http://www.nytimes.com/2010/10/30/business/30nocera.html?src=me&ref=business
The State AG's have a score to settle.
They tried to save their states from the predatory lenders only to be stopped out by the federal bank regulators.
That may have stopped them at the time from taking out the large investment banks but it didn't stop them from taking out the predators that operated outside the national bank system.
So with that experience behind them, they are now primed and ready to take on the large investment banks, with the use of enough kryptonite to take them down.
Have you noticed that the lead dogs investigating the mortgage foreclosure mess are not any federal prosecutors or national bank regulators, but rather the state attorneys general? I sure have. I can’t think of a more encouraging development.
Yeah, yeah, a handful of federal investigations have also been announced, but we all know that they’re not going to amount to a hill of beans. Ever since the financial crisis began two years ago, the federal overseers of the banking industry have been consistently unwilling to take the rod to the institutions they regulate. The robo-signing scandal — and it is, unquestionably, a scandal — hasn’t changed that attitude one iota.
The Treasury Department and the Federal Reserve have made it clear that they are more concerned about keeping the foreclosure mill going full speed than they are about determining whether the banks broke the law. Somehow throwing people out of their homes quickly is supposed to help the economy. Or so they keep telling us.
Ah, but the states. They’re a different story.
Sunday, October 31, 2010
Saturday, October 30, 2010
Foreclosure crisis: Sometimes you have to laugh
http://www.oftwominds.com/blogoct10/foreclosure-weekly10-10.html
Introducing Foreclosure Crisis Weekly (October 27, 2010)
A new journal that tracks the latest revelations in the foreclosure crisis is now available.
Please welcome Foreclosure Crisis Weekly, a new publication dedicated to documenting the often-amazing foreclosure crisis. Since we can expect the crisis to unfold for years to come, the Weekly will undoubtedly have a reliable source of material for quite some time.
Although many of the real foreclosure stories may appear to be fabrications too outrageous to be true, please note this is a parody.
Introducing Foreclosure Crisis Weekly (October 27, 2010)
A new journal that tracks the latest revelations in the foreclosure crisis is now available.
Please welcome Foreclosure Crisis Weekly, a new publication dedicated to documenting the often-amazing foreclosure crisis. Since we can expect the crisis to unfold for years to come, the Weekly will undoubtedly have a reliable source of material for quite some time.
Although many of the real foreclosure stories may appear to be fabrications too outrageous to be true, please note this is a parody.
Homeowner get the boot while banks get the bucks
http://www.huffingtonpost.com/2010/10/29/money-first-questions-later_n_776135.html
Hey, it looks as if someone finally followed a thought all the way through.
Why are we bailing the banks when they don't hold the Mortgage!
Ding Ding Ding!
Damon Silvers has just asked Phyllis Caldwell the 64 thousand dollar question.
And Naturally she couldn't answer it truthfully, so she gave the standard answer of WE don't know!
But really shouldn't she know by now, the banks have actually publicly admitted it.
Did she choose to ignore it, or was Treasury just not listening again, choosing instead to carry on with their own agenda and bailing out their buddies?
During an oversight hearing, Phyllis Caldwell, Treasury's housing rescue chief, acknowledged during questioning that Treasury doesn't know whether mortgage companies and the owners of mortgages are receiving public money under "false pretenses." Treasury is investigating, she said.
The contradiction highlights what many critics of the past two administrations' policies have claimed for some time: they exert overwhelming force when it comes to saving financial institutions, but merely modest assistance when it comes to distressed homeowners.
More than $535 billion in taxpayer money went to firms and toxic assets as part of the Troubled Asset Relief Program and the bailout of Fannie Mae and Freddie Mac, according to the latest quarterly figures from two federal auditors. About $992 million has gone to homeowners, the same data show.
So taxpayer funds may be going to companies that have no right to it, admitted Caldwell, Treasury's chief homeownership preservation officer.
"How do we know that people who don't have good liens aren't getting public money essentially under the false pretense that they have a good lien?" Silvers asked Caldwell.
"Again, we don't," was her reply. "Our focus at this point has been on..."
Silvers quickly stopped her. "Hold it," he said. "That's the issue." He added that he hoped Treasury "would be diligent" in trying to answer "what's potentially at play -- are servicers and banks getting public money under false pretenses? We ought to try to figure out whether that's true or not," Silvers added.
Caldwell agreed.
Those companies continue to get the money, though. Meanwhile, borrowers are tossed from the program for the same reason -- faulty paperwork.
Hey, it looks as if someone finally followed a thought all the way through.
Why are we bailing the banks when they don't hold the Mortgage!
Ding Ding Ding!
Damon Silvers has just asked Phyllis Caldwell the 64 thousand dollar question.
And Naturally she couldn't answer it truthfully, so she gave the standard answer of WE don't know!
But really shouldn't she know by now, the banks have actually publicly admitted it.
Did she choose to ignore it, or was Treasury just not listening again, choosing instead to carry on with their own agenda and bailing out their buddies?
During an oversight hearing, Phyllis Caldwell, Treasury's housing rescue chief, acknowledged during questioning that Treasury doesn't know whether mortgage companies and the owners of mortgages are receiving public money under "false pretenses." Treasury is investigating, she said.
The contradiction highlights what many critics of the past two administrations' policies have claimed for some time: they exert overwhelming force when it comes to saving financial institutions, but merely modest assistance when it comes to distressed homeowners.
More than $535 billion in taxpayer money went to firms and toxic assets as part of the Troubled Asset Relief Program and the bailout of Fannie Mae and Freddie Mac, according to the latest quarterly figures from two federal auditors. About $992 million has gone to homeowners, the same data show.
So taxpayer funds may be going to companies that have no right to it, admitted Caldwell, Treasury's chief homeownership preservation officer.
"How do we know that people who don't have good liens aren't getting public money essentially under the false pretense that they have a good lien?" Silvers asked Caldwell.
"Again, we don't," was her reply. "Our focus at this point has been on..."
Silvers quickly stopped her. "Hold it," he said. "That's the issue." He added that he hoped Treasury "would be diligent" in trying to answer "what's potentially at play -- are servicers and banks getting public money under false pretenses? We ought to try to figure out whether that's true or not," Silvers added.
Caldwell agreed.
Those companies continue to get the money, though. Meanwhile, borrowers are tossed from the program for the same reason -- faulty paperwork.
Check out the comment left on Huffpo
http://www.huffingtonpost.com/social/breakingpoint/elections-2010-live-updates_n_774115_65345108.html
The French are callin for some serious actions now.
America this should have been your call
You actually have a legitimate reason to want to end the bankers show.
Not that the French don't to, but the banks have actually admitted publicly how they pissed on you.
European Bank Run on 7th December 2010
The French want to break their banks by withdrawing their money on December 7th.
French activists call for a Europe-wide and joint account termination on 7 December 2010
"Everyone should get his money from the account."
What does this protest?
In France the last few weeks has been enough protest. Since demonstrating in the street have brought us nothing we understand that the real power lies in the hands of international banks and corporations.
All citizens of the country resolve your accounts in cash. The activists suggest, one can first put the money in a suitcase or invest it in a social bank.
So far 7000 people have signed up
http://translate.google.com/translate?hl=en&sl=de&u=http://stopbanque.blogsport.de
You up next America”
The French are callin for some serious actions now.
America this should have been your call
You actually have a legitimate reason to want to end the bankers show.
Not that the French don't to, but the banks have actually admitted publicly how they pissed on you.
European Bank Run on 7th December 2010
The French want to break their banks by withdrawing their money on December 7th.
French activists call for a Europe-wide and joint account termination on 7 December 2010
"Everyone should get his money from the account."
What does this protest?
In France the last few weeks has been enough protest. Since demonstrating in the street have brought us nothing we understand that the real power lies in the hands of international banks and corporations.
All citizens of the country resolve your accounts in cash. The activists suggest, one can first put the money in a suitcase or invest it in a social bank.
So far 7000 people have signed up
http://translate.google.com/translate?hl=en&sl=de&u=http://stopbanque.blogsport.de
You up next America”
Friday, October 29, 2010
Foreclosuregate Explained: Big Banks on the Brink
http://www.truth-out.org/foreclosuregate-explained-big-banks-brink64621
It's high time "WE" just pushed them over the edge.
They deserve nothing less.
And "WE" owe them alot more
Ohio Attorney General Richard Cordray filed a lawsuit against lender GMAC in October that aims to stop sales of all repossessed homes foreclosed with robo-signed documents and to reverse judgments on those foreclosed homes that have not yet been sold. In addition, the suit seeks damages for homeowners and a $25,000 fine for every fraudulently filed court document.
In Kentucky, Heather McKeever filed a class action lawsuit against GMAC on behalf of homeowners there alleging the giant lender, a recipient of $16 billion in federal bailout money, violated the RICO Act. "This is organized crime by people in suits but it is still organized crime," she said.
If other states file similar lawsuits lik
It's high time "WE" just pushed them over the edge.
They deserve nothing less.
