, so whats the point. All it does is confirm what we already know.

Fri, 03/16/2012 - 01:14 | 2260908 chindit13
chindit13's picture

Maybe the fact that you can write, "the facts presented in the leaks are true, regardless of who penned it" is why Tyler remains sceptical of this JPM "whistleblower".  By definition, whistleblowers tell us something we do not know.

Dozens of people who read Zerohedge could have written that letter, and not a one of them works for JPM.  For a source to have credibility, it must reveal something heretofore unknown, and back it up with specifics.  Best to let it breathe until more information comes out.

Fri, 03/16/2012 - 00:34 | 2260837 Catullus
Catullus's picture

“The chain of title problems are highly technical issues"

by technical, they mean fundamental.

Fri, 03/16/2012 - 00:40 | 2260844 Bansters-in-my-...
Bansters-in-my- feces's picture

Wam,Bam,thank you Pham........

Mmmm  eye candy.

Fri, 03/16/2012 - 00:40 | 2260845 q99x2
q99x2's picture

Whistle blowers play nice music. They better all start singing before the FEMA camps open for business.

Fri, 03/16/2012 - 00:48 | 2260859 Money 4 Nothing
Money 4 Nothing's picture

WTF is this? Grow a conscience week? Or is SHTF here and some people are looking for cover? Both?

Fri, 03/16/2012 - 01:02 | 2260885 Dermasolarapate...
Dermasolarapaterraphatrima's picture
The 100% mortgage is back


This shit will never end.

Sat, 03/17/2012 - 20:36 | 2266057 smiler03
smiler03's picture

You missed out a rather important part of the headline...


The 100% mortgage is back … if your relatives will lend a hand


"Aldermore's 100% home loan is available if a family member is willing to guarantee any borrowing above 75%".

Fri, 03/16/2012 - 01:10 | 2260900 Troy Ounce
Troy Ounce's picture


Someone watching you and trying to intimidate you is creepy.


But there are sooooo many ZH'ers who could assist a potential whistle blower.

Fri, 03/16/2012 - 01:18 | 2260917 onlooker
onlooker's picture

i-dog      i-dog       idog                        idog

Most interesting no response here. You did the brave thing to make your community a better place at no small risk to your self. I gave you a thunbs up and respect for any officer that goes against the department. Damned brave you are.


i-dog                        odpg                         idog

Fri, 03/16/2012 - 01:27 | 2260926 chindit13
chindit13's picture

First, forget her gender and her ethnicity.  Neither are important nor pertinent to what she is doing.  It is almost unfortunate that she is not a middle-aged, overweight, balding white guy, because then people would concentrate on the message and not the messenger.  What she asserts is what is important.  This is far more significant than Greg Smith.

Second, while I might be overstepping, I would suggest she add a little more color with more specific examples of the pressure she was put under to avoid matters considered uncomfortable by her superiors.  She only mentions specifics regarding robosigning, where she notes that Lucas called it "media hype".  It would be useful if she detailed, at least in a general way, the manner in which she was discouraged from championing the things her own analysis revealed.  For example, "I wrote this....and after reading it Lucas told me to...."  Such specifics make it more real and less academic.  When one is trying to win converts, an appeal to emotionalism is more effective than sterile theory and data.  That is not to say Dr. Pham has done anything wrong, quite the contrary.  My point is that in order to have impact she might try appealing to the hearts of her target audience and not their brains (which they may or may not have, given it is Congress).  People relate more to examples of bad behavior.  Such specifics are easier to grasp, though she would need to walk a fine line between reporting "just the facts" and seeming as if she suffered a bruised ego. In other words, differences of opinion are acceptable, but active attempts to squelch things uncomfortable or politically unacceptable, especially when it occurs at a public entity, is simply wrong.

All in all, though, one must admire her intellectual honesty and commitment to the public good, not to mention the possession of a level of character where she felt an obligation to earn her pay.  That is integrity.

Kudos also to Zerohedge for making itself large enough and respected enough so that it can serve as a conduit for anyone built of the same stuff as Dr. Pham.  We all benefit.

Fri, 03/16/2012 - 08:23 | 2261252 Incubus
Incubus's picture

Kudos also to Zerohedge for making itself large enough and respected enough so that it can serve as a conduit for anyone built of the same stuff as Dr. Pham.

Or small enough to let someone like me post my filth without getting banned.

Fri, 03/16/2012 - 10:42 | 2261663 tmosley
tmosley's picture

What's wrong with his post?  It is perfectly reasonable to want more detail.

I would have to hope that she is spilling her guts out to some prosecutor or at least her own lawyer somewhere.

Fri, 03/16/2012 - 02:01 | 2260964 Peter K
Peter K's picture

After watching the changing CBO numbers during the ObamaCare fiasco, implying that the CBO is objective is the real shocker:))))

Fri, 03/16/2012 - 02:08 | 2260970 f16hoser
f16hoser's picture

Grassley is a fucking pussy and won't do a damn thing. That, you can take to the bank. How many banksters, regulators and lobbyists have been prosecuted so far? That's a rhetorical question. 

