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US To Settle Fraudclosure For $25 Billion Even As It Channels Fake Tough Guy In Meaningless Lawsuit Against Very Same Banks

Tyler Durden's picture




 

Remember robosigning and the whole fraudclosure scandal? In a few days you can forget it. Because in America, the cost of contractual rights was just announced, and it is $25 billion: this is the amount of money that banks will pay to settle the fact that for years mortgages were issued and re-issued without proper title and liens on the underlying paper, courtesy of Linda Green et al. Why is this happening? Because staunch hold outs for equitable justice (at least until this point), the AGs of NY and California folded like cheap lawn chairs (we can't wait to find what corner office of Bank of America they end up in), but not before the one and only intervened. From the WSJ: "The Obama administration made a full-court press over the past four days to secure the support of key state attorneys general, including those from Florida, California and New York." Nothing like a little presidential persuasion to help one with overcoming one's conscience. Because in America the push to abrogate the very foundation of contractual agreements comes from the very top. But wait, there's more - just to wash its hands of the guilt associated with this settlement which shows once and for all that the Democratic administration panders as much if not more to the banking syndicate as any republican administration, as it announces one settlement with one hand, with the other the US will sue banks over the mortgage reps and warranties issue covered extensively here, in the most glaringly obtuse way to distract that it is gifting trillions worth of contingent liabilities right back to the banks, not to mention discarding the whole concept of justice. From the WSJ: "Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis, according to people familiar with the matter. The move would mark a stepped-up regulatory effort to hold Wall Street accountable for its sale of bonds linked to subprime mortgages in 2007 and 2008. At issue is whether the banks misrepresented the poor quality of loan pools they bundled and sold to investors, the people said." Wait, let us guess -that particular lawsuit will end up in a... settlement? Ding ding ding. We have a winner. All today's news succeed in doing is finally wrapping up any and all legal loose ends, so that banks can finally wrap all outstanding litigation overhangs at pennies on the dollar. And if at the end of the day, they find themselves cash strapped, why the US will simply loan them more cash of course.

First, here is the WSJ, on the banks that will benefit from the fraudclosure settlement:

Government officials are on the verge of an agreement worth as much as $25 billion with five major banks, capping a yearlong push to settle federal and state probes of alleged foreclosure abuses by lenders.

 

The deal would represent the largest government-industry settlement since a multistate deal with the tobacco industry in 1998.

 

The agreement covers five banks: Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co., and Wells Fargo & Co. Together, the five handle payments on 55% of all outstanding home loans, or around 27 million mortgages, according to Inside Mortgage Finance.

These are the banks benefitting from Uncle Sam's decision to finally unclog the foreclosure pathway, as banks will no longer have to prove in court they are in fact the title owners.

But just in case popular outrage at this act is a little much, at the same time banks sued over fabricating Reps and Warranties will be: "Ally Financial Inc., Bank of America Corp., Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc." What an odd coincidence: gift with one hand, and take away with the other from virtually all the same banks.

Only it is not really taking away: it is merely putting the wheels in motion that will ultimately result in the same type of settlement that will make a mockery of the legal process in the US, and expose all the state Attorneys General as banker puppets, doing the bidding of the highest bidder... and of Obama of course.

Some more, on the "gifting"

The planned pact would involve around $5 billion in cash penalties, payable to borrowers, states and the federal government. That includes $1.5 billion in cash payments to borrowers who went through foreclosure between September 2008 and December 2011. Borrowers could receive $1,500 to $2,000 each, with the actual amount paid depending on the number of borrowers filing a claim.

 

The agreement is expected to call on the banks to provide $20 billion in other aid—by cutting loan balances for tens of thousands of homeowners and by refinancing thousands of borrowers who are current on their loans but owe more than their homes are worth.

 

Officials say the deal will help provide immediate benefits to around one million homeowners, while raising accountability for banks that work with borrowers facing foreclosure. The foreclosure process has been snarled since late 2010, after allegations that banks had serially submitted bogus mortgage documents when attempting to repossess homes from delinquent borrowers.

Why the push now?

The bank payments would unlock a large new source of housing funding at a time when Congress doesn't appear likely to approve new spending measures to tackle lingering problems facing housing markets, such as a refinance program that President Obama unveiled last week.

30 pieces of silver? Or a corner office.

The three key states overcame misgivings about the plan in recent days, people familiar with the situation said. The inclusion of California is especially important: People familiar with the discussions say the banks would have been willing to pay just $19 billion without the participation of the nation's most-populous state.

 

The office of California Attorney General Kamala Harris declined to comment. A spokeswoman for Florida Attorney General Pam Bondi said that "while Attorney General Bondi has not yet joined the settlement, she is hopeful that a resolution will be reached soon."

The beneficiaries:

"It is frankly a headline victory for both banks and attorneys general with a modest impact on the housing market," said Joshua Rosner, managing director of investment firm Graham Fisher & Co.

 

"It's not new money. It's all soft dollars to the banks," said Paul Miller, a bank analyst at FBR Capital Markets.

And of course, the president, who ends up buying a few cheap votes for $2000 a pop:

Borrowers
could receive $1,500 to $2,000 each, with the actual amount paid
depending on the number of borrowers filing a claim
.

This is also the cost per individual to rescind in perpetuity any actual claims about one's mortgage paperwork. Will Americans go for it? You betcha.

As for the so-called punishment:

In a meeting with reporters last month, Robert Khuzami, the SEC's enforcement chief, said the agency's mortgage-bond investigation was looking for evidence that firms "failed to disclose important information when selling these securities."

 

Mr. Khuzami declined further comment on the investigation.

 

The planned regulatory actions come at a critical juncture. The SEC, Justice Department and state prosecutors are pushing to complete a number of financial-crisis cases by the end of this year, partly to avoid having enforcement action curbed by statutes of limitations, the people said.

In reality all this action will do is provide a benefit for private plaintiffs against banks like Bank of America, such as MBIA, whose case that banks have misrepresented terms of sold securities, will be strengthened. The ultimate cost, however to banks, will be miniscule compared to the fact that the foreclosure pathway will again be unclogged, and the banks are allowed to deficiency mark houses sold from REO, and use fungible excess reserves to plug the difference.

All in all, just a day's work for the administration as it does everything in its power to push the housing market higher at all costs, and further and further away from equilibrium pricing, which is what should be for a true and normal price appreciation to occur... something which will never happen of course as it would take far longer than the 4 years allotted to the president. If the process entails bending the law beyond recognition, so be it.