And "WE" owe them alot more
Why don't we have Mickey Mouse sign the thing, instead of having a human being sign it? I mean it becomes meaningless," New York Supreme Court Judge Arthur Schack told PBS "Newshour
"This is not simply a glitch in paperwork," wrote Iowa Attorney General Tom Miller, who is heading up the states' joint investigation into the mortgage paper fraud mess
.
"This was an industry wide scheme designed to defraud homeowners," Florida attorney Peter Ticktin told The Associated Press.
Ohio Attorney General Richard Cordray filed a lawsuit against lender GMAC in October that aims to stop sales of all repossessed homes foreclosed with robo-signed documents and to reverse judgments on those foreclosed homes that have not yet been sold. In addition, the suit seeks damages for homeowners and a $25,000 fine for every fraudulently filed court document.
In Kentucky, Heather McKeever filed a class action lawsuit against GMAC on behalf of homeowners there alleging the giant lender, a recipient of $16 billion in federal bailout money, violated the RICO Act. "This is organized crime by people in suits but it is still organized crime," she said.
If other states file similar lawsuits lik
Jim Willie:Imminent Big Bank Death Spiral
http://www.kitco.com/ind/willie/oct282010.html
It's time to think real hard kids.
We have a problem that can not go on.
And everybody is talking about it, except the government, the investment banks the FED and Wall Street, and why aren't they talking about it?
Because they created it.
It's time to think real hard kids.
We have a problem that can not go on.
And everybody is talking about it, except the government, the investment banks the FED and Wall Street, and why aren't they talking about it?
Because they created it.
The mortgage & foreclosure scandal runs so deep that ordinary observers can conclude the US financial foundation is laced with a cancer detectable by ordinary people. The metastasis is visible from the distribution of mortgage bonds into the commercial paper market, money market funds, the bank balance sheets, pension funds under management, foreign central banks, and countless financial funds across the globe. Some primary features of the cancerous tissue material are allegations of mortgage bond fraud, major securities violations, absent linkage to property title, income tax evasion, forged foreclosure documents, duplicate property linkage to single mortgage bonds, NINJA (no income, no job or assets) loans to unqualified buyers, and more. In fact, more is revealed it seeems each passing week toward additional facie to high level and systemic fraud. The world is watching. The growing international reaction will be amplified demand for Gold, from impressions that the USDollar & USEconomy have RICO racketeering components extending to Wall Street banks and Fannie Mae mortgage repositories.
The centerpiece question, when allegation of the US bond fraud is coupled with European sovereign debt distress, comes down to WHAT IS MONEY? The answer is Gold & Silver and not much of anything else. Other assets like crude oil or farmland are effective hedges against tainted money, but when they contain debt tethers, they too are
The vast monetization schemes are set to come into motion for the bond market in general. The objects are hardly just USGovt debt securities, not even just Fannie Mae mortgage securities, but big bank Corporate Bonds as well. The schemes have painted the USDollar in a light with a RICO tint, as in racketeering, sanctioned by the US finance ministry and shielded from prosecution by US legal authorities and regulatory bodies. Worse still, the Financial Accounting Standards Board has permitted flagrant accounting fraud to the big dead US banks. Since April 2009, they have been permitted to declare any value they wish on their toxic balance sheets. That has enabled them to take advantage of USGovt largesse, direct USFed redemption of toxic bonds, called widely banker welfare. That has enabled them to tap the 0% money tree that produces carry trade profits. The only stipulation was the banks have been required to place their excess cash at the USFed itself, which thereby hid the central bank's insolvency, and distracted attention from the absence of Loan Loss Reserves for the banks. Details on the USFed balance sheet, and big bank vulnerability to further losses, are provided in the October Hat Trick Letter. Toss in the High Frequency Trading schemes, and the US financial markets look to contain more crooked venues than the Las Vegas casinos. The USDollar lies at great risk in the process.
Nicolas Sarkozy warned by German Chancellor not to unveil £150m 'bling' presidential jet
http://www.dailymail.co.uk/news/article-1324597/Nicolas-Sarkozy-warned-German-Chancellor-unveil--150m-bling-presidential-jet.html
Oh my god
There she blows.
With riots in the streets and poll ratings in the basement, French President Nicolas Sarkozy is under pressure from both home and abroad to delay delivery of a refitted jet that will cost the taxpayer £151million.
German Chancellor Angela Merkel is among those who have apparently told the luxury loving Sarkozy that now might not be the best time to take charge of the aircraft that is said to be dripping with 'bling'.
German sources say she advised Sarkozy earlier this week, at a meeting where the pair cut a controversial deal aimed at protecting the euro, to 'hold back' on taking deliver of the aircraft currently undergoing a series of final test flights over the Indian Ocean and South Pacific French administered islands.
Read more: http://www.dailymail.co.uk/news/article-1324597/Nicolas-Sarkozy-warned-German-Chancellor-unveil--150m-bling-presidential-jet.html#ixzz13oWo5oml
Oh my god
There she blows.
With riots in the streets and poll ratings in the basement, French President Nicolas Sarkozy is under pressure from both home and abroad to delay delivery of a refitted jet that will cost the taxpayer £151million.
German Chancellor Angela Merkel is among those who have apparently told the luxury loving Sarkozy that now might not be the best time to take charge of the aircraft that is said to be dripping with 'bling'.
German sources say she advised Sarkozy earlier this week, at a meeting where the pair cut a controversial deal aimed at protecting the euro, to 'hold back' on taking deliver of the aircraft currently undergoing a series of final test flights over the Indian Ocean and South Pacific French administered islands.
Read more: http://www.dailymail.co.uk/news/article-1324597/Nicolas-Sarkozy-warned-German-Chancellor-unveil--150m-bling-presidential-jet.html#ixzz13oWo5oml
Time for a new theory of money
http://www.webofdebt.com/articles/new_theory.php
And you thought I was kidding lol.
Ellen Brown has the same idea.
The financial system is broken beyond repair.
The fraud and embezzlement, not to mention the racketeering, has left zero trust as well as zero tolerance for the need of any more service ability by the investment banks.
It also leaves a gap that's going to need to be filled.
And right now is the time, WE should be deciding on how to fill it.
The reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”—something independent of the relationship it facilitates. But today there is no gold or silver backing our money. Instead, it’s created by banks when they make loans (that includes Federal Reserve Notes or dollar bills, which are created by the Federal Reserve, a privately-owned banking corporation, and lent into the economy). Virtually all money today originates as credit, or debt, which is simply a legal agreement to pay in the future.
Money as Relationship
And you thought I was kidding lol.
Ellen Brown has the same idea.
The financial system is broken beyond repair.
The fraud and embezzlement, not to mention the racketeering, has left zero trust as well as zero tolerance for the need of any more service ability by the investment banks.
It also leaves a gap that's going to need to be filled.
And right now is the time, WE should be deciding on how to fill it.
We have emerged from the financial crisis with new clarity: Money today is simply credit. When the credit is advanced by a bank, when the bank is owned by the community, and when the profits return to the community, the result can be a functional, efficient, and sustainable system of finance
The reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”—something independent of the relationship it facilitates. But today there is no gold or silver backing our money. Instead, it’s created by banks when they make loans (that includes Federal Reserve Notes or dollar bills, which are created by the Federal Reserve, a privately-owned banking corporation, and lent into the economy). Virtually all money today originates as credit, or debt, which is simply a legal agreement to pay in the future.
Money as Relationship
Fannie Will Hold Servicers Responsible for Robo-gate REO Losses
http://www.nationalmortgagenews.com/dailybriefing/2010_210/fannie-will-hold-servicers-1021905-1.html?ET=nationalmortgage:e451:11255a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=NMN_Daily_Briefing_102910
Fannie is publicly stating they're going to eat the cost, the banks are going to.
Fannie Mae, which has temporarily suspended certain REO sales because of the foreclosure-gate scandal, plans to hold its servicers responsible for increased carrying costs on these properties, industry sources told
Moreover, the GSE has already come up with a loss estimate on what that cost might be: upwards of $150 million, said one REO manager close the situation.
As National Mortgage News went to press, a company spokeswoman had not returned two telephone calls about the matter.
"Over the past 45 days, there's been a lot of fall-out from this scandal," said a source close to Fannie. "When a property gets pulled off the market, that results in the carrying cost becoming greater. Lawns need to be cut and houses need to be cleaned. It can add up."
The low estimate on what Fannie might lose is $50 million, sources said.
Fannie is publicly stating they're going to eat the cost, the banks are going to.
Fannie Mae, which has temporarily suspended certain REO sales because of the foreclosure-gate scandal, plans to hold its servicers responsible for increased carrying costs on these properties, industry sources told
Moreover, the GSE has already come up with a loss estimate on what that cost might be: upwards of $150 million, said one REO manager close the situation.
As National Mortgage News went to press, a company spokeswoman had not returned two telephone calls about the matter.
"Over the past 45 days, there's been a lot of fall-out from this scandal," said a source close to Fannie. "When a property gets pulled off the market, that results in the carrying cost becoming greater. Lawns need to be cut and houses need to be cleaned. It can add up."