Fri, 03/16/2012 - 03:13 | 2261027 bk1037
bk1037's picture

If one accepts the thesis that the Rothschild cartel own the Federal Reserve (and by definition the US government effectively) all of this is not so hard to understand and we certainly shouldn't be shocked. Sen. Durbin said it best once when he confirmed 'the bankers own this place' in a quote I do not have available for reference to today, but I recall it well. And it came up when the robosigning scandal first broke, and the bankers tried to place in legislation that would authorize a notary public authorized in 1 state to be treated as legally valid in all 50 states. Obama was forced to veto this when it became publicized what was being attempted, i.e. the bankers attempting to cover their ass when robosigning first broke. When this happened, this was clearly democracy broken down and back room maneuvering by bankers telling Congress what they wanted to see happen for public appearance purposes.

The powerful bankers do not have high regard for the Congress cause honestly they own the Congress with the billions the banking lobby spends annually in lobbying as well as campaign support. When you control a group as the bankers control our government, behavior as witnessed and reported by this whistleblower is fully explainable.

The chain of title issue is a well known issue for those of us that also stop into Yves Smith's blog nakedcapitalism. In my view, Yves is the foremost specialist blogger who focuses on robosigning and provided the best analysis for the 'settlement'. The $25 billion is certainly a cash grab by the states only, and it will not deter individuals from suing if they feel they have been wrongly foreclosed upon. MERS handling of documents and the entire securitization process will still be debated years from now, if one buys a foreclosed property,beware your title insurance could well have something else to say about whether you are buying good title, and if so, whether you will be able to get mortgage financing.

Fri, 03/16/2012 - 08:23 | 2261251 dontgoforit
dontgoforit's picture

They all fear exposure; and or, death.  I'm always watching my 'situational awareness' situation.  Believe it - there are folks who will stop at nothing and say, "it's for the greater good."  In the end, we all gotta' answer.  So, shysters, thieves and liars - you're on notice; there is no escaping the final judgement - best to take your bitter medicine now.

Fri, 03/16/2012 - 03:02 | 2261010 geekgrrl
geekgrrl's picture

"It was not uncommon for mortgages to be sold multiple times, and it is my understanding that loans were intentionally not given unique identifiers as it moved from origination or purchase through to securitization."

Right. So the procedure was: start with crap NINJA liar loans, throw them all into a black box and then they come out as investment grade securities with no traceability? Ummm, I think there are a lot of criminals involved in this whole process, and this seems only the tip of the iceberg.

The CBO cover-up over an obvious ideological firing is pretty hilarious though. This guy Elmendorf seems like a shoe-in for Sec Treas with statements claiming "the utmost confidence in the objectivity" blah blah blah "of our work" blah blah, etc. 

Oh wait. I see:

"Elmendorf only stayed a year at the CBO as a principal analyst before heading to the Federal Reserve Board as an economist while Alan Greenspan headed it. In 1998, his travels through the financial departments of the federal government continued, as Elmendorf moved to the Council of Economic Advisers, working as a senior economist under Director Janet Yellen. After staying at the CEA for a year, Elmendorf then joined the United States Treasury Department as deputy assistant secretary for economic policy, working under Clinton Treasury Secretary of the United States Lawrence Summers. When George W. Bush took office, Elmendorf moved back to the Fed as a senior economist and in 2002, he got a promotion to chief of the macroeconomics analysis team, leading a group of 30 economists and researchers as they forecasted inflation rates and labor markets.[6]

In 2007, Elmendorf began working for the well-known economic think-tank the Brookings Institution, co-editing the twice-yearly publication “Brookings Papers on Economic Activity.”[6] In 2008, Jason Furman, the director of the Brookings’ group known as the Hamilton Project left to join the Obama campaign. Elmendorf replaced him as director of the Project, a forum for economic policy discussion that was created by Bill Clinton's Treasury Secretary Robert Rubin — an advocate of free trade and a small deficit."

And this guy has the audacity to claim objectivity? He is the very epitome of an inside player, just not as well-known as Bernanke or Geithner. Wow. What a farce this guy is. I notice he's also a Princeton alum. How does it go now? Birds of a feather?

Fri, 03/16/2012 - 03:51 | 2261045 Chicago bear
Chicago bear's picture

Dr. Pham's former boss:
Kellogg Finance Professor Deborah Lucas is helping Congress figure its bills

These days, when Kellogg Professor Deborah Lucas ponders issues in finance, the questions are no longer academic.

Indeed, her answers to inquiries such as “How much will it cost to reform Social Security?” and “Should the government subsidize prescription drugs?” will help shape the way these very issues will be handled in the future.

Lucas, the Donald C. Clark/Household International Distinguished Professor of Finance, has been on leave from Kellogg the past two years to work as chief economist for the Congressional Budget Office in Washington, D.C.