 

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Wed, 02/08/2012 - 23:12 | 2140406 Mae Kadoodie
Mae Kadoodie's picture

Heckova job Brownie. Mission accomplished.

Wed, 02/08/2012 - 23:17 | 2140428 Future Tense
Future Tense's picture

The banks are always taken care of first.  If they charged them $100 billion dollars it would just come from tax payer money any way.  Or would they pull from their $1.6 trillion in reserves given to them from the Fed?  All this does is open the floodgates for the pent up mortgages that did not come through last year to hit the market.  The shadow inventory is now much greater because of fraudclosure.  $25 billion off the banks books, and about another $3 trillion in homeowner equity soon to vanish around the country.  Excellent discussion on shadow inventory here:

http://www.ftense.com/2012/02/2012-real-estate-outlook-supply-shadow.html

Wed, 02/08/2012 - 23:31 | 2140469 smithcreek
smithcreek's picture

This is to remove the "fraudclosure" that occured on The Obamessiah's watch as a campaign issue, while letting him campaign on what will be a constant barrage of nightly news about the lawsuit concerning the "housing bubble that occured before I got here."  People have said for a couple years they can't believe no one has gone to prison for the housing bubble, but they were just saving it for a rainy day.

Wed, 02/08/2012 - 23:47 | 2140509 WonderDawg
WonderDawg's picture

I don't even really know what to think. I'm beyond pissed. I mean, this is just par for the course. Fuck. My mind is completely numb. Disbelief turned to awe months ago for me.

Just. Fucking. Speechless.

Thu, 02/09/2012 - 00:01 | 2140546 macholatte
macholatte's picture

Nothing got be upset about and really not even news. Had someone been held accountable, THAT would have been news. What has happened,is happening, would be criminal if therre was a rule of law. But there isn't.  so move on and be sure to get that 1040 filed on time to avoid any penalties and interest.

{wish I could post this}

http://www.cafepress.com/warposter/10906

 

Thu, 02/09/2012 - 01:17 | 2140612 LetThemEatRand
LetThemEatRand's picture

Did I mention that I think America went bankrupt when it went off the gold standard?  

To think I once supported the fucking blue team.  I was wrong.  

What a fucking crock of shit.

The Facebook guy is collecting $5B more than this for his IPO so the kids can play fucking farmville.  He could pay off the entire bank settlement and have $5B left.  That's a lot of blow for the Wallstreet guys.  Or 2.5 stealth bombers.

This is the equivalent of taking the online traffic course for the banksters.  No points.  No increased insurance premiums.  And they fucking deliberately rammed into a school bus full of nuns while guzzling scotch.  But their dad is friends with the judge.

Truth, Justice and the American Way baby.

Thu, 02/09/2012 - 06:56 | 2140931 Comay Mierda
Comay Mierda's picture

this is why i've been saying the bank stocks will keep going up. they will get bailed out anyway possible. through favorable settlements that the fed will just print money for them to pay.

Welcome to Amerika. The SPX will crash only in terms of Au and Ag. But I'm just waiting for the day owning gold and silver is officially declared a terrorist activity and your neighbors will be paid $1000 to rat you out as a possible goldbug.

Thu, 02/09/2012 - 08:38 | 2141025 nickt1y
nickt1y's picture

If they are doing this kind of shit, do you think they will let you keep your precious metals? BWAHAHAHA! Snowballs chance in hell. It will be a crime to traffic in Ag and Au, resulting in a dose of 2 other metals Lead and Brass!

Thu, 02/09/2012 - 08:41 | 2141030 The Limerick King
The Limerick King's picture

 

 

The Banksters have settled their fraud

Elites of the nation applaud

Justice impaired

Citizens scared

One (percent of) Nation Over God!

Thu, 02/09/2012 - 09:10 | 2141097 blindfaith
blindfaith's picture

 

America grew up on a constant drip feed of Superman, The Lone Ranger, Zoro, Sky King, bla-bla-bla.  Waiting for the superhero to settle accounts, staring off into space looking for a force to over come world evil, and acquiescing their rights away in the interim.

People have no idea how or if they can change anything anymore, they forgot how to ride their bikes.

The Republicans can now run a corpse held up by two brooms and win the Whitehouse, and Congress too.

Thu, 02/09/2012 - 01:54 | 2140801 stirners_ghost
stirners_ghost's picture

There is a rule of law, as healthy and vibrant as ever. Just try to go one year without paying the tribute that is due your law-givers; you'll see how effectively the law is enforced. The law rules you. That is the rule of law; same as it ever was.

Thu, 02/09/2012 - 01:59 | 2140807 Michael
Michael's picture

The Federal Reserve and Obama only spent $35 trillion so far to fix the problem they caused. $25 billion seems about right.

Thu, 02/09/2012 - 12:40 | 2142133 Chump
Chump's picture

"Everything's fucked up and nobody goes to jail."  Except us, just like you said.

Thu, 02/09/2012 - 00:09 | 2140573 pods
pods's picture

I agree WD.  I think the saddest thing to me will be tomorrow when I notice that nobody sees the implications in this.

pods

Thu, 02/09/2012 - 09:48 | 2141237 blindfaith
blindfaith's picture

 

I  quote from the article : These are the banks benefitting from Uncle Sam's decision to finally unclog the foreclosure pathway, as banks will no longer have to prove in court they are in fact the title owners.

"no longer have to prove in court they are in fact the title owners"

So get ready for massive filings to take over property and sell/give it as Christmas bonuses to the bank heads and prop traders...and a select bunch of politians.

Even then, all these properties will have a clouded title forever unless the US Government gives a blanket "Special Warranty deed" or "Magistrates Deed" wipping out all encumberances.

Good Luck with that. 

"

Thu, 02/09/2012 - 21:45 | 2144354 StychoKiller
StychoKiller's picture

"Some daze, it just does NOT pay to gnaw through the leather straps!"

Thu, 02/09/2012 - 01:04 | 2140706 slewie the pi-rat
slewie the pi-rat's picture

here

spark on this

if yer gonna get pre-verbal, ya gotta fly air america, dawg!