The low estimate on what Fannie might lose is $50 million, sources said.
Lenders Turning Their Backs on MERS, Going Back to Paper
http://www.nationalmortgagenews.com/dailybriefing/2010_210/lenders-turning-backs-1021895-1.html
Which JP Morgan Chase did 2 years ago, because they KNEW that MERS was not a legally valid Title Recorder.
With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using MERSCORP Inc., which operates an electronic loan registry, to bring foreclosure actions. Some lenders are even returning to the old-fashioned, paper-based system of physically recording mortgage assignments at county recorder offices to ensure an unbroken chain of title.
Which JP Morgan Chase did 2 years ago, because they KNEW that MERS was not a legally valid Title Recorder.
With more borrowers filing legal challenges to foreclosure, many mortgage lenders have turned their back on using MERSCORP Inc., which operates an electronic loan registry, to bring foreclosure actions. Some lenders are even returning to the old-fashioned, paper-based system of physically recording mortgage assignments at county recorder offices to ensure an unbroken chain of title.
Let's Talk About A Bank Holiday
http://market-ticker.org/akcs-www?post=170706
With the banks having admitted (actually being forced to admit) their financial shenanigans which include fraud as well as embezzlement, what Karl is proposing is actually the due course that should have already been executed.
There can be no forgiving nor forgetting or a conveniently misplaced looking the other way at this point.
If those that serve us as government, local or federal, don't comply with laws written specifically that address the fraud and embezzlement that the banks have inflicted upon this entire nation at will, the it will prove 2 things irrefutably.
1. Corporate America is making the rules for the running of this country, and can pick and choose at random which laws they will comply with, if any.
2. Your government is openly committing treason in regards to their duties (which were taken under oath)to the "People" of this nation.
Karl is not dreaming a little dream,
He's stating due process of the law.
Which is something that "WE" all should be able to expect from those that publicly represent us.
Let us pre-suppose that Obama grows a sack this afternoon and today after the market closes announces it.
What does it mean?
A few things happen:
1.All banks are closed as of the close of business and will not re-open unless they're certified clean and solvent. No mergers, no take-unders, you either live or die.
2.
With the banks having admitted (actually being forced to admit) their financial shenanigans which include fraud as well as embezzlement, what Karl is proposing is actually the due course that should have already been executed.
There can be no forgiving nor forgetting or a conveniently misplaced looking the other way at this point.
If those that serve us as government, local or federal, don't comply with laws written specifically that address the fraud and embezzlement that the banks have inflicted upon this entire nation at will, the it will prove 2 things irrefutably.
1. Corporate America is making the rules for the running of this country, and can pick and choose at random which laws they will comply with, if any.
2. Your government is openly committing treason in regards to their duties (which were taken under oath)to the "People" of this nation.
Karl is not dreaming a little dream,
He's stating due process of the law.
Which is something that "WE" all should be able to expect from those that publicly represent us.
Let us pre-suppose that Obama grows a sack this afternoon and today after the market closes announces it.
What does it mean?
A few things happen:
1.All banks are closed as of the close of business and will not re-open unless they're certified clean and solvent. No mergers, no take-unders, you either live or die.
2.
When will the banks and their loan servicers get what is coming to them?
http://www.bloomberg.com/news/2010-10-29/mortgage-lenders-haven-t-gotten-what-s-due-them-ann-woolner.html
And the banks should have immunity from prosecution WHY?
A distressed U.S. homeowner with a temporarily modified mortgage made every payment on time for 13 months. That’s 10 months past the standard three-month trial period, but the servicer was predicting a permanent modification, so the homeowner kept paying.
Instead, a negotiator who never spoke to the borrower rejected the permanent adjustment so the sheriff’s department put the house up for sale, no explanation given.
Another borrower spent 11 months working out and paying a reduced mortgage on a trial basis, only to learn that the servicer decided not to grant him a permanent break after all. The reason cited could have been given in the first place: the value of the property was too low.
And the banks should have immunity from prosecution WHY?
A distressed U.S. homeowner with a temporarily modified mortgage made every payment on time for 13 months. That’s 10 months past the standard three-month trial period, but the servicer was predicting a permanent modification, so the homeowner kept paying.
Instead, a negotiator who never spoke to the borrower rejected the permanent adjustment so the sheriff’s department put the house up for sale, no explanation given.
Another borrower spent 11 months working out and paying a reduced mortgage on a trial basis, only to learn that the servicer decided not to grant him a permanent break after all. The reason cited could have been given in the first place: the value of the property was too low.
Wells Fargo Emerges as Target, Role Model in Foreclosure Probe
http://www.bloomberg.com/news/2010-10-28/wells-fargo-emerges-as-target-role-model-in-foreclosure-probe.html
Arizona your Attorney General is a sellout, rather than fight for living up to the letter of the law, he will allow a once again "No Fault" fine.
What does a "No Fault" fine do, rather than being tried for the crime committed?
It allows companies like Halliburton, to go on using flawed cement to created the biggest environmental disaster of all times.
These corporations know what they are doing and it's about time they were held legally as well as morally responsible for the death and destruction that they leave in their wake.
Ohio’s attorney general today criticized the bank’s plan to submit supplemental affidavits to courts in about 55,000 foreclosure proceedings after it found some statements “did not strictly adhere to the required procedures.” At the same time, Arizona’s top state lawyer held up Wells Fargo’s Oct. 6 agreement on loan modification procedures as a model remedy for a 50-state foreclosure probe.
“These people think they can play by a different set of rules,” Ohio Attorney General Richard Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
Wells Fargo agreed to pay $24 million to eight states, including Arizona, and make more than $772 million in loan modifications to resolve allegations that companies it acquired deceptively marketed adjustable-rate mortgage loans.
No Wrongdoing
According to the agreement, Wells Fargo admitted no wrongdoing and never originated or marketed pick-a-payment mortgage loans.
Arizona your Attorney General is a sellout, rather than fight for living up to the letter of the law, he will allow a once again "No Fault" fine.
What does a "No Fault" fine do, rather than being tried for the crime committed?
It allows companies like Halliburton, to go on using flawed cement to created the biggest environmental disaster of all times.
These corporations know what they are doing and it's about time they were held legally as well as morally responsible for the death and destruction that they leave in their wake.
Ohio’s attorney general today criticized the bank’s plan to submit supplemental affidavits to courts in about 55,000 foreclosure proceedings after it found some statements “did not strictly adhere to the required procedures.” At the same time, Arizona’s top state lawyer held up Wells Fargo’s Oct. 6 agreement on loan modification procedures as a model remedy for a 50-state foreclosure probe.
“These people think they can play by a different set of rules,” Ohio Attorney General Richard Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
Wells Fargo agreed to pay $24 million to eight states, including Arizona, and make more than $772 million in loan modifications to resolve allegations that companies it acquired deceptively marketed adjustable-rate mortgage loans.
No Wrongdoing
According to the agreement, Wells Fargo admitted no wrongdoing and never originated or marketed pick-a-payment mortgage loans.
Insurers Ease on Amnesty .
Insurers Ease on Amnesty .
http://online.wsj.com/article/SB10001424052702304316404575580752988987296.html?mod=WSJ_hpp_sections_personalfinance
There is an immunity smell blowing in the wind for the banks kids.
Now the title insurers seem to think that people won't pursue the quest of repossessing the houses back that were fraudulently taken from them by the banks that used the less than legal make believe (forged) documents that the foreclosure mills were making up on demand.
They also seem to think that the judges will not remand the homes back to those that they were taken from using the forged documents.
Have the Attorneys General sold out the legal process and cut a deal to overlook the fraudulent improprieties that the mortgage financial investment industry blanketed the nation with?
Better yet will "WE" as a nation be willing to forgive the fraud as well as the embezzlement by allowing the excuse of it was all just a mistake and that the banks won't do it again in the future?
There is a marked difference between "flawed" and "Fraud" and I personally choose to refuse to look the other way.
The banks committed the crime of the century,, not only against the property owners but against the investors as well.
It was a well thought out calculated plan, no different than Bernie Madoffs or Alan Stanford’s was.
The one slight difference was the magnitude of the size of the duped, that the banks ponzi scheme ensnared.
While Bernie and Alan preyed mostly upon the rich, the banks accepted anyone and everyone and then proceeded to bleed them dry.
Title insurers have decided not to require lenders to provide a blanket shield from claims caused by flawed foreclosures after discussions around crafting an industry-wide agreement fell apart.
First American Financial Corp. said Thursday that the Santa Ana, Calif., company had concluded that requiring banks to indemnify the title insurer from foreclosure errors resulting in questions about who owns clear title to a property was unnecessary "given the actions taken by lenders to remediate deficiencies and to improve their processes going forward," said Dennis Gilmore, First American's chief executive.
The company, which does business in all 50 U.S. states, said it might still ask banks to provide indemnification on a case-by-case basis. But First American said it believed there is a "low probability" borrowers will ask courts to invalidate foreclosures or that judges will forcibly return foreclosed property to borrowers who default.
http://online.wsj.com/article/SB10001424052702304316404575580752988987296.html?mod=WSJ_hpp_sections_personalfinance
There is an immunity smell blowing in the wind for the banks kids.