The agency is the chief number-cruncher for the nation’s lawmakers. When new legislation is proposed and officials ask “How much will it cost?” Lucas and her colleagues are the ones charged with figuring the bill.

“This is a great agency to work at because the emphasis is on providing unbiased facts about program costs that are essential for rational decision-making,” says Lucas, who will return to Kellogg in the spring to teach but will also continue to work in the CBO.

Lucas helps to oversee much of the agency’s research agenda, which is undertaken by the approximately 80 economists on the staff. She is also involved in a number of special studies.

Among them is an investigation into the extent to which Freddie Mac and Fannie Mae are subsidized by taxpayers. Lucas found that the government-chartered firms benefit by $10.6 billion a year, $3.9 billion of which is retained by the companies for themselves and their shareholders. The agencies, which help provide money for home mortgages, disputed the results of the study. “It was an interesting and controversial calculation,” Lucas says.

It’s a return trip to Washington for Lucas, who has long had an interest in public policy. From 1992 to 1993, she worked for the Council of Economic Advisers, covering macroeconomics and finance for the Clinton administration. Among the high-profile issues she addressed was the administration’s controversial proposal for health-care reform.

This time around, Lucas is continuing to work on social issues. One of her top priorities is to further the development of a large-scale model that views the challenges of an aging population in a “more holistic way” than government agencies have done in the past. This model will take into account Social Security, Medicare and other programs for the elderly, and analyze their impact on the nation’s economy.

Lucas is among many professors across the country who take periodic breaks from academia to work in the public

sector. She finds her skills are in great demand in Washington. “People really care about the answers you are providing,” she says. “It’s very satisfying because they really want to know what it will cost, say, to privatize Amtrak.”

Even so, Lucas looks forward to returning to Kellogg, where she focuses her teaching on fixed income securities and “turbo” finance, and her research on dynamic asset-pricing models.

“Working with the government actually gives you a renewed appreciation for the types of skills you learn at Kellogg,” she says. “It makes me feel like what I teach is essential.”

Fri, 03/16/2012 - 06:43 | 2261154 Escapeclaws
Escapeclaws's picture

She sounds like a typical "kiss up"/"kick down" careerist. Rack up them titles, baby!

Fri, 03/16/2012 - 04:03 | 2261053 solon44
solon44's picture

its nice that ZH got the scoop but it's only significant if it inspires more and more 'whistleblowing.'  otherwise its just another piece of bad news that confirms a fraction of the monstrous fraud we've suspected 

Fri, 03/16/2012 - 04:31 | 2261070 resurger
resurger's picture


Fri, 03/16/2012 - 05:35 | 2261108 blueridgeviews
blueridgeviews's picture

I want to hear from a whistleblower that wasn't fired.

Fri, 03/16/2012 - 05:56 | 2261120 Sandmann
Sandmann's picture

So find an organisation that does not punish those who break Omerta  - you should be able to list them since they will be open about Whistelblowing

Fri, 03/16/2012 - 10:49 | 2261689 tmosley
tmosley's picture

The Op-Ed was from someone who quit, and there is an anonymous one from someone who works in JPM now (they provided some internal documentation), referenced in the second sentance of this article.

Fri, 03/16/2012 - 05:46 | 2261115 I am Jobe
I am Jobe's picture

Too much talk in the USA. Congress is a bunch of pole smokers at best and they smoke bankers poles.

Fri, 03/16/2012 - 05:57 | 2261121 Sandmann
Sandmann's picture

It needs Loyalist Forces to capture one State and create Galt Gulch

Fri, 03/16/2012 - 05:58 | 2261123 q99x2
q99x2's picture

At the time of the collapse banker employees that have inside knowledge will be the first to disappear so they better come forward now while they still have a chance.

Fri, 03/16/2012 - 06:09 | 2261133 Apeman
Apeman's picture

Kudos to you Ms Pham. Well done.

Fri, 03/16/2012 - 09:28 | 2261438 nowhereman
nowhereman's picture

I most heartily agree, but, according to the FBI, she is now a terrorist and can be held without charges in perpituity.

Fri, 03/16/2012 - 07:12 | 2261138 Benjamin Glutton
Benjamin Glutton's picture

So the banks step forward with F/F to foreclose but have no earthly idea which trusts should be receiving title to the foreclosure? Distributing the titles to repurchased MBS? Hilarious!!!!

"It was not uncommon for mortgages to be sold multiple times, and it is my understanding that loans were intentionally not given unique identifiers as it moved from origination or purchase through to securitization."

what a mess.


Godspeed Dr. Pham.

Fri, 03/16/2012 - 08:18 | 2261243 dontgoforit
dontgoforit's picture

Systemically they probably sold your mortgage and my mortgage multiple times to more than one buyer and pocketed the difference.  Talk about a get rich quick scheme....and who got the money?  Who got MF's money?  Who's taking this 'to the bank'?  And why does Obama and the group keep this under wraps....Soros?  Goldman?  Soldman/Gore-us.  This is the stuff of which novels are made.  Go get 'em Vince Flynn!  Truly a cluster-F!