Thu, 02/09/2012 - 01:18 | 2140729 ChrisFromMorningside
ChrisFromMorningside's picture

How the hell can liberals keep supporting and defending Obama? Do they actually agree with this kind of corporatocracy or are they too stupid to even understand whats going on? The state AGs were off to a good start by investigating all the fraudclosures. The banks didn't give a shit about who held title when they were fiipping these mortgages and slicing and dicing them into new revenue streams. Now, when their fraud is exposed, they have the President on their side, pushing elected state officials around like a Tammany Hall boss, and they get to settle for the equivalent of pennies on the dollar.

All you Dems who are still pushing for Obama in 2012 as the "lesser of two evils" need to wake up, you rubes.

 

Thu, 02/09/2012 - 01:22 | 2140737 LetThemEatRand
LetThemEatRand's picture

There is inevitable pushback when complete douchebags make it into a red team/blue team issue and forget that fucking Henry Paulson (former CEO of Goldman) extracted 750 billion from U.S. taxpayers while former unibrow Bush told us it was necessary to save the world.

Thu, 02/09/2012 - 03:03 | 2140879 zhandax
zhandax's picture

"too stupid to even look"  There, fixed it for ya.

Thu, 02/09/2012 - 09:38 | 2141199 tarsubil
tarsubil's picture

You do realize that the zaniness is going to get much worse, right? Might want to get a prescription for xanax.

Thu, 02/09/2012 - 12:10 | 2141951 oklaboy
oklaboy's picture

great links, mucho gracias!!

Thu, 02/09/2012 - 12:10 | 2141952 oklaboy
oklaboy's picture

great links, mucho gracias!!

Thu, 02/09/2012 - 00:27 | 2140637 Howard_Beale
Howard_Beale's picture

Lmao...heckuva job Mae.

Wed, 02/08/2012 - 23:13 | 2140407 yabyum
yabyum's picture

This is sad pennies on the dollar.

Thu, 02/09/2012 - 00:29 | 2140632 bankonzhongguo
bankonzhongguo's picture

They are "paying" this settlement with the free POMO and ZIRP profits they WERE GIVEN these past years.

Never mind that it also only protects those politically connected banks at the top; all the regional and community banks are getting the same shaft as the taxpayers.

The banks are out nothing, in fact they are ahead of all of us.

I never thought any other administration would act as disgracefully as Bush 2, but this Obama Wreaking Krew wipes their asses with the American Flag each and every day.

And to think I used to be a Democrat!

The creeps that shower these Beasts with campaign contributions for more fun and games are killing the Republic with each check signed, sealed and delivered.

 

Thu, 02/09/2012 - 09:25 | 2141156 blindfaith
blindfaith's picture

 

 

DITTO

 

I thought I was reasonably smart and could see events shaping up inadvance, but this is so shocking that I am speackless.  Our Constitutional expert President just side swipped Americans, and thru due process law under the bus.  

I don't know what is going on anymore and my Tarot cards and ouija board aren't talking.  Another sad decision with a bad outcome for all but the banks.

By the way, say HI to Warren Buffett next time you see him giving his pandering speak about income taxes. 

Wed, 02/08/2012 - 23:13 | 2140409 rcintc
rcintc's picture

Welcome to the New Amerika, Komrads!

Wed, 02/08/2012 - 23:32 | 2140478 DaveyJones
DaveyJones's picture

if they were real attorneys and we were real clients, we could sue them for malpractice

Thu, 02/09/2012 - 01:13 | 2140709 LetThemEatRand
LetThemEatRand's picture

Remember that really cool thing called tort reform?  So sorry.

Wed, 02/08/2012 - 23:14 | 2140412 Lazane
Lazane's picture

Obamy justice dept prosecutions are not worth reporting as they are nearly nonexistent, the fraud and deceit goes on and on and on........it just never seems to end

Thu, 02/09/2012 - 00:07 | 2140566 deepsouthdoug
deepsouthdoug's picture

Republicans would have been no better - hell they would have been worse. 

Thu, 02/09/2012 - 00:10 | 2140578 pods
pods's picture

God this is SOOOO much bigger than that silly left-right meme.

But, stick to what is comforting.

pods

Thu, 02/09/2012 - 00:49 | 2140647 LetThemEatRand
LetThemEatRand's picture

We now have absolute proof that the red team and the blue team are all playing for the same owner.

Thu, 02/09/2012 - 01:28 | 2140750 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Who?

Ayn Rand?

Thu, 02/09/2012 - 01:39 | 2140764 LetThemEatRand
LetThemEatRand's picture

Exactly right.  Koch.  Murdoch.  Dimon.  Blankfein.   

They are all Rand's heroes, yes?

Thu, 02/09/2012 - 21:48 | 2144358 StychoKiller
StychoKiller's picture

You can't pin this on Ayn Rand, more like Mussolini and Stalin!

Thu, 02/09/2012 - 08:42 | 2141034 nickt1y
nickt1y's picture

Ron Paul.

Wed, 02/08/2012 - 23:14 | 2140413 Thomas Jefferson
Thomas Jefferson's picture

I, for one, welcome my new overlords.

Wed, 02/08/2012 - 23:41 | 2140498 Get the Borrow
Get the Borrow's picture

Overlords?  You mean liberators,  right?

Wed, 02/08/2012 - 23:14 | 2140416 azengrcat
azengrcat's picture

Corrupt Government is Corrupt

Wed, 02/08/2012 - 23:14 | 2140417 mikla
mikla's picture

Fraud.  Wholesale raping of the taxpayer.  Violation of all securities laws.

No wonder Great-Grannie that lived through the Depression never trusted "Dem Damn Banks!" for the next eighty years.

Wed, 02/08/2012 - 23:48 | 2140513 pods
pods's picture

Exactly.  Why is it the government is settling clear cases of fraud and perjury?

Banks=government=corporations.

One big team.

pods

Thu, 02/09/2012 - 08:43 | 2141038 nickt1y
nickt1y's picture

The word you are looking for is Fascism.

Thu, 02/09/2012 - 09:30 | 2141175 blindfaith
blindfaith's picture

 

 

No, the word is Plutocracy.  And SADLY it is what Rand Paul  ( Ron Paul's son) preaches.  My only hold back to 100% support of Ron Paul is HIS son.

Thu, 02/09/2012 - 21:50 | 2144365 StychoKiller
StychoKiller's picture

Please explain HOW voting against the NDAA (for example), is "supporting" the Plutocracy.

Wed, 02/08/2012 - 23:14 | 2140420 SillySalesmanQu...
SillySalesmanQuestion's picture

Despicable scoundrels...all of them.

The final nail in the coffin of justice...HA!