Now the title insurers seem to think that people won't pursue the quest of repossessing the houses back that were fraudulently taken from them by the banks that used the less than legal make believe (forged) documents that the foreclosure mills were making up on demand.
They also seem to think that the judges will not remand the homes back to those that they were taken from using the forged documents.
Have the Attorneys General sold out the legal process and cut a deal to overlook the fraudulent improprieties that the mortgage financial investment industry blanketed the nation with?
Better yet will "WE" as a nation be willing to forgive the fraud as well as the embezzlement by allowing the excuse of it was all just a mistake and that the banks won't do it again in the future?
There is a marked difference between "flawed" and "Fraud" and I personally choose to refuse to look the other way.
The banks committed the crime of the century,, not only against the property owners but against the investors as well.
It was a well thought out calculated plan, no different than Bernie Madoffs or Alan Stanford’s was.
The one slight difference was the magnitude of the size of the duped, that the banks ponzi scheme ensnared.
While Bernie and Alan preyed mostly upon the rich, the banks accepted anyone and everyone and then proceeded to bleed them dry.
Title insurers have decided not to require lenders to provide a blanket shield from claims caused by flawed foreclosures after discussions around crafting an industry-wide agreement fell apart.
First American Financial Corp. said Thursday that the Santa Ana, Calif., company had concluded that requiring banks to indemnify the title insurer from foreclosure errors resulting in questions about who owns clear title to a property was unnecessary "given the actions taken by lenders to remediate deficiencies and to improve their processes going forward," said Dennis Gilmore, First American's chief executive.
The company, which does business in all 50 U.S. states, said it might still ask banks to provide indemnification on a case-by-case basis. But First American said it believed there is a "low probability" borrowers will ask courts to invalidate foreclosures or that judges will forcibly return foreclosed property to borrowers who default.
Thursday, October 28, 2010
Probe at base amid cholera claims
http://www.guardian.co.uk/uk/feedarticle/9332348
United Nations investigators have taken samples of foul-smelling waste trickling behind a Nepalese peacekeeping base in Haiti amid claims that sewage from the newly arrived unit caused the cholera epidemic that has made more than 4,000 people ill.
Journalists visiting the base unannounced came upon the investigators and mission spokesman Vincenzo Pugliese later confirmed that the military team was testing for cholera.
It was the first public acknowledgement that the 12,000-member force was directly investigating allegations that its base played a role in the outbreak.
United Nations investigators have taken samples of foul-smelling waste trickling behind a Nepalese peacekeeping base in Haiti amid claims that sewage from the newly arrived unit caused the cholera epidemic that has made more than 4,000 people ill.
Journalists visiting the base unannounced came upon the investigators and mission spokesman Vincenzo Pugliese later confirmed that the military team was testing for cholera.
It was the first public acknowledgement that the 12,000-member force was directly investigating allegations that its base played a role in the outbreak.
http://www.telegraph.co.uk/science/space/8091965/Nasa-unveils-bold-plans-to-send-humans-one-way-to-Mars-to-colonise-planet.html
http://www.telegraph.co.uk/science/space/8091965/Nasa-unveils-bold-plans-to-send-humans-one-way-to-Mars-to-colonise-planet.html
Where does the money come from to fund all of this?
Why commerce of course.
The electronic transfer of digits that hold no monetary value what so ever.
Space agency officials confirmed feasability studies were under way to asses whether astronauts could be permanently sent to the red planet, or its moons, to establish human colonies.
The multi-billion pound mission, titled Hundred Years Starship, is being spearheaded by the Ames Research Centre, one of Nasa’s main research centres, based in Moffett Field, California.
Officials from the Pentagon's Defence Advanced Research Projects Agency (DARPA) are also heavily involved in turning the science fiction idea into a reality.
Where does the money come from to fund all of this?
Why commerce of course.
The electronic transfer of digits that hold no monetary value what so ever.
Space agency officials confirmed feasability studies were under way to asses whether astronauts could be permanently sent to the red planet, or its moons, to establish human colonies.
The multi-billion pound mission, titled Hundred Years Starship, is being spearheaded by the Ames Research Centre, one of Nasa’s main research centres, based in Moffett Field, California.
Officials from the Pentagon's Defence Advanced Research Projects Agency (DARPA) are also heavily involved in turning the science fiction idea into a reality.
Verizon Wireless to Pay Record $25 Million Over `Mystery Fees,' FCC Says
http://www.bloomberg.com/news/2010-10-28/verizon-wireless-to-pay-record-25-million-over-mystery-fees-fcc-says.html
But the US Treasury doesn't keep the money, it goes straight to the Federal Reserve.
The question is WHY?
How much money is the Federal Reserve fleecing from America?
The U.S. Federal Communications Commission’s Enforcement Bureau said it reached a consent decree with Verizon Wireless, including a record $25 million payment to the U.S. Treasury, regarding “mystery fees”
But the US Treasury doesn't keep the money, it goes straight to the Federal Reserve.
The question is WHY?
How much money is the Federal Reserve fleecing from America?
The U.S. Federal Communications Commission’s Enforcement Bureau said it reached a consent decree with Verizon Wireless, including a record $25 million payment to the U.S. Treasury, regarding “mystery fees”
Wells Fargo to Be Focus of Ohio Foreclosure Probe
http://www.bloomberg.com/news/2010-10-28/wells-fargo-to-be-focus-of-ohio-foreclosure-investigation.html?cmpid=yhoo
Their business model is FED and Treasury endorsed, other wise why the bailouts?
What "the people" want to know is why the banking criminals are not behind bars?
Wells Fargo & Co. will be a focus of an investigation into foreclosure practices, Ohio Attorney General Richard Cordray told Bloomberg Television after the lender said it found flaws in court documents.
“These people think they can play by a different set of rules,” Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
Their business model is FED and Treasury endorsed, other wise why the bailouts?
What "the people" want to know is why the banking criminals are not behind bars?
Wells Fargo & Co. will be a focus of an investigation into foreclosure practices, Ohio Attorney General Richard Cordray told Bloomberg Television after the lender said it found flaws in court documents.
“These people think they can play by a different set of rules,” Cordray said in an interview today on Bloomberg Television’s “InBusiness with Margaret Brennan.” “It’s not just individuals who signed flawed affidavits. It’s a business model designed on fraud.”
Former Va. AG on Bank of America foreclosure legal team
http://finance.yahoo.com/news/Former-Va-AG-on-Bank-of-rb-1584071280.html?x=0
Bank of America (NYSE:BAC - News) is bringing in the former Attorney General of Virginia as well as law firms with deep Washington experience to help defend against a probe by U.S. states into its foreclosure practices.
Richard Cullen, chairman of the McGuireWoods law firm and Virginia attorney general from 1997-1998, is one of the lawyers representing the nation's largest mortgage servicer. Cullen has already been communicating with the offices of various state attorneys general, according to a source familiar with the investigation.
Bank of America (NYSE:BAC - News) is bringing in the former Attorney General of Virginia as well as law firms with deep Washington experience to help defend against a probe by U.S. states into its foreclosure practices.
Richard Cullen, chairman of the McGuireWoods law firm and Virginia attorney general from 1997-1998, is one of the lawyers representing the nation's largest mortgage servicer. Cullen has already been communicating with the offices of various state attorneys general, according to a source familiar with the investigation.
Florida Foreclosure Auction Cancellations `Frustrating' to Judge
http://www.bloomberg.com/news/2010-10-26/florida-foreclosure-judge-criticizes-lenders-amid-cancellation-of-auctions.html
Which pretty much tells you the banks still don't have their shit together, because it's impossible to put together the documentation of something they don't own.
The Miami judge managing a backlog of 80,000 foreclosures said it’s “frustrating” that lenders including Bank of America Corp. and JPMorgan Chase & Co. continue to cancel foreclosure auctions.
Circuit Judge Jennifer Bailey in Miami-Dade County, which has the most foreclosures in Florida, recently set up a system to clear the logjam. She also chaired a state Supreme Court task force last year set up to address the volume of foreclosures in the state’s courts.
Bailey said banks are canceling foreclosure sales every day. They canceled at least 20 yesterday in front of one judge, saying they had to review the affidavits used to seize homes.
The cancellations came as Charlotte, North Carolina-based Bank of America and Detroit-based Ally Financial Inc.’s GMAC Mortgage unit said they were moving to complete pending foreclosures.
Which pretty much tells you the banks still don't have their shit together, because it's impossible to put together the documentation of something they don't own.
The Miami judge managing a backlog of 80,000 foreclosures said it’s “frustrating” that lenders including Bank of America Corp. and JPMorgan Chase & Co. continue to cancel foreclosure auctions.
Circuit Judge Jennifer Bailey in Miami-Dade County, which has the most foreclosures in Florida, recently set up a system to clear the logjam. She also chaired a state Supreme Court task force last year set up to address the volume of foreclosures in the state’s courts.