Fri, 03/16/2012 - 09:09 | 2261369 Benjamin Glutton
Benjamin Glutton's picture

this IS a non-partisan taxpayer ripoff endorsed by BOTH GOP/DEM.

Fri, 03/16/2012 - 07:21 | 2261147 Escapeclaws
Escapeclaws's picture

I hope Pham is able to stay safe. Hopefully she doesn't have kids or vulnerable family members.  The fact that she even has to worry is the most troubling of all.  Remember the feckless Obama's campaign where he PROMISED protection to whistleblowers and encouraged them to speak out against abuse and corruption? Thus, this issue, now that Pham's life is clearly in danger, should be made a BIG ISSUE in the upcoming campaign.  She should seek asylum in another country--she certainly has good grounds for doing so. It would also send a message around the world about civil rights in the US under the feckless Obama if she did seek asylum.


On a side note, the rating agencies should not be let off the hook for their pivotal enabling role in this scam. They had a fiduciary duty to uncover the scam themselves and cannot simply hide behind "This is what the originating institutions told us" BS.

Fri, 03/16/2012 - 08:57 | 2261340 mendolover
mendolover's picture

I think BO said that so that the naive whistleblower would come out and make a target of themself. 

Fri, 03/16/2012 - 07:03 | 2261168 Platinum_Investor
Platinum_Investor's picture

Zero Hedge is a becon of light in a very dark world.  I wish we could all do more and contribute.

Fri, 03/16/2012 - 22:54 | 2264280 Vlad Tepid
Vlad Tepid's picture


Fri, 03/16/2012 - 07:47 | 2261197 Cult_of_Reason
Cult_of_Reason's picture

Amazing (but not surprising) corruption in Washington.

They have silenced her because she was standing in the bankster's way of unloading potentially worthless MBS from the books of banks to the taxpayers via Bernanke's QE3


Fri, 03/16/2012 - 07:59 | 2261199 highwaytoserfdom
highwaytoserfdom's picture


Don't expect any help from Grassley.. Involved in a family situation where missing estate assets of an accelerated filer (and beneficial owner) due to systematic transfer(theft) of demented man.    On talking to my Congressman (ranking house finance member) I received a "nothing can do response". Grassley that very week wanted the FBI to report to Corporations if SEC investigations are under way.   Come to realization that the only way out is make a movie and stop the Rombomy fraud of corruption preventing normal market rotation out of usury finance.   It is pretty sick what synthetic safety hedging tools have done to producers.  I am trying to get the FED TARP information and put a site up for figuring claw-backs. We should just invoice these insolvents to lower 99% status.   They do not enforce the laws on civil side, in fact they use Kstreet to make theft legal.  It is nothing new pensions, Ira's, 413, mutual funds all use K street to steal from workers and non statist. JPM and the FED are just instruments of usury..... Kidnapped capital markets with crony criminal network. 


Fri, 03/16/2012 - 07:56 | 2261204 Monedas
Monedas's picture

This Robo-Signing is a diversionary, denial plausibility generator, sham issue, straw dawg, bugaboo of minds with small wickets, truth obfuscating, invented crisis !  Really bad loans were made and they are not being foreclosed as they should be ! Indigent black families are living in million dollar Chesapeake bay villas bought with zero down and haven't made mortgage payments in two years and are not being foreclosed on ?  Why complain of Robo-Signing of foreclosure docs.....complain of live Monkey signing of original loan docs ?   Monedas  2012   Your FRNs and Govmint checks are Robo-Signed !  Barney Frank's only punishment was his Robo-Resignation ? 

Fri, 03/16/2012 - 07:55 | 2261205 chinaboy
chinaboy's picture

My respect, Dr. Pham.

The inner working of the U.S. is not much different from that of China. We already learn to distrust things like Chinese GDP, US BLS, US GDP. This whistleblower case just tell us more: they control what the congress need to know (same thing in China).

People appalled by the scant news reporting from controlled sources such as NBC, ABC learn to get their news from non-mainstream such as Zerohedge. Now we know that control works both upstream and downstream. To improve news and opinion control, the US needs to send more delegations to North Korea.


Fri, 03/16/2012 - 09:57 | 2261436 uno
uno's picture

Yes, very well said.  It's no wonder so many in the US are planning for doomsday, once someone realizes MSM and the Fed news are complete fraud, they wake up and start planning.  9-11 was a obvious watershed moment for many, then Iraq, Libya.  The fraud of Obama woke up A-LOT of people, mostly young.

Also the lack of coverage of OWS showed the MSM (both left and right) real motive.

It's like the PM markets we all talk about here; pure manipulation to hold down a tangible form of real money with monsterous fake paper with regulators owned by Wall Street.

Dr. Pham, it is important to expose this fraud, I hope everything works out for you.

Fri, 03/16/2012 - 08:04 | 2261222 PORTA PORTA
PORTA PORTA's picture

Gift #2


MF GLOBAL CLIENT LIST... anyone you know?? ;)



Fri, 03/16/2012 - 08:06 | 2261225 libertus
libertus's picture

Nice work Dr. Pham. Get some security ASAP. We need you safe and alive to keep telling your story. 