Wed, 02/08/2012 - 23:24 | 2140447 mayhem_korner
mayhem_korner's picture

 

 

Real justice has been six feet under for a long, long time.  That's an imposter in that thar coffin.

Wed, 02/08/2012 - 23:15 | 2140422 vote_libertaria...
vote_libertarian_party's picture

So in 6 months there will be 5 million home squatters suddenly having to write rent checks? 

 

Oh wait, let me guess, there will be a new 'rent subsidy' program starting in....6 months.

Wed, 02/08/2012 - 23:18 | 2140424 Theta_Burn
Theta_Burn's picture

With liberty and justice for all...

Now on to more pressing matters  http://hotair.com/greenroom/archives/2012/02/07/barack-obama-super-hypocrite-on-superpacs/

Wed, 02/08/2012 - 23:16 | 2140426 blargerz
blargerz's picture

Well, how were the banks supposed to reinflate the world with cheap dollars with all those liabilities on their books? 

Wed, 02/08/2012 - 23:19 | 2140427 goldfish1
goldfish1's picture

as much as $25 billion

That much, huh?

Thu, 02/09/2012 - 00:02 | 2140551 erg
erg's picture

Brother, can you spare $25 billion? It's the new dime.

Wed, 02/08/2012 - 23:17 | 2140430 disabledvet
disabledvet's picture

it's the off balance sheet crap that "passes for a bank" that i've had enough of. so what if the 5 biggest banks fail? who cares? just today BofA told me if i didn't take my money out of their bank they would simply take it "for lack of activity." really? "money sitting in your bank is shit to you?" well ALLLRIGHTY THEN! Governments and businesses are fools for putting money in these things. People obviously should only use credit unions...although State controlled banks and just plain old private banks look pretty darn good to me as well. These "mega crapola machines" are simply government run boondoggles by another name. wake my up when income tax receipts start surging!

Wed, 02/08/2012 - 23:19 | 2140432 Troy Ounce
Troy Ounce's picture

 

 

And the banks are paying the US$ 25B to themselves?

Wed, 02/08/2012 - 23:24 | 2140448 JLee2027
JLee2027's picture

Something like that.

Just sleight of hand really.

Wed, 02/08/2012 - 23:29 | 2140468 mayhem_korner
mayhem_korner's picture

 

 

It's all just transfers at this point, no? 

Kinda like a poker tourney where the players play with the proceeds from the audience who paid to watch.

Wed, 02/08/2012 - 23:37 | 2140489 LongSoupLine
LongSoupLine's picture

 

 

yep, and all the players win because Bill Dudley is the dealer, and the casino is owned by the Bernank.

Thu, 02/09/2012 - 00:09 | 2140575 palmereldritch
palmereldritch's picture

Less their service fees it works out to around $37.50

Wed, 02/08/2012 - 23:19 | 2140434 Bud Denton
Bud Denton's picture

I am lovin' me some bank crooks!  These guys should all be male strippers, they way they grin from ear to ear when they let it all hang out . . .

Comes back to:  mainstream media willing to sweep anything--ANYTHING!--under the rug to get that li'l ol' Golman sachs lawn jockey Odumba elected.  Aw shucks--did somebody say step 'n' fetchit? 

How much money you guys want?  ben!  B-E-N!!!! Fire up them printers!

 

Wed, 02/08/2012 - 23:20 | 2140435 adr
adr's picture

But this will unclog the foreclosure pipeline leading to millions of homeowners thrown out on the street. Good luck propping up the market with a new weekly foreclosure record being set week after week.

Let me guess, BAC being forced to pay billions is uber-bullish becuase at least traders know how much they will need to pay. BAC TO THE MOON, $125 stock and P/E of 2k+. Who the fuck cares anymore. STOCKS CAN BE ANY PRICE, fundamentals be damned ITS A NEW ROARING BULL!!!!!!!!!!

Thu, 02/09/2012 - 01:28 | 2140751 ChrisFromMorningside
ChrisFromMorningside's picture

Before we see Dow 0 we will see DOW 90,000!!!!

Wed, 02/08/2012 - 23:21 | 2140437 mayhem_korner
mayhem_korner's picture

 

 

Coincidence that all of this this "headline" fraud cracking-down is coming out while E. Holder, esq. is in hot water? 

It's reminiscent of the Afghanistan children's hospital that Billyboy wiped out in order to take attention off his blew (sic) dress problem.  :D

Wed, 02/08/2012 - 23:21 | 2140439 Blagio
Blagio's picture

Producing fake documents in court... c'mon that's petty. Everyone does it. 

 

Revaluing assets to market prices on banks balance sheets, that's the fireworks show I'm waiting for.

Wed, 02/08/2012 - 23:26 | 2140458 mayhem_korner
mayhem_korner's picture

 

 

Internally-generated mark-to-markets are all the rage...right up there with Angry Birds, dood.

Wed, 02/08/2012 - 23:21 | 2140440 oogs66
oogs66's picture

Really, it is beyond being a joke.

Wed, 02/08/2012 - 23:22 | 2140442 ThisIsBob
ThisIsBob's picture

So this money goes to the people these banks screwed over, right?

 

 

 

Wed, 02/08/2012 - 23:31 | 2140475 HD
HD's picture

Of course. Comes with an apology too.

Dear Homeless Family:

   Sorry we committed a few felonies and kicked you out of your house. Here's $2000 of freshly printed fiat courtesy of the Fed. Use it to redecorate your dumpster behind the Arby's.

                 Just doing Gods work

                                Signed -Your TBTF friends

Thu, 02/09/2012 - 07:37 | 2140960 Miss Expectations
Miss Expectations's picture

At about $110/night, this $2,000 will get a homeless family about 18 nights at a Holiday Inn Express.  Instead of cash, they'll get a Priority Club Rewards card, good only on week days and at facilities without pools.  Did I mention that breakfast is included?

This is a sad day indeed.

Wed, 02/08/2012 - 23:22 | 2140444 HD
HD's picture

Of course this only applies to the TBTF banks. Several prosecutions are happening at smaller institutions because they can't bribe their way out of it.

Wed, 02/08/2012 - 23:52 | 2140523 pods
pods's picture

Same as it ever was.  Become big enough to partner with the corrupt government and use it to extinguish your competition.

pods

Wed, 02/08/2012 - 23:25 | 2140450 lsbumblebee
lsbumblebee's picture

Still looking for evidence after all these years.

Oh still looking. Still looking. Still looking for evidence after all these years.