Bailey said banks are canceling foreclosure sales every day. They canceled at least 20 yesterday in front of one judge, saying they had to review the affidavits used to seize homes.
The cancellations came as Charlotte, North Carolina-based Bank of America and Detroit-based Ally Financial Inc.’s GMAC Mortgage unit said they were moving to complete pending foreclosures.
The Fed is fuelling the catastrophe of fast rising raw material prices
http://www.telegraph.co.uk/finance/comment/jeremy-warner/8090590/The-Fed-is-fuelling-the-catastrophe-of-fast-rising-raw-material-prices.html
It's called inflation and the Federal Reserve and Central banks (help) are the reason it's rising.
Their economic fix is making your meager life unaffordable.
The answer to this question, according to a recent OECD and UN Food and Agriculture Organisation report is a definitive no; global agricultural production is on track to satisfy the expected long-term increase in demand, the OECD reckons.
Yet it's little thanks to public policy, which in combination with the current craze among financial speculators for commodities, seems hell bent on driving up prices to what for millions of the world's poor may be starvation levels.
It's called inflation and the Federal Reserve and Central banks (help) are the reason it's rising.
Their economic fix is making your meager life unaffordable.
The answer to this question, according to a recent OECD and UN Food and Agriculture Organisation report is a definitive no; global agricultural production is on track to satisfy the expected long-term increase in demand, the OECD reckons.
Yet it's little thanks to public policy, which in combination with the current craze among financial speculators for commodities, seems hell bent on driving up prices to what for millions of the world's poor may be starvation levels.
Reggie Middleton with Max Keiser on the Keiser Report Discussing Banks, Fraudclosure and Derivative Exposure
http://www.zerohedge.com/article/reggie-middleton-max-keiser-keiser-report-discussing-banks-fraudclosure-and-derivative-expos
Reggie Middleton with the rather animated Max Keiser (the guy actually had a Lloyd Blankfein action figure for waterboarding) on the Keiser Report Discussing Banks, Oligarchs, Fraudclosure & Derivative Exposure. Also included - how Britain is avoiding confrontation with suicide bankers who took down the financial system "for kicks".
Scroll on past the video after you watch it and check out the charts.
Their not hard to understand and are a real eye opener.
On Zero Interest Rates (ZIRP) and How It Is Literally Starving JP Morgan
Even as the Fed tries to reduce the cost of debt capital to damn near zero, bad things are still happening to those this exercise was meant to save. Why??? Because the responsible world wants capital to have a cost, for if it does, it enforces discipline upon those who use it – whether they acknowledge that cost or not (here’s to you Wall Street).
Reggie Middleton with the rather animated Max Keiser (the guy actually had a Lloyd Blankfein action figure for waterboarding) on the Keiser Report Discussing Banks, Oligarchs, Fraudclosure & Derivative Exposure. Also included - how Britain is avoiding confrontation with suicide bankers who took down the financial system "for kicks".
Scroll on past the video after you watch it and check out the charts.
Their not hard to understand and are a real eye opener.
On Zero Interest Rates (ZIRP) and How It Is Literally Starving JP Morgan
Even as the Fed tries to reduce the cost of debt capital to damn near zero, bad things are still happening to those this exercise was meant to save. Why??? Because the responsible world wants capital to have a cost, for if it does, it enforces discipline upon those who use it – whether they acknowledge that cost or not (here’s to you Wall Street).
Cloud computing better protects data, Verizon says
http://www.nextgov.com/nextgov/ng_20101027_1170.php?oref=topstory
The cloud is also storage facility for data.
So now government sensitive information is going to be held by a private server.
This has to be the completion point of the private corporate takeover of the armed services.
MERS couldn't track a loan, and now we're going to allow cloud computing?
Yeah that just really makes alot of sense.
As more federal workers rely on tablet computers and other mobile devices for tasks ranging from transmitting patient records on the battlefield to photographing safety violations at meatpacking plants, the number of data breaches might drop -- if users type in the cloud, Verizon officials said Wednesday.
"As the tablets become more integrated into the network -- the data, the sensitive data is not there to get," said Bernard McMonagle, associate director for Verizon Wireless, referring in an interview to the fact that video, images and files are not stored on a hard drive or memory card.
The cloud is a catchall phrase for off-site data servers, storage facilities and applications that workers access through an Internet connection on a subscription basis rather than using their own physical hardware or software
Many cloud services providers, including Verizon, offer private network connections that also prevent intruders from accessing the data through the Web, Verizon officials told reporters. "We can take that content and put it into our private [network address] so that it stays away from the Internet," said Ken Biery, Verizon's cloud security strategist.
The cloud is also storage facility for data.
So now government sensitive information is going to be held by a private server.
This has to be the completion point of the private corporate takeover of the armed services.
MERS couldn't track a loan, and now we're going to allow cloud computing?
Yeah that just really makes alot of sense.
As more federal workers rely on tablet computers and other mobile devices for tasks ranging from transmitting patient records on the battlefield to photographing safety violations at meatpacking plants, the number of data breaches might drop -- if users type in the cloud, Verizon officials said Wednesday.
"As the tablets become more integrated into the network -- the data, the sensitive data is not there to get," said Bernard McMonagle, associate director for Verizon Wireless, referring in an interview to the fact that video, images and files are not stored on a hard drive or memory card.
The cloud is a catchall phrase for off-site data servers, storage facilities and applications that workers access through an Internet connection on a subscription basis rather than using their own physical hardware or software
Many cloud services providers, including Verizon, offer private network connections that also prevent intruders from accessing the data through the Web, Verizon officials told reporters. "We can take that content and put it into our private [network address] so that it stays away from the Internet," said Ken Biery, Verizon's cloud security strategist.
Official says Army must expedite civilian hiring process
http://www.nextgov.com/nextgov/ng_20101027_8206.php
Remember Obama's civilian work force idea?
Did any of you get the idea that it was supposed to be intertwined into the Military?
If the military is offering more defined career paths and training them, what is the point in hiring a civilian rather than than someone that is already active in the military?
How wide open are we allowing our miltary forces to be infiltrated from the outside?
Because it really doesn't seem like we actually have a military at all now.
The Army needs to hire civilian employees faster, offer more defined career paths and improve training, a top official said during a conference on Wednesday in Washington.
Undersecretary Joseph Westphal, who detailed the new Civilian Workforce Transformation Plan, part of the 2011 Army Business Transformation Plan he approved Oct. 1, said it now takes about 130 days for the service to move on an application for civilian employment, at which point the candidate likely has moved on to other job opportunities. Westphal spoke during a press briefing at the Association of the United States Army conference.
The Army wants to slash the hiring process to 80 days, Westphal said, and plans to use the USA Staffing software the Office of Personnel Management developed to help expedite onboarding. He added the Army, which has more than 300,000 civilian employees, needs to refine the software and other tools to better match applicants and their skills with vacancies
Remember Obama's civilian work force idea?
Did any of you get the idea that it was supposed to be intertwined into the Military?
If the military is offering more defined career paths and training them, what is the point in hiring a civilian rather than than someone that is already active in the military?
How wide open are we allowing our miltary forces to be infiltrated from the outside?
Because it really doesn't seem like we actually have a military at all now.
The Army needs to hire civilian employees faster, offer more defined career paths and improve training, a top official said during a conference on Wednesday in Washington.
Undersecretary Joseph Westphal, who detailed the new Civilian Workforce Transformation Plan, part of the 2011 Army Business Transformation Plan he approved Oct. 1, said it now takes about 130 days for the service to move on an application for civilian employment, at which point the candidate likely has moved on to other job opportunities. Westphal spoke during a press briefing at the Association of the United States Army conference.
The Army wants to slash the hiring process to 80 days, Westphal said, and plans to use the USA Staffing software the Office of Personnel Management developed to help expedite onboarding. He added the Army, which has more than 300,000 civilian employees, needs to refine the software and other tools to better match applicants and their skills with vacancies
OMB eases reporting requirements for financial chiefs
http://www.nextgov.com/nextgov/ng_20101026_4010.php
Here's just one more source of information being taken away, because what their spending, YOU don't need to know.
The Office of Management and Budget will no longer require chief financial officers to update a series of federal databases with information on progress toward many fiscal goals published on a website called FIDO.gov, according to an internal memo Nextgov obtained
The financial management indicators include fund balances with the U.S. Treasury, electronic payments, percentage of invoices paid on time, interest penalties paid, travel card delinquency rates, and monthly summaries.
OMB officials on Tuesday said agency heads are still required to report the same metrics to OMB as part of other, pre-existing annual and monthly filings. But the information will not be available online for the public, industry and other agencies to see.
"By eliminating redundancies, we are streamlining our process to manage finances more efficiently and effectively," OMB spokeswoman Moira Mack sai
Here's just one more source of information being taken away, because what their spending, YOU don't need to know.