Fri, 03/16/2012 - 08:16 | 2261238 PORTA PORTA
Fri, 03/16/2012 - 08:19 | 2261244 Jim in MN
Jim in MN's picture

 Chinese Companies Forced to Falsify Data, Government Says

By Bloomberg News - Mar 16, 2012 3:01 AM ET


Fri, 03/16/2012 - 08:22 | 2261250 Jim in MN
Jim in MN's picture

Thanks Monti, what a classic technocrat you turned out to be.  Smile and sell your people out.

 Italy Said to Pay Morgan Stanley $3.4 Billion

 By Nicholas Dunbar and Elisa Martinuzzi - Mar 16, 2012 3:03 AM ET

When Morgan Stanley (MS) said in January it had cut its “net exposure” to Italy by $3.4 billion, it didn’t tell investors that the nation paid that entire amount to the bank to exit a bet on interest rates.

Fri, 03/16/2012 - 08:56 | 2261336 ArrestBobRubin
ArrestBobRubin's picture

3-card Monti :-)

Fri, 03/16/2012 - 08:28 | 2261264 Incubus
Incubus's picture

Whole thing is just a mess.

C'mon, you know it's true:


"The only way to fix it is to flush it all away."


Learn to swim.

Fri, 03/16/2012 - 08:29 | 2261265 Bagbalm
Bagbalm's picture

I am amazed at the kids coming out of college who want to go to government service and have the naivete of a 1910 farm girl being recruited for a whore house. What do you THINK they do in that agency kid?

Fri, 03/16/2012 - 08:31 | 2261270 eftian
eftian's picture

Kudos Ms. Pham


brb, gotta go stream some asian pron..

Fri, 03/16/2012 - 08:55 | 2261331 ArrestBobRubin
ArrestBobRubin's picture


In the Clutches of the Casino Creditors The Parasites of Big Finance




Fri, 03/16/2012 - 09:02 | 2261350 HAhyperion
HAhyperion's picture

Kudos to Lan Phamtastic and ZH 

Emailing url link to my contact database.  Is there a documentarian out there to make Lan's story with slick Hollywood images ala KONY 2012 - THIS needs to go viral w/ 100M hits I lack such skill set or I would do it.  

One comment, so the shell game continues and what does happen when the real owner shows up - forever indentured servants?

Unfortunately we all can not just stop shoveling the beast mortgage payments, they havve built enough prisons and detention centers, gerry rigged debtor/bancruptcy laws to shift from the war on drugs and immigrants to non paying homeowners.

And America continues its deep comatose sleep occasionally flipping on Idol or Dnacing with the Stars?  UGGH 

Fri, 03/16/2012 - 09:14 | 2261382 slewie the pi-rat
slewie the pi-rat's picture

Who is the CBO serving?


msPham is a finacial economist w/ a phD;  as a recent hire, was she a "probation" employee, b/cf she accepted employment on these terms, she forfeited most of her rights as a worker, for, say, 3 months, until her "probationary period" was ended.  was she a probationary employee? 

so, she stuck up for herself and what she believed was right and lost her job;  if she was a probationary employee, they do not even need a "reason" do they?  one supe agrees w. her supe and she's gonzo

maybe she will read volataire's candide now that she has more time

the "how could anyone have known" of congress is getting pretty fuking old tho, isn't it?  she sees the criminality and tries to report it to the perps' accomplices!  which is why so many of us with graduate degrees pound nails, push brooms, run theatre projectors, or clean pools for a paycheck, now, isn't it?   she had now reached the level of a man returning from 'nam (possibly her ancestral home) in one piece, in 1968:  "fuk you, you lying scumbags!"

people can rave all they want about the "boomers", but nixon did leave the WH and thePentagonPapers did get published, and we did get the country outa 'nam and get jimmyCarter into the WH, at least until the MIC and CIA got involved in iran and took over US politics for the neo-cons under prezRaygun and his CIA VP, BushI and his henchmen, dichHeadCheney and "pallets0'funnyMunny"rummy

unfortunately, many do not understand the events which have happened in their own lives, preferring the TV version and its infinite re-running lies

we see them posting here, touting "new, attractive, and smart" gals whom they hope their "zH friends" are now watching, too...

meanwhile we hang upon the fascists' latest EU turn, or (again) what the CIA can "inspire" vis-a-vis iran in the bosoms of red-blooded american like... msPham (?)

oh, yeah!  they can turn off the power or the water!  ask any man or womwan who has been 'placed' in prison;  they know where your cell door is, too, don't they?  they can cancel your credit, your phone;  the pay phones you goto won't work, btw; your "safe" deposit box can get rifled;  your "friend" at the bank won't understand why you are acting so...bizzarro...  and your entire "support" will soon "see you" differently;  courts will "order" this or that now be y-o-u, just like msPham or anyone else who doesn't play along w/ what is now, essentially, trhe mafia takeover of the US goobermint

yes, the sicilian mafia are now the puppet-masters, here, but, shhh.... don't tell anybody,...they'd hafta stick an ice-pick in yer ear between designing press conferences so their puppets can tell you what to fuking think about everything and checking out your daughter's crotch for security leaks

this is how they run their "legal" business empires;  they either own you (blackmail and illegal surveillance via twats like 'publishers"), or will buy you, or you will hafta get outa here, like msPham, who will soon be a tenured professor teaching "panglossEconomics" to crotch-vetted boys and girls at a "school" near you!