- Simple Simon 

Wed, 02/08/2012 - 23:26 | 2140456 Reese Bobby
Reese Bobby's picture

I have never understood why this wasn't papered over long ago.  I guess everybody was just waiting for the Presidential election year.

Wed, 02/08/2012 - 23:26 | 2140457 spastic_colon
spastic_colon's picture

Geez you'd think it was an election year

Wed, 02/08/2012 - 23:27 | 2140459 boogerbently
boogerbently's picture

The whole "robo-signing" witch hunt was a ruse." Look, we're punishing those mean bankers." LOL

How much RESEARCH was really necessary? If you didn't make your payment for "the acceptable number of times", then you're out. There were SO many foreclosures happening.....were they all supposed to get personal visits from Jamie Dimon? Part of the reason this "housing/banking" problem still holds the recovery back, is that those properties need to be resold/reevaluated so a banks assets can be properly determined. As long as they are occupied, but unpaid for, they are unknown quantities of unknown value. Redo the loans for existing "tenants", or get the freeloaders OUT so the homes can be sold. The "housing recovery" hasn't even started yet. That HUGE inventory of abandoned/foreclosed homes needs to be sold before any "recovery" starts. Prices will ONLY go down until THAT process is completed.

 

Wed, 02/08/2012 - 23:52 | 2140525 WonderDawg
WonderDawg's picture

The point that you seem to have completely missed is that the motherfuckers got away with fraud, and have now clouded the titles of probably 80% of the homes in the US. This was a massive, criminal effort on the parts of thousands of people up and down the mortgage food chain. That's what this is about. Criminals, not only walking free, but getting huge bonuses financed by our taxpayer dollars, all for running a business model based on fraud.

Goddamn. It's a fucked up world.

Thu, 02/09/2012 - 12:11 | 2141938 BidnessMan
BidnessMan's picture

But the ultimate result of the fraud will be a complete collapse of the real estate market and the economy overall.  Will be like Russia in Perestroika.  Even though no one in Russia owned property, when the collapse came everyone basically just stayed where they were.  Jubilee in the Big Reset.

Your credit rating will go to zero, but you can stop paying your mortgage and live rent free for years in Florida.  For most folks their credit rating is already trashed anyway, so no loss.  The last thing Banks want is for the house to be left vacant.  Costs a Bank $100+ per month to a property manager to maintain an empty house, plus unpaid property taxes, etc.  Hope the house won't get trashed and stripped and the copper sold for scrap.  Plus the Bank as "Deep Pockets" is liable for any bad behavior on the property. The bank wants you to stay in the house, keep the grass cut, etc. etc even if you are not making a payment. If the bank forecloses on a condo in Florida, the bank become immediately liable for the past 6 months of Condo Fees, plus all Condo fees going forward.  

It amazes me that people who can't pay their mortgage actually move out of their house.  In Florida at least they have a minimum of 24 months to get their lives back on track while keeping a roof over their heads, kids in school, etc. rent free. The bank does not want the house empty.

Accounting rules say the banks have to recognize the loan asset impairment on a foreclosure. Although accounting rules probably mean no more than mortgage documentation rules, so the mark to fantasy bank balance sheet and "earnings" game will continue for big banker bonuses.

But in any case, this is a middle act in the play.  The end is a complete collapse and then Dictatorship.  We might skip the complete collapse part and go straight to Dictatorship.  But is it clear that the Rule of Law only applies to the Little People. 

Wed, 02/08/2012 - 23:53 | 2140527 Misean
Misean's picture

Idiot, tool or plant?

Thu, 02/09/2012 - 09:33 | 2141188 krispkritter
krispkritter's picture

Trifecta!

Wed, 02/08/2012 - 23:54 | 2140529 pods
pods's picture

Of course some bloodsucker will only see dollar signs and not think of the ramifications of tossing out a couple hundred years of property law.

It's all good bro.

pods

Thu, 02/09/2012 - 00:01 | 2140547 Seasmoke
Seasmoke's picture

Mitt Romney is that you ?

Wed, 02/08/2012 - 23:27 | 2140461 palmereldritch
palmereldritch's picture

Well they've completely trashed the Constitution so why not set a policy precedent on destroying contract law for good measure...did they miss anything?

Wed, 02/08/2012 - 23:50 | 2140518 FeralSerf
FeralSerf's picture

They set the precedent with the GM bondholders.  We live in a kleptocracy.

Wed, 02/08/2012 - 23:29 | 2140467 Babushka
Babushka's picture

Off topic, but I was thinking the Qatar was a friend of revolutionery Lybia...

 

Ministry of Foreign Affairs State of Qatar:

«The State of Qatar has announced that its Embassy and the Ambassador’s residence in Tripoli were looted and burnt in a targeted attack today».

Wed, 02/08/2012 - 23:29 | 2140470 blunderdog
blunderdog's picture

Wow you'd really think they're like trying to kill the dollar or something...

Wed, 02/08/2012 - 23:31 | 2140474 mayhem_korner
mayhem_korner's picture

 

 

They won't sink that "lifeboat" until everyone's in it...

Wed, 02/08/2012 - 23:29 | 2140472 Caviar Emptor
Caviar Emptor's picture

Breaking:...US sues itself. Yes, the banks will cover the lawsuit settlement with money they were gifted by the US taxpayer via the Fed. Any shortfall will be covered by zero-interest rate loans (from yours truly) and proceeds from prior loans at 0% now collecting 3% from yours truly. 

Wed, 02/08/2012 - 23:33 | 2140479 mayhem_korner
mayhem_korner's picture

 

 

You just got a boatload of unemployed law-school graduates frothing at the mouth. 

Thu, 02/09/2012 - 01:16 | 2140724 ghostfaceinvestah
ghostfaceinvestah's picture

It will be more direct than that.  The banks will get credits for modifications for which the Treasury pays them via HAMP.

Wed, 02/08/2012 - 23:32 | 2140476 vh070
vh070's picture

And the alternative is…?

Wed, 02/08/2012 - 23:57 | 2140535 David449420
David449420's picture

When the time comes, HANG THEM ALL.

Thu, 02/09/2012 - 08:04 | 2140974 Miss Expectations
Miss Expectations's picture

Liberty and Justice for all.