The Office of Management and Budget will no longer require chief financial officers to update a series of federal databases with information on progress toward many fiscal goals published on a website called FIDO.gov, according to an internal memo Nextgov obtained
The financial management indicators include fund balances with the U.S. Treasury, electronic payments, percentage of invoices paid on time, interest penalties paid, travel card delinquency rates, and monthly summaries.
OMB officials on Tuesday said agency heads are still required to report the same metrics to OMB as part of other, pre-existing annual and monthly filings. But the information will not be available online for the public, industry and other agencies to see.
"By eliminating redundancies, we are streamlining our process to manage finances more efficiently and effectively," OMB spokeswoman Moira Mack sai
Wednesday, October 27, 2010
workers have suggested leaving severely disabled people at homeless shelters
http://www.charlotteobserver.com/2010/10/27/1791112/ind-parents-told-drop-disabled.html
My heart goes out to these families.
There is no place for them to turn.
INDIANAPOLIS Indiana's budget crunch has become so severe that some state workers have suggested leaving severely disabled people at homeless shelters if they can't be cared for at home, parents and advocates said.
They said workers at Indiana's Bureau of Developmental Disabilities Services have told parents that's one option they have when families can no longer care for children at home and haven't received Medicaid waivers that pay for services that support disabled people living independently
My heart goes out to these families.
There is no place for them to turn.
INDIANAPOLIS Indiana's budget crunch has become so severe that some state workers have suggested leaving severely disabled people at homeless shelters if they can't be cared for at home, parents and advocates said.
They said workers at Indiana's Bureau of Developmental Disabilities Services have told parents that's one option they have when families can no longer care for children at home and haven't received Medicaid waivers that pay for services that support disabled people living independently
A Paralyzed Fed Defers Decision On Monetary Policy To Primary Dealers In An Act That Can Only Be Classified As Treason
http://www.zerohedge.com/article/paralyzed-fed-defers-decision-monetary-policy-primary-dealers
I think it's safe to say the FED has no idea of what it's doing.
The reason being, that it has to ask the investment banks how big QE2 should be and how often they think it should be monitored.
Or maybe they're just taking an order for the next catered event in the "to big to fail" investment banking series.
I seriously guess they are to big, since it looks as though they're are running the show.
Hell they don't even bother to hide it any more.
the New York Fed has issued a survey to Primary Dealers, which asks for suggestions on the size of QE2 as well as the time over which it would be completed. It also asks firms how often they anticipate the Fed will re-evaluate the program, and to estimate its ultimate size. This is nothing short of a stunning indication of three things: i) that the Fed is most likely completely paralyzed due to the escalating confrontation between the Hawks and the Doves, and that not even Bernanke believes has has sufficient clout to prevent what Time magazine has dubbed a potential opening salvo into a chain of events that could lead to civil war: in effect Bernanke will use the PD's decision as a trump card to the Hawks and say the market will plunge unless at least this much money is printed, ii) that the Fed is effectively asking the Primary Dealers to act as underwriters on whatever announcement the Fed will come up with, and thus prop the market, and, most importantly, iii) that the PDs will most likely demand the highest possible amount, using Goldman's $2-4 trillion as a benchmark, and not only frontrun the ultimate issuance knowing full well what the syndicate of 18 will decide in advance of what the final amount will be, but will also ramp stocks on November 3 to make the actual QE announcement seem like a surprise. This also means that the Primary Dealers of America, which include among them such hedge funds as Goldman Sachs, such mortgage frauds as Bank of America, such pathological liars as Wells Fargo, such insolvent foreign banks as Deutsche, RBS, UBS and RBS, and such middle-market excuses for banks as Jefferies, are now in control of US monetary, and as we explain below fiscal, policy.
I think it's safe to say the FED has no idea of what it's doing.
The reason being, that it has to ask the investment banks how big QE2 should be and how often they think it should be monitored.
Or maybe they're just taking an order for the next catered event in the "to big to fail" investment banking series.
I seriously guess they are to big, since it looks as though they're are running the show.
Hell they don't even bother to hide it any more.
the New York Fed has issued a survey to Primary Dealers, which asks for suggestions on the size of QE2 as well as the time over which it would be completed. It also asks firms how often they anticipate the Fed will re-evaluate the program, and to estimate its ultimate size. This is nothing short of a stunning indication of three things: i) that the Fed is most likely completely paralyzed due to the escalating confrontation between the Hawks and the Doves, and that not even Bernanke believes has has sufficient clout to prevent what Time magazine has dubbed a potential opening salvo into a chain of events that could lead to civil war: in effect Bernanke will use the PD's decision as a trump card to the Hawks and say the market will plunge unless at least this much money is printed, ii) that the Fed is effectively asking the Primary Dealers to act as underwriters on whatever announcement the Fed will come up with, and thus prop the market, and, most importantly, iii) that the PDs will most likely demand the highest possible amount, using Goldman's $2-4 trillion as a benchmark, and not only frontrun the ultimate issuance knowing full well what the syndicate of 18 will decide in advance of what the final amount will be, but will also ramp stocks on November 3 to make the actual QE announcement seem like a surprise. This also means that the Primary Dealers of America, which include among them such hedge funds as Goldman Sachs, such mortgage frauds as Bank of America, such pathological liars as Wells Fargo, such insolvent foreign banks as Deutsche, RBS, UBS and RBS, and such middle-market excuses for banks as Jefferies, are now in control of US monetary, and as we explain below fiscal, policy.
Home Lenders May Meet States Over Foreclosures Soon
http://www.bloomberg.com/news/2010-10-27/mortgage-lenders-may-meet-with-states-over-foreclosure-probes-this-week.html
A deal for loan modifications.
I'm not hearing criminal procecution here at all.
The question is:
Why not?
A 50-state task force investigating U.S. foreclosure practices may meet with lenders as early as this week, less than a month after JPMorgan Chase & Co. and Bank of America Corp. suspended some home seizures.
“We’ve had several conference calls with major lenders,” Colorado Attorney General John Suthers said in an interview, declining to specify which ones. “The banks want to sit down with the attorneys general. These meetings are being set up,” said Suthers, whose office is a member of the executive committee of the task force
A deal for loan modifications.
I'm not hearing criminal procecution here at all.
The question is:
Why not?
A 50-state task force investigating U.S. foreclosure practices may meet with lenders as early as this week, less than a month after JPMorgan Chase & Co. and Bank of America Corp. suspended some home seizures.
“We’ve had several conference calls with major lenders,” Colorado Attorney General John Suthers said in an interview, declining to specify which ones. “The banks want to sit down with the attorneys general. These meetings are being set up,” said Suthers, whose office is a member of the executive committee of the task force
Treasury: Foreclosure woes not systemic threat
http://finance.yahoo.com/news/Treasury-Foreclosure-woes-not-rb-2286295932.html?x=0&sec=topStories&pos=8&asset=&ccode=
I had to laugh that it was a member of the oversight panel that corrected Phyllis, after all she is the chief of Treasury's Homeowner Preservation Office.
And you wonder why are country is swirling down the toilet drain. With people like Phyllis running the show, we don't stand a chance of survival.
The U.S. Treasury does not see a systemic financial threat from the risk that banks will be forced to buy back mortgage securities due to faulty foreclosure documents, a senior Treasury official said on Wednesday.
A member of the Congressional Oversight Panel, Damon Silvers, objected to Treasury's benign view of the threat, citing a demand by eight large investors, including the Federal Reserve Bank of New York, that Bank of America (NYSE:BAC - News) take back some $47 billion in mortgage bonds because of mishandled mortgages backing them.
According to Fed estimates, Bank of America would likely have to book a $23 billion loss on the securities if forced to buy them back, Silvers said.
"Five such requests, if honored, to Bank of America will amount to more than the current market capitalization of Bank of America, which is now $115 billion," Silvers told Caldwell.
"Now, do you wish to retract your statement that there is no systemic risk in this situation? And the word is risk -- not certainty -- but risk," he added. "I would urge you to do so because these things can become embarrassing later."
I had to laugh that it was a member of the oversight panel that corrected Phyllis, after all she is the chief of Treasury's Homeowner Preservation Office.
And you wonder why are country is swirling down the toilet drain. With people like Phyllis running the show, we don't stand a chance of survival.
The U.S. Treasury does not see a systemic financial threat from the risk that banks will be forced to buy back mortgage securities due to faulty foreclosure documents, a senior Treasury official said on Wednesday.
A member of the Congressional Oversight Panel, Damon Silvers, objected to Treasury's benign view of the threat, citing a demand by eight large investors, including the Federal Reserve Bank of New York, that Bank of America (NYSE:BAC - News) take back some $47 billion in mortgage bonds because of mishandled mortgages backing them.
According to Fed estimates, Bank of America would likely have to book a $23 billion loss on the securities if forced to buy them back, Silvers said.
"Five such requests, if honored, to Bank of America will amount to more than the current market capitalization of Bank of America, which is now $115 billion," Silvers told Caldwell.
"Now, do you wish to retract your statement that there is no systemic risk in this situation? And the word is risk -- not certainty -- but risk," he added. "I would urge you to do so because these things can become embarrassing later."