Fri, 03/16/2012 - 09:54 | 2261512 sIewie the pi-rat
sIewie the pi-rat's picture

shift key on my computer busted again and i knew the price for that generic clozaril was too good to b tru damn chinese counterfeit pharms

Fri, 03/16/2012 - 09:17 | 2261391 rsnoble
rsnoble's picture

Does she need a place to stay now? I have beer, steaks, guns and 4 wheelers. LOL.  Just what every woman wants.   Actually there are a couple of them out here that are into all that one was here last night having me weld a bracket on her 4 wheeler.  Problem with these gals is say something wrong and instead of them crying you get punched right in the jaw.

I have, for sometime, considered Wall Street the center of the asshole of Planet Earth with DC being one of the outter rings of the anus.

Fri, 03/16/2012 - 09:19 | 2261404 New American Re...
New American Revolution's picture

Do you think we could get Reggie to take over CBO?   He'd be my choice....    How about it Reg?

Fri, 03/16/2012 - 09:23 | 2261418 daveeemc2
daveeemc2's picture

Wait a woman who gets paid to give her opinions to congress?

What does that make her? It makes her an economic slut, right? It makes her a CBO prostitute. She wants to be paid to give her opinion, freely. She's giving so many opinions that her boss is trying to shut her up.

Can you imagine if you're her parents how proud of Ms. Pham you would be? Your daughter goes up to a congressional hearing and testifies she's having so many opinions that her boss (aka JP Morgue/Goldman sack) tells the CBO to tell her to shut up.

Fri, 03/16/2012 - 10:04 | 2261539 InconvenientCou...
InconvenientCounterParty's picture

Rush, no one can repair the trauma you faced as a youth, unable to gain acceptance from the females of your species. Now that you are wealthy beyond belief, you can buy female compliance and drugs to ease the pain. But, it's not enough.

Clearly, you are intensely aware of the fact that the money and drugs can't quench your need for female validation. For the sake of your dignity and for the sake of humanity, do not take out your anger on the Earth's oldest profession. I suggest you work diligently each day to improve your professional values, so someday you might attain the integrity of a prostitute and the kindness of a slut.

Fri, 03/16/2012 - 09:24 | 2261421 bugs_
bugs_'s picture

yes, respect - and thanks zh

Fri, 03/16/2012 - 09:46 | 2261486 gaoptimize
gaoptimize's picture

Is is OK or PC to say she is very beautiful, like one of those out of scale flight attendants in the adds for Singapore Airlines.  William Bonzai:  Can we get her sitting on the capitol?

Fri, 03/16/2012 - 10:05 | 2261543 rsnoble
rsnoble's picture

LMAO.  We're bad.  Just imagine if Sanatarium gets elected and outlaws porn.

Fri, 03/16/2012 - 10:54 | 2261709 gaoptimize
gaoptimize's picture

Dare him to try it.  I'll stand with many others that the "porn" (I prefer the term erotic cinema) I shoot with the wife is art.

Fri, 03/16/2012 - 09:55 | 2261515 DrSandman
DrSandman's picture

Why is there not a SINGLE mention of this on any news?  (Google News comes up empty for Lan Pham.)

Fri, 03/16/2012 - 09:59 | 2261523 drivenZ
drivenZ's picture

the story was covered in WSJ last month. and was just realeased again on a blog(ZH) today, sheesh.   


You expect it to be breaking news on CNN or something? Huff po just reposted it. 

Fri, 03/16/2012 - 09:56 | 2261517 drivenZ
drivenZ's picture

what's this ladies qualifications? Phd means nothing to me. As do conspiracy theories about people watching her. I'm surprised she wasn't immediatley escorted off the property(or monitored as she collected her things) as is common in some high security jobs.  



Fri, 03/16/2012 - 09:57 | 2261518 Olympia
Olympia's picture

Loan sharks knew that if they took the dollars printing machines under their control they could suffocate the world ...they could initially suffocate USA and after taking the USA from the Americans, they could move and suffocate the whole world and take the countries from their people.

FED printed cheap money and loansharking multiplied this money in an unnatural way within the American economy boarders and they discarded them abroad so that they did not threaten USA. USA became the first state in the world with artificial “breathing”...

It cannot be possible but just in the USA for only the last year, more than one million houses were seized. It cannot be impossible but the New World has returned to tents and shelters ..has returned to the ages of Columbus. It cannot be possible that we allow to a few loan sharks looting the toils and the assets of people...