Wed, 02/08/2012 - 23:34 | 2140481 xcehn
xcehn's picture

Absolutely nauseating and predictable; The law is the tool of the corrupt to fashion their cloak of legitimacy.  Money and might make right.

http://www.pbs.org/wgbh/pages/frontline/shows/justice/etc/script.html

Wed, 02/08/2012 - 23:34 | 2140482 bob_dabolina
bob_dabolina's picture

Didn't Goldman just buy a bunch of this from the Fed? 

Tyler(s) not hitting on Goldman like he(s) use to.

Donate button must be getting hit harder than the CTRLP over at the Fed. 

Wed, 02/08/2012 - 23:52 | 2140521 Tyler Durden
Tyler Durden's picture

What do subprime mortgages that are trading at 20 cents on the dollar have to do with proper mortgage paperwork and contract rights in the US?

One must not be hitting the google.com button to explain the most basic of things, as much as one hits the save button in the zero hedge comment box containing the most utterly meaningless statements

Thu, 02/09/2012 - 00:50 | 2140679 slewie the pi-rat
slewie the pi-rat's picture

speaking of which, this hyperwarp vortex of complete lack of spammerz is pretty cool

hope it lasts!

Thu, 02/09/2012 - 08:54 | 2141059 Implicit simplicit
Implicit simplicit's picture

By the time u get thru the other side of the wormhole  u will recognize the defensive software being being primed to support the false reality to come. Spam is on its way

Thu, 02/09/2012 - 01:42 | 2140761 bob_dabolina
bob_dabolina's picture

Thanks. I was just trying to entice a response. It's good to know I can encourage you to come out on the battlefield at my beck and call. 

Wed, 02/08/2012 - 23:35 | 2140483 lizzy36
lizzy36's picture

The biggest threat to democracy is the unbridled power the state has over its citizens which is unleashed to perserve "the system".

They got away with it. 4 million homes foreclosed on, 6 million waiting and 13 million unemployed. All colleteral damage to 2008. They got away with it. They kept the money, the bonuses.

No wonder Goldman had 300,000 job applicants in last 2 years. 

Wed, 02/08/2012 - 23:42 | 2140495 DaveyJones
DaveyJones's picture

correction, someone LET them get away with it. There is no law in this country anymore

Thu, 02/09/2012 - 00:00 | 2140545 pods
pods's picture

If this does go through, which it probably will after some outrage and doubling the amount, then we can officially state that the law has a price.

There would be no difference between this and making a coke dealer pony up a grand if caught.  Wait, he would have to commit perjury too.  Oh, and have his business backstopped by the FED too.

Did I miss anything?

pods

Thu, 02/09/2012 - 00:14 | 2140601 DaveyJones
DaveyJones's picture

yes.. he would need a large number of congressmen and a few presidents on salary to scare the shit out of the public (and prosecutors) and tell them that if they don't give him more money (and coke), the whole world will "blow" up. We live in a third world country with a first world appetite. Those two numbers will have to find agreement soon.

Wed, 02/08/2012 - 23:39 | 2140490 ebworthen
ebworthen's picture

They can kiss their future mortgage payments and debt obligations goodbye.

When you open a can of moral hazard that big you deserve what you get (or don't get).

Why should I pay taxes to a State and Federal government that can't protect my most basic rights?

Wed, 02/08/2012 - 23:53 | 2140526 FeralSerf
FeralSerf's picture

Because they will shoot you if you don't.

Thu, 02/09/2012 - 00:12 | 2140590 ebworthen
ebworthen's picture

That would mean I wouldn't have to pay for medical care or the old folks home, right?

Thu, 02/09/2012 - 02:00 | 2140809 ChrisFromMorningside
ChrisFromMorningside's picture

Obamacare doesn't cover that. You're going straight to a Death Panel.

Wed, 02/08/2012 - 23:39 | 2140491 sabra1
sabra1's picture

i'm sure that if anyone complains, they'll be deemed a terrorist! the housing crises was intentionally engineered to have all serfs be renters. when you rent, and on foodstamps, no medicare, just look at how obedient you'll act towards your new masters!

Wed, 02/08/2012 - 23:57 | 2140536 FeralSerf
FeralSerf's picture

A quote from a 1924 edition of the American Banker's Association not intended for the public sums up what is currently happening all around us: "Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible. When, through the process of law, the common people lose their homes, they will become more docile and more easily governed through the strong arm of government applied by a central power of wealth under leading financiers. These truths are well known among our principal men who are now engaged in forming an imperialism to govern the world. By dividing the voter through the political party system, we can get them to expend their energies in fighting for questions of no importance. It is thus by discreet action we can secure for ourselves that which has been so well planned and so successfully accomplished."

Thu, 02/09/2012 - 00:11 | 2140581 ebworthen
ebworthen's picture

Good one.

No doubt passed down on golden sheaf to Lloyd Blankfein, Jamie Dimon, and their ilk.

Wed, 02/08/2012 - 23:39 | 2140492 New_Meat
New_Meat's picture

Duh, make the PoS loan, cycle it through the AAA washing machine that is Bawney'z FRE/FNMA/thingiez, voila-->out comes AAA stuff.  Then sell it with a grin.

then the chickenz a'commin' home to roost.

emit giant squid-ink years-long blah-blah enough to get even Mass. AG Marsha Coakley to bite on a "sure thing"

yep!

- Ned

Wed, 02/08/2012 - 23:40 | 2140494 AldoHux_IV
AldoHux_IV's picture

I had a sense that with re-election and his legacy on the line, the Obama administration would be willing to bend and rape justice and collude with those willing to (i.e. he hath inventory and control) push the appearance of the fraud regardless of the ramifications upon the real economy.

Beware of faulty econ reports, accounting gimmics, and politicking because shit is going to get the opposite of truth and closer to bend to his will.

Wed, 02/08/2012 - 23:43 | 2140500 FischerBlack
FischerBlack's picture

LOL, and in other news GRPN misses earnings on its first earnings report evah! The yahoo finance boards for the name are, as usual, full of delightful insight into the retail mind.

Wed, 02/08/2012 - 23:44 | 2140506 DaveyJones
DaveyJones's picture

 "People familiar with the discussions say the banks would have been willing to pay just $19 billion without the participation of the nation's most-populous state" Where can I puke?

Wed, 02/08/2012 - 23:49 | 2140516 Gringo Viejo
Gringo Viejo's picture

Cocksuckers (apologies to those so inclined) have limited out.