TARP surprise
http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/tarp-surprise-cq-roll-call-washington-post-and-atf--receive-taxpayer-bailout-funds-105724263.html
Lol Ok I understand the newspaper subscription.
Lets face it the OFS (Office of Financial Stability) probably had a lot of spare time on their hands. Let face it they knew where the TARP money was going before they ever got it, straight to the top, of the elite banks.
And you didn't think the buddy system worked lol.
The ATF expenditure seems to say all by itself, that the OFS was a tad worried about how America felt about being screwed by their own government and wanted to stay on top of developments that might be forth coming because of that reaction.
For instance, an “interagency agreement” provided two separate payments, one of $243,740, another of $63,248, for detailees from the Bureau of Alcohol Tobacco and Firearms (though why the Office of Financial Stability required ATF services is unclear, but one can assume a certain expertise in financial flows).
Lol Ok I understand the newspaper subscription.
Lets face it the OFS (Office of Financial Stability) probably had a lot of spare time on their hands. Let face it they knew where the TARP money was going before they ever got it, straight to the top, of the elite banks.
And you didn't think the buddy system worked lol.
The ATF expenditure seems to say all by itself, that the OFS was a tad worried about how America felt about being screwed by their own government and wanted to stay on top of developments that might be forth coming because of that reaction.
For instance, an “interagency agreement” provided two separate payments, one of $243,740, another of $63,248, for detailees from the Bureau of Alcohol Tobacco and Firearms (though why the Office of Financial Stability required ATF services is unclear, but one can assume a certain expertise in financial flows).
Crooks stealing consumable goods: beer, food
http://www.nbc12.com/Global/story.asp?S=13384771
Just wait until QE2 hits.
Stealing food will become a national trend.
A crime alert in Chesterfield, where robbers want your food and beer -- and will use violence to get them. Right now police are handling 16 investigations in which crooks snatched edible goods from homes, cars and people on the street.
Violence over beer and corner store snacks. Charles Harris can't believe it's happening.
"What do you think if someone held you up for this stuff [Cheetos and Diet Coke]? They could have it really quick. That I would not have a problem with. I would not stop someone if they came up and said to me they wanted what was in this bag. They could have it," Charles said.
His daily routine of Cheetos and diet soda isn't worth risking his life.
"I'm amazed at what people will do with a gun for anything nowadays," he said.
16 times in the last 25 days of October criminals have scoured fridges, cabinets, even concession stands. And so far this month crooks have snatched consumable goods out of two cars. They went looking for money and technology but took anything they could get their hands on including food and drinks.
"People are poor and hungry," said shopper Jason Miles.
Just wait until QE2 hits.
Stealing food will become a national trend.
A crime alert in Chesterfield, where robbers want your food and beer -- and will use violence to get them. Right now police are handling 16 investigations in which crooks snatched edible goods from homes, cars and people on the street.
Violence over beer and corner store snacks. Charles Harris can't believe it's happening.
"What do you think if someone held you up for this stuff [Cheetos and Diet Coke]? They could have it really quick. That I would not have a problem with. I would not stop someone if they came up and said to me they wanted what was in this bag. They could have it," Charles said.
His daily routine of Cheetos and diet soda isn't worth risking his life.
"I'm amazed at what people will do with a gun for anything nowadays," he said.
16 times in the last 25 days of October criminals have scoured fridges, cabinets, even concession stands. And so far this month crooks have snatched consumable goods out of two cars. They went looking for money and technology but took anything they could get their hands on including food and drinks.
"People are poor and hungry," said shopper Jason Miles.
World Series may be blacked out for Cablevision viewers
http://www.bbc.co.uk/news/business-11634670
And the comedic control of corporate America goes on., while the rest of us are just supposed to suffer.
Mass viewing of the World Series is being held hostage over a monitary dispute.
What used to be the right of all has now been singled down to one.
And they will do what they want, just because they can.
America where is your outrage?
It could be the Super Bowl next!
Think about it.
A dispute between US cable TV firm Cablevision and pay-TV outfit Fox may deprive Cablevision's customers of coverage of baseball's World Series.
Cablevision's 3m subscribers may not see the San Francisco Giants v Texas Rangers tie, which starts on Wednesday.
The firms disagree on how much New York-based Cablevision should pay to carry Fox on its cable network.
Fox, which owns the baseball final rights, has now been off-air to Cablevision viewers for 11 days.
And the comedic control of corporate America goes on., while the rest of us are just supposed to suffer.
Mass viewing of the World Series is being held hostage over a monitary dispute.
What used to be the right of all has now been singled down to one.
And they will do what they want, just because they can.
America where is your outrage?
It could be the Super Bowl next!
Think about it.
A dispute between US cable TV firm Cablevision and pay-TV outfit Fox may deprive Cablevision's customers of coverage of baseball's World Series.
Cablevision's 3m subscribers may not see the San Francisco Giants v Texas Rangers tie, which starts on Wednesday.
The firms disagree on how much New York-based Cablevision should pay to carry Fox on its cable network.
Fox, which owns the baseball final rights, has now been off-air to Cablevision viewers for 11 days.
Rare earth minerals shortage feared by US and EU
http://www.bbc.co.uk/news/business-11633929
Well what is now considered to be the base, of what's left of the manufacturing industry, in the US is about to go into a death spiral.
Japan is not mentioned but they're hit pretty hard as well.
The US and the EU have warned that a shortage of rare earth metals from China could harm their economies.
Officials and industrialists in Washington and Berlin said a lack of the minerals, 90% of which come from China, would have severe repercussions.
The metals are essential for making many hi-tech products and some are used by the US weapons industry.
Well what is now considered to be the base, of what's left of the manufacturing industry, in the US is about to go into a death spiral.
Japan is not mentioned but they're hit pretty hard as well.
Used for green technology, such as battery-charged cars and wind turbines; in laptops, flat-screen TVs and mobile phones; for lasers; and for medical equipment, such as MRI scans as well as parts for smart bombs, and parts of airplanes
The US and the EU have warned that a shortage of rare earth metals from China could harm their economies.
Officials and industrialists in Washington and Berlin said a lack of the minerals, 90% of which come from China, would have severe repercussions.
The metals are essential for making many hi-tech products and some are used by the US weapons industry.
IRS Funding A Target In Health-Care Battle.
http://online.wsj.com/article/SB10001424052702303341904575576094070516942.html?mod=WSJ_hpp_sections_smallbusiness
What they won't stop though is the outsourcing of the job.
If the investment banks subsidiaries can now collect your State or Local taxes, can you see over this financial dilemma to fund the IRS an opportunity for them to slip right in?
Now think of the mess they've made with property registration and foreclosure irregularities.
Funding for the Internal Revenue Service could become a battleground in the next Congress as Republicans seek to halt implementation of the new health-care law.
GOP candidates are running on a pledge to repeal that law. But some repeal advocates say a strategy of choking off funding to the IRS and federal health agencies is more politically viable.
."Repeal is not within the set of possible outcomes while President Obama holds his veto pen. However, a defunding strategy could throw sand in the gears of health care and bring it to a near standstill," said Michael Cannon, director of health policy studies at the libertarian Cato Institute.
Some Republican members of the House of Representatives have already made clear their intention to target IRS funding. "We have the power of the purse," Rep. Phil Gingrey (R., Ga.) said during a CNN appearance last month.
"Every one of these agencies involved in implementing this new law will need $5 billion to $10 billion of appropriations. We can stop that and we can certainly stop the IRS from hiring," said Mr. Gingrey.
What they won't stop though is the outsourcing of the job.
If the investment banks subsidiaries can now collect your State or Local taxes, can you see over this financial dilemma to fund the IRS an opportunity for them to slip right in?
Now think of the mess they've made with property registration and foreclosure irregularities.
Funding for the Internal Revenue Service could become a battleground in the next Congress as Republicans seek to halt implementation of the new health-care law.
GOP candidates are running on a pledge to repeal that law. But some repeal advocates say a strategy of choking off funding to the IRS and federal health agencies is more politically viable.
."Repeal is not within the set of possible outcomes while President Obama holds his veto pen. However, a defunding strategy could throw sand in the gears of health care and bring it to a near standstill," said Michael Cannon, director of health policy studies at the libertarian Cato Institute.
Some Republican members of the House of Representatives have already made clear their intention to target IRS funding. "We have the power of the purse," Rep. Phil Gingrey (R., Ga.) said during a CNN appearance last month.
"Every one of these agencies involved in implementing this new law will need $5 billion to $10 billion of appropriations. We can stop that and we can certainly stop the IRS from hiring," said Mr. Gingrey.
Tuesday, October 26, 2010
US veteran who killed unarmed Iraqis wins Tea Party support
http://www.guardian.co.uk/world/2010/oct/26/us-veteran-killed-iraqis-tea-party
This war hero worked for Goldman Sachs.
They enjoy premeditated thrill killing to.
Riddle me this
Why on earth would the Tea party want another Goldman Sachs operative in office? Or do they even know?