Authored by Panagiotis TRAIANOU 

Fri, 03/16/2012 - 10:08 | 2261556 rsnoble
rsnoble's picture

Thanks for pissing me off and ruining my otherwise good mood this am. LOL. Of course it's nothing I didn't already know I just wasn't quit woke up and thinking about it just yet.  And of course we are now terrorists for wanting these bastards fucking dead.

Fri, 03/16/2012 - 09:57 | 2261519 soopy
soopy's picture

Pham, bam, thank you ma'am!

Fri, 03/16/2012 - 11:04 | 2261746 metastar
metastar's picture

Combat and visual combat all rolled into one.My kind of woman!

Fri, 03/16/2012 - 10:06 | 2261547 ebworthen
ebworthen's picture


Fri, 03/16/2012 - 10:07 | 2261549 Seasmoke
Seasmoke's picture

some of you here still need to let go that some deadbeats took more house than they can afford


we are at WAR , wake the fuck up people !!!!!!.......

Fri, 03/16/2012 - 10:18 | 2261584 rsnoble
rsnoble's picture

True in some cases. HOWEVER if people still had jobs many of them wouldn't have that problem. Not only that.......people are mind fucked by the lenders. Trust me......they hire the best propaganda money can buy and it totally takes advantage of many people's abilities to think things thru. They are parasites, if you draw a flow chart the poeple you mention will be below the assholes that were dangling cash prizes above peoples heads in one hand with a gun in the other hand behind they're backs. In other words............they made this situation possible knowing full well they could conquer the muppets.   Like I said you do have a point but I personally put the blame squarley on the bankers shoulders and all of corporate america for gutting the system.

Fri, 03/16/2012 - 10:19 | 2261591 chunga
chunga's picture

The deadbeat PR campaign is the adhesive that keeps the scam together.

We share a common enemy but instead point fingers at each other.

Fri, 03/16/2012 - 10:12 | 2261567 TruthDetector
TruthDetector's picture

We have a utterly corrupt, sociopathic minority running the nation like a giant criminal syndicate for their own power and money.

We have a press that is ENTIRELY complicit and NO LONGER oversees ferreting out the IN-YOUR-FACE (BLATANT) corruption AND we have sheeple who are LOST IN SPACE (the apple-i-phone-internet FACILITATION of fantasy). 

Me thinks the sheeple will only wake up when they're hanging in the meat house, moving along to be slaughtered.

Such is the way of empires.

Fri, 03/16/2012 - 10:12 | 2261568 TruthDetector
TruthDetector's picture

We have a utterly corrupt, sociopathic minority running the nation like a giant criminal syndicate for their own power and money.

We have a press that is ENTIRELY complicit and NO LONGER oversees ferreting out the IN-YOUR-FACE (BLATANT) corruption AND we have sheeple who are LOST IN SPACE (the apple-i-phone-internet FACILITATION of fantasy). 

Me thinks the sheeple will only wake up when they're hanging in the meat house, moving along to be slaughtered.

Such is the way of empires.

Fri, 03/16/2012 - 10:21 | 2261599 rsnoble
rsnoble's picture

Yeah we all talk like we're bad asses but no wants to go to jail. They aren't passing crap like NDAA and 30,000 drones and rigging elections for our well being.  Our only hope is watching what happens to the rest of the world first and hoping some of the fucking idiots we are surrounded by are able to pull their heads out of their fucking ass long enough to see the light of day and join in our cause.  As of now there's plenty of room to store us troublemakers.

Fri, 03/16/2012 - 12:16 | 2262095 Pike Bishop
Pike Bishop's picture

Character is what comes from doing something honorable, when no-one is looking.

Heroism is when you do something honorable, and everyone refuses to look.

She has both.


Fri, 03/16/2012 - 10:59 | 2261720 squib
squib's picture


Fri, 03/16/2012 - 11:37 | 2261891 lakecity55
lakecity55's picture

As horrible and corrupt as things are, people like this renew my faith that We The People can still cast off the chains with which they are enslaving us.

It will require sacrifice.

It will require patience.

At some point, it may require Blood.

But, we must never, ever give up hope!

We will lose if we do not build and keep a Positive mindset!

There are only 636 elected reps (senate, house, wh).

636 against All Of Us.

We must prevail.

Fri, 03/16/2012 - 13:31 | 2262438 Herkimer Jerkimer
Herkimer Jerkimer's picture

Thank you Ms. Pham,


For everything.


Your career is probably ruined. Good. You didn't need it from the sounds of it.

I salute you for what you did, from one (not on your scale) comrade in arms, to another.

I would recommend that print out this ZH page and save it, as a memento to what you've done.

You are a hero around here. And to many out there. You have helped to make things right, while so many have not just remained silent, but more so, acted complicitly.


Fri, 03/16/2012 - 19:51 | 2263882 newengland
newengland's picture

Ms Pham,

You are most beautiful in mind and spirit. Keep calm and carry on. Thank you for your integrity. This is the seed of every great idea, every good family, every great nation. Courage and honesty will guide you. Best wishes to you and yours.