Wed, 02/08/2012 - 23:54 | 2140528 Caviar Emptor
Caviar Emptor's picture

Yves Smith from the Naked Capitalism Blog had a very important insight: that the settlement represents a scheme to save the banks and screw the mortgage investors that they defrauded through Robosigning (holders of bonds and CDOs etc sold by the banks). The settlement also shelters the banks' massive second lien holdings (hundreds of billions) which normally, legally default first. But the second liens are held on bank balance sheets. So if the banks were really held accountable the banks would once again be facing a high-noon severely undercapitalized and requiring another TARP-style bailout. 

http://www.nakedcapitalism.com/2012/02/more-on-the-role-of-second-liens-...

Wed, 02/08/2012 - 23:56 | 2140532 Tyler Durden
Tyler Durden's picture

It is a very important insight that the legal system is being subverted to benefit the banks?

Wed, 02/08/2012 - 23:58 | 2140539 Caviar Emptor
Caviar Emptor's picture

no, silly. That the second liens are where the real money is 

Thu, 02/09/2012 - 00:01 | 2140549 Caviar Emptor
Caviar Emptor's picture

ok. hat tip on that one, Tyler. You were on it (but she did have a very good article)

Thu, 02/09/2012 - 00:14 | 2140602 ebworthen
ebworthen's picture

We're all in this together.

Return the rule of law, the rights of the individual, and sanity.

Thu, 02/09/2012 - 09:15 | 2141117 flattrader
flattrader's picture

Yes, she did.  I often find the leering, jeering ZH editorial tone gets in the way of repprting what happened. 

But then again, this is the blogosphere.  So what do you expect?

I often go to her first, then ZH when there are posts covering the same issure.

Thu, 02/09/2012 - 00:06 | 2140559 DaveyJones
DaveyJones's picture

Have to side with Tyler on this one,  "Real money" only operates with "real law"

Thu, 02/09/2012 - 00:26 | 2140531 Seasmoke
Seasmoke's picture

this is going to be what pushes the sheep past the tipping point.....may take a few more months but when they realize they got nothing from this farce, its going to get messy

No way Obama makes it to another term.....after lying about HAMP, his credability on caring about homeowners is gone

Thu, 02/09/2012 - 11:45 | 2141817 BidnessMan
BidnessMan's picture

Wish you were right, but I doubt it.  The Sheeple are still blissfully ignorant.  Plus $25B sounds like a lot of money even though it is chump change considering the amount of fraud involved.  As long as there is gas at the gas station, food at the grocery store, and Dancing with the Stars is on TV, most will be oblivious.  

The vast majority will not react at all.  Will be like most Jews in Germany in 1937.  How bad could that Hitler guy really be?  This will blow over.... we have survived a lot worse. Tomorrow will be like Today.  Today was pretty good. So what is the Problem?

Wed, 02/08/2012 - 23:58 | 2140542 Northeaster
Northeaster's picture

The truly sad thing is, there's a whole lot of Americans out there that never had a clue, didn't care, or blamed it on deadbeats and believe they got what they deserved.

Of course, they all miss that the Rule of Law no longer exists for politicians and the financial cartel they enable.

Not that there was much doubt in my mind before, but there should be no question, we are now in a full blown corrupted Plutocracy, with only a shadow of a Democratic Republic.

Meanwhile, a whole lot of other Americans stand by and watch and are thankful that it didn't happen to them, or something like it.

Well hell, you can always vote them out right? /sarc

Thu, 02/09/2012 - 00:07 | 2140563 pods
pods's picture

Hell, there are still people HERE who think it is all about deadbeats not paying their mortgages.

This, if it goes through, and the Kelo decision, will be the most important cases of my lifetime for what it means to property law.

pods

Thu, 02/09/2012 - 09:19 | 2141141 chubbar
chubbar's picture

Google "agenda 21" if you want to know where this is all heading. It sure is interesting that property law is being subverted just as this is being implemented. Not a coincidence.

“Agenda 21 proposes an array of actions which are intended to be implemented by EVERY person on Earth…it calls for specific changes in the activities of ALL people… Effective execution of Agenda 21 will REQUIRE a profound reorientation of ALL humans, unlike anything the world has ever experienced…Agenda 21: The Earth Summit Strategy to Save Our Planet (Earthpress, 1993). Emphases – DR

Urgent to implement – but we don’t know what it is!

The realities of life on our planet dictate that continued economic development as we know it cannot be sustained…Sustainable development, therefore is a program of action for local and global economic reform – a program that has yet to be fully defined.” The Local Agenda 21 Planning Guide, published by ICLEI, 1996.

No one fully understands how or even, if, sustainable development can be achieved; however, there is growing consensus that it must be accomplished at the local level if it is ever to be achieved on a global basis.” The Local Agenda 21 Planning Guide, published by ICLEI, 1996.

Agenda 21 and Private Property

“Land…cannot be treated as an ordinary asset, controlled by individuals and subject to the pressures and inefficiencies of the market. Private land ownership is also a principal instrument of accumulation and concentration of wealth, therefore contributes to social injustice.” From the report from the 1976 UN’s Habitat I Conference.

Private land use decisions are often driven by strong economic incentives that result in several ecological and aesthetic consequences…The key to overcoming it is through public policy…” Report from the President’s Council on Sustainable Development, page 112.

Current lifestyles and consumption patterns of the affluent middle class – involving high meat intake, use of fossil fuels, appliances, home and work air conditioning, and suburban housing are not sustainable.” Maurice Strong, Secretary General of the UN’s Earth Summit, 1992.

Reinvention of Government

We need a new collaborative decision process that leads to better decisions, more rapid change, and more sensible use of human, natural and financial resources in achieving our goals.” Report from the President’s Council on Sustainable Development

“Individual rights will have to take a back seat to the collective.” Harvey Ruvin, Vice Chairman, ICLEI. The Wildlands Project

“We must make this place an insecure and inhospitable place for Capitalists and their projects – we must reclaim the roads and plowed lands, halt dam construction, tear down existing dams, free shackled rivers and return to wilderness millions of tens of millions of acres or presently settled land.” Dave Foreman, Earth First.

What is not sustainable?

Ski runs, grazing of livestock, plowing of soil, building fences, industry, single family homes, paves and tarred roads, logging activities, dams and reservoirs, power line construction, and economic systems that fail to set proper value on the environment.” UN’s Biodiversity Assessment Report.

Hide Agenda 21’s UN roots from the people

Participating in a UN advocated planning process would very likely bring out many of the conspiracy- fixated groups and individuals in our society… This segment of our society who fear ‘one-world government’ and a UN invasion of the United States through which our individual freedom would be stripped away would actively work to defeat any elected official who joined ‘the conspiracy’ by undertaking LA21. So we call our process something else, such as comprehensive planning, growth management or smart growth.” J. Gary Lawrence, advisor to President Clinton’s Council on Sustainable Development.

Thu, 02/09/2012 - 09:59 | 2141263 flattrader
flattrader's picture

chubbar, if you  think these predators were all sitting around consulting Agenda 21 documents before they the took Greenspan's cheap money post Tech Sector bust and 9/11, you are so wrong.

They simply saw a sector rotation opportunity in residential real estate and went for it.  Unfortunately, this sector rotation boom and bust was orders of magnitude more destructive than the mis-allocation of capital during the 90s.

No need for a grand conspiracy.  They don't need a plan or and agenda.  They just do what comes naturally.

Thu, 02/09/2012 - 09:46 | 2141222 flattrader
flattrader's picture

Yes.  We are in uncharted territory now.

>>>or blamed it on deadbeats and believe they got what they deserved...<<<

Just think of Santelli and that idiot rant on CNBC in feb. 2009 where he suggested that individuals who knowingly purchased high-risk mortgages (and faced impending foreclosure as a consequence) were "losers".  He's a tool if there ever was one...and seemed to miss the fact that the only people who were "knowingly" perpetrating this fraud were on the other end of the deal...from the appraisers to the banks who packaged and sold toxic securities based on this crap globally...who abdicated any semblance of fiduciary responsibilty while regulators turned a blind eye.

So, he blames them for not being smart enough to realize they were being lied to in many cases by the loan originator who changed figures on supporting qualifying documents and switched out the terms and conditions of the loan at closing and even after.

Yes, blame the prey.  The predator class must be able to do business as usual.

Thu, 02/09/2012 - 00:09 | 2140550 slewie the pi-rat
slewie the pi-rat's picture

kamela:  slewie voted 4U

no not piss everybody off, ok?

i don't care what tf jerryBrown thinks, you don't work for him;  you work for me

you fuking got that straight, don't you? 

thank you for yourBiChiN consideration

p.s.:  why on earth is the prez0 getting involved in the judicial?  next time the styooopid fuk sets foot in CA, you have my permission to arrest him and charge him wid obstruction0'justice

don't be shy, ok?

you can do it!

Thu, 02/09/2012 - 00:05 | 2140558 pods
pods's picture

You just cannot make this shit up.  

Thu, 02/09/2012 - 00:12 | 2140586 Dermasolarapate...
Dermasolarapaterraphatrima's picture

"a deal is near?"........................

Thu, 02/09/2012 - 00:12 | 2140594 Nacho Libre III
Nacho Libre III's picture

More like a trillionth of a penny on the dollar. Classic.

Thu, 02/09/2012 - 00:15 | 2140603 Coldfire
Coldfire's picture

The stench of bankster fascism is making my eyes bleed.

Thu, 02/09/2012 - 00:20 | 2140614 Seasmoke
Seasmoke's picture

hey Obama shove that $2000 thru your dick hole , you fucking bank owned pussy.....but thank you for finally making everyone aware there is no difference between you or Bush....for that you are a great American

Thu, 02/09/2012 - 00:23 | 2140621 Dkizzle49855
Dkizzle49855's picture

This shit stain of a settlement is just one more glaring example that nothing will ever happen to Jon Corzine. 

Thu, 02/09/2012 - 00:29 | 2140640 JOYFUL
JOYFUL's picture

Amazed that the term Spitzered has not entered the discussion here: dirty laundry...everybody has some. The cabbalists keep laundry lists. AG's don't become AG's anymore unless there is something already on them.

Thu, 02/09/2012 - 00:38 | 2140656 The trend is yo...
The trend is your friend's picture

25b what a joke.  Does that come with a home visit by a banker to also piss on your head and shit on your back

Thu, 02/09/2012 - 00:54 | 2140686 Westcoastliberal
Westcoastliberal's picture

No, they already did that.

Thu, 02/09/2012 - 00:38 | 2140657 celticgold
celticgold's picture

A Nation is a collective enterprise; outside of that it is mostly a gambling space for the opportunism and adventurism of power...... Wole Soyinka

Thu, 02/09/2012 - 00:38 | 2140659 Joseph Jones
Joseph Jones's picture

Banksters and their sycophants: "Rape and pillage till they love us."

Thu, 02/09/2012 - 00:39 | 2140660 Fish Gone Bad
Fish Gone Bad's picture

This will be very bullish for the markets.  The Dow may finally get up to 14,000 so Buffett can get out of his $5 billion bet.  The only thing that might rain on this parade is if Russia or the Chinese dump a whole bunch of US assets to keep themselves from going in the toilet.  My guess is Dow 14,000 , then a shit storm that everyone really did see coming from a very very long time ago.

Thu, 02/09/2012 - 00:40 | 2140665 Howard_Beale
Howard_Beale's picture

And with this great news the housing market will accelerate into declining prices Part Deux. Halftime is over, folks (and you thought Madonna was bad). The only positive take on this is that Cramer's Florida purchases will sink into the oily mess they look out upon.

Thu, 02/09/2012 - 00:42 | 2140666 El Gordo
El Gordo's picture

Just another reminder that laws are for the little people.

Thu, 02/09/2012 - 00:42 | 2140667 eatthebanksters
eatthebanksters's picture

One simple thing to say:  FUCK OBAMA AND HIS CRONIES!  I HOPE THEY FUCKING EXPERIENCE THE MISERY THEY ARE CAUSING FIRSTHAND!!!

Thu, 02/09/2012 - 00:53 | 2140682 Westcoastliberal
Westcoastliberal's picture

This sucks. Of course Obama totally lost me due to no bankster indictments and the fact he pulled the switcheroo on us by signing the NDAA.  Welcome to the U.S.A., now with extra Banana Republic.

Thu, 02/09/2012 - 00:58 | 2140694 swani
swani's picture

Does this still surprise people? Hasn't everyone figured it out by now that we are living in a Banana Republic?

Thu, 02/09/2012 - 01:02 | 2140701 Aquarius
Aquarius's picture

Law trumped Reason

Fraud Trumped Law

Power married Fraud

...

 

and, where does America go from here,

as Private Property just got taken off the playing field?

Drones & Camps

 

Good Bye America,

the Land of the Free Fraud.

 

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