Sat, 03/17/2012 - 00:44 | 2264404 Seek2survive
Seek2survive's picture

Just a test message....

Sat, 03/17/2012 - 05:41 | 2264579 Clashfan
Clashfan's picture

They put up a poster saying we earn more than you!
When we're working for the clampdown
We will teach our twisted speech
To the young believers
We will train our blue-eyed men
To be young believers

Sat, 03/17/2012 - 05:54 | 2264585 Clashfan
Clashfan's picture

You think you're pretty hot in your pork pie hat,

but watch out!

Mon, 03/19/2012 - 12:28 | 2269970 Hondo
Hondo's picture

Elmendorg is a member of the AEA (American Economic Association)...I would hope they would investigate such shoddy behavior and send a repremand and expulsion notice to him.  Lucas is not a member .... I believe both are hacks and wouldn't know economics if it hit them in the head...

Sat, 04/07/2012 - 06:41 | 2324232 ricky123
ricky123's picture

Best guideline for many peoples all over the world looking to know more about the generic viagra.I m very much pleased with this and looking forward to get more.Thanks for the post. Generic Viagra

Wed, 05/30/2012 - 21:35 | 2477929 CitizenPete
CitizenPete's picture


Reference to ZH post


Capital Account TV Exclusive Interview of CBO Mortgage Fraud Whistleblower! 


Welcome to Capital Account. On today's show, we have a story you may have not heard before, from a person that you have definitely not heard from before. It's a story about America's financial crisis, its mortgage crisis, and the foreclosure fraud that enveloped the United States during the past decade. That person is Lan T. Pham, the famous CBO whistleblower who was fired from her job for telling the truth about systemic fraud and corruption in America's mortgage market and financial system.

In the past century, real estate law and transactions related to real estate and mortgage financing in the US have been subject to state regulations, with mortgage documents recorded at the county level. This worked relatively well in the traditional mortgage market that we had for most of America's history; the bank that issues the mortgages keeps the loan on its books until maturity. However, this made difficult, if not impossible, the type of financial engineering of mortgages that we saw during the securitization and refinancing credit boom of the past decade. This refers, of course, to the slicing and dicing, the repackaging and selling of homes into mortgage backed securities (MBS) and collateralized debt obligations (CDO'S) that underpinned the credit bubble of the 2000's that end with the financial crisis of 2008. The reason why traditional mortgage practices made securitization difficult is, in part, because every time a financial product containing mortgages was sold, various state laws would require that the sale of the mortgage be recorded in the local county office. This practice results in additional costs, paperwork, and perhaps most importantly, a trail in the chain of title.

Eager to work around these barriers, the financial industry created an alternative registration system for recording the issuance, sale and re-distribution of mortgages. This system, known as MERS (Mortgage Electronic Registration Systems), was founded in the mid-nineties with the help of some of the nation's largest banks, including JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, as well as mortgage giants Fannie Mae and Freddie Mac.

MERS was created by the mortgage banking industry in order to streamline the mortgage process by using electronic commerce that eliminated paper. According to MERS, it was supposed to help reduce fraud and thus reduce costs for everyone, including borrowers. Ironically, or perhaps not so ironically, the system helped to do exactly the opposite. It effectively replaced the recording and tracking of mortgage ownership and paperwork at the county level with a privately controlled system for the tracking of tens of millions of mortgages.

Once MERS was instituted, lenders were still required to file initial paperwork at the county level, but with two key distinctions from how things were done in the past. First, the paperwork did not need to filed with the name of the lender. Instead, MERS could be substituted in place of mortgage issuers such as Bank of America or JP Morgan Chase. Second, and perhaps more importantly, any subsequent modification in terms or changes in ownership of the mortgage would only be recorded through MERS, making it a black-box for the securitization industry, and for the trillions of dollars in mortgages that would subsequently be rolled up, cut up, and sold off in complex financial products to pension funds and other unsuspecting investors. Trillions of dollars in credit protection written on these very mortgages added another layer of exposure to a financial system run amok.

By 2007, MERS registered some two-thirds of all the home loans in the US according to Harpers, and it was around this time that the financial system began to experience the credit convulsions that subsequently came to be known as "the financial crisis." This led to not only a a bailout of firms holding these toxic products, but it also lead to 180+ billion dollar bailout of AIG, the largest issuer of insurance protecting against the very products that were being pumped out like sausages on an assembly line. And, of course, let's not forget about the federal takeover of Fannie Mae and Freddie Mac, which the taxpayer is still footing the bill for 5 years later.

These are issues that Dr. Lan T. Pham, former Principal Analyst and Financial Economist at the Congressional Budget Office (CBO) was beginning to explore in her work there in 2010, before she was quickly fired. She joins us in a TV exclusive interview to tell her story, and to tell you why Americans should be asking some tough questions about who the CBO and Congress are REALLY serving...

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