The dude is a justified sociopath
The basic facts are undisputed: on 15 April 2004 Ilario Pantano, then a second lieutenant with the US marines, stopped and detained two Iraqi men in a car near Falluja. The Iraqis were unarmed and the car found to be empty of weapons.
Pantano ordered the two men to search the car for a second time and then, with no other US soldiers in view, unloaded a magazine of his M16A4 automatic rifle into them, before reloading and blasting a second magazine at them – some 60 rounds in total.
Over the corpses, he left a placard inscribed with the marine motto: "No better friend, No worse enemy."
With the help of the right-wing Tea Party movement, and with the benefit of his image as a war hero acquired from what happened on that fateful day in 2004, he has raised almost $1m (£630,000) in donations and is now level-pegging with his Democratic opponent, Mike McIntyre.
Pantano is one of the new breed of hardline Republicans thrown up by the turmoil of the economic meltdown and the ensuing Tea Party explosion. He served in the first Gulf war, then worked for Goldman Sachs before rejoining the marines days after the 9/11 attacks.
This war hero worked for Goldman Sachs.
They enjoy premeditated thrill killing to.
Riddle me this
Why on earth would the Tea party want another Goldman Sachs operative in office? Or do they even know?
The dude is a justified sociopath
The basic facts are undisputed: on 15 April 2004 Ilario Pantano, then a second lieutenant with the US marines, stopped and detained two Iraqi men in a car near Falluja. The Iraqis were unarmed and the car found to be empty of weapons.
Pantano ordered the two men to search the car for a second time and then, with no other US soldiers in view, unloaded a magazine of his M16A4 automatic rifle into them, before reloading and blasting a second magazine at them – some 60 rounds in total.
Over the corpses, he left a placard inscribed with the marine motto: "No better friend, No worse enemy."
With the help of the right-wing Tea Party movement, and with the benefit of his image as a war hero acquired from what happened on that fateful day in 2004, he has raised almost $1m (£630,000) in donations and is now level-pegging with his Democratic opponent, Mike McIntyre.
Pantano is one of the new breed of hardline Republicans thrown up by the turmoil of the economic meltdown and the ensuing Tea Party explosion. He served in the first Gulf war, then worked for Goldman Sachs before rejoining the marines days after the 9/11 attacks.
A Quick Glance At Real World Inflation
http://www.zerohedge.com/article/quick-glance-real-world-inflation
QE2 is next week,
What Casey's chart is showing you is how much food prices have jumped from the other bailouts that Big Ben has dumped into the system.
QE2 make those look like a joke.
The price of food has gone up 48% in the last year.
Now think of a single parent trying to manage this rise, unless their a brain surgeon, they're hurtin bad.
QE2 will pretty much do them in.
The Casey Report provides a useful glance at the real inflation currently ravaging items that are actually purchased by Americans, not those captured by the Fed's BLS statistics: "On average, our basic food costs have increased by an incredible 48% over the last year (measured by wheat, corn, oats, and canola prices). From the price at the pump to heating your stove, energy costs are up 23% on average (heating oil, gasoline, natural gas). A little protein at dinner is now 39% higher (beef and pork), and your morning cup of coffee with a little sugar has risen by 36% since last October." Of course, the ongoing deflation in items purchases requiring leverage will continue to skew the CPI so far south to make all those who bought 5 Year TIPS yesterday at negative yields end up losing money on the transaction.
Chart of the Week: Inflation in the Real World, by Jake Webber of Casey Report
QE2 is next week,
What Casey's chart is showing you is how much food prices have jumped from the other bailouts that Big Ben has dumped into the system.
QE2 make those look like a joke.
The price of food has gone up 48% in the last year.
Now think of a single parent trying to manage this rise, unless their a brain surgeon, they're hurtin bad.
QE2 will pretty much do them in.
The Casey Report provides a useful glance at the real inflation currently ravaging items that are actually purchased by Americans, not those captured by the Fed's BLS statistics: "On average, our basic food costs have increased by an incredible 48% over the last year (measured by wheat, corn, oats, and canola prices). From the price at the pump to heating your stove, energy costs are up 23% on average (heating oil, gasoline, natural gas). A little protein at dinner is now 39% higher (beef and pork), and your morning cup of coffee with a little sugar has risen by 36% since last October." Of course, the ongoing deflation in items purchases requiring leverage will continue to skew the CPI so far south to make all those who bought 5 Year TIPS yesterday at negative yields end up losing money on the transaction.
Chart of the Week: Inflation in the Real World, by Jake Webber of Casey Report
Death Toll Rising After Tsunami Hits Indonesia
http://www.nytimes.com/2010/10/27/world/asia/27indo.html?_r=1&hp
I saw this yesterday and never did a follow up.
Both watches had been canceled, I thought it was over
Apparently it was not.
David Walsh, an oceanographer at the Pacific Tsunami Warning Center in Hawaii, said the center issued a "local tsunami watch" seven minutes after the earthquake occurred, but said that a "destructive widespread threat" did not exist. The warning was canceled several hours later.
Mr. Walsh said that the watch bulletin was conveyed to the Indonesian government, which issued its own watch but canceled it even earlier than the center did. He said that no bulletin would have spared residents of the Mentawais, who were within about 100 kilometers of the quake epicenter. The tsunami would have hit them within minutes, he said.
I saw this yesterday and never did a follow up.
Both watches had been canceled, I thought it was over
Apparently it was not.
David Walsh, an oceanographer at the Pacific Tsunami Warning Center in Hawaii, said the center issued a "local tsunami watch" seven minutes after the earthquake occurred, but said that a "destructive widespread threat" did not exist. The warning was canceled several hours later.
Mr. Walsh said that the watch bulletin was conveyed to the Indonesian government, which issued its own watch but canceled it even earlier than the center did. He said that no bulletin would have spared residents of the Mentawais, who were within about 100 kilometers of the quake epicenter. The tsunami would have hit them within minutes, he said.
For your dining pleasure
http://www.businessinsider.com/shark-body-inside-humphrey-simmons-2010-10
Gross!
Humphrey Simmons, a Bahamian portfolio manager, often tells the story about the shark he caught last month.
On the island, Nassau, Simmons' shark is known as "the shark," because it's the one that had a body inside of it.
Gross!
Humphrey Simmons, a Bahamian portfolio manager, often tells the story about the shark he caught last month.
On the island, Nassau, Simmons' shark is known as "the shark," because it's the one that had a body inside of it.
City drowning in rubbish: 10,000 TONS of waste pile up on streets of Marseilles
http://www.dailymail.co.uk/news/worldnews/article-1323500/France-strikes-10-000-TONS-waste-pile-streets-Marseilles.html
I believe France is taking back their country.
These hardships are intended.
The "People" of France are speaking in unison as one voice.
It's called solidarity!
And they are being heard.
The world is watching and taking lessons.
Stay strong France and show the world how they to can take their country back simply by shutting it down.
Nearly 10,000 tons of rubbish has piled up in the streets of Marseilles as French strikes and blockades continued.
All of the country's 12 oil refineries remained closed today after nearly two weeks of industrial action which is costing the country up to £350 million a day.
During the disruption French President Nicolas Sarkozy's opinion poll ratings have collapsed and he is now the least popular leader in the history of the Fifth Republic
I believe France is taking back their country.
These hardships are intended.
The "People" of France are speaking in unison as one voice.
It's called solidarity!
And they are being heard.
The world is watching and taking lessons.
Stay strong France and show the world how they to can take their country back simply by shutting it down.
Nearly 10,000 tons of rubbish has piled up in the streets of Marseilles as French strikes and blockades continued.
All of the country's 12 oil refineries remained closed today after nearly two weeks of industrial action which is costing the country up to £350 million a day.
During the disruption French President Nicolas Sarkozy's opinion poll ratings have collapsed and he is now the least popular leader in the history of the Fifth Republic
Washinton's blog: How did the Banks get away with pledging mortgages to multiple buyers
http://www.washingtonsblog.com/
It looks pretty cut and dry to me.
Thanks for the clarification points, George.
I wonder is it possible for you to send this blog to the government?
They apparently can't find a problem.
But then again, I'm pretty sure they're not really looking.
Prior to FAS [i.e. Financial Accounting Standards] 166/167, a defaulted loan might sit in a FNM/FRE pool for up to a year before the default was removed from the trust. The issuer would then place a new loan into the pool or “substitute” for the old loan. No purchase event was booked. The investor would never know. In fact, the issuer would keep paying interest on the original principal amount in those days. Now under FAS 166/167, the issuer must immediately repurchase the defaulted loan and take the loss less estimated recovery. That is why the pace picked up this year when it comes to repurchase demands.
You should refer your dubious and very naive friends to the case of National Bank of Keystone, WV. One of the worst failures per $ of assets in FDIC history. The management hid a Ponzi scheme in the loan servicing area for five years. Paid interest to investors with their own principal. Two auditors missed the fraud and later were sued by the FDIC acting as receiver for the dead bank. And this was a small operation. The big five are an even worse mess. Remember, when the seller of a loan and the servicer are the same, anything can happen. And it usually does.
Professor Black told me:
Double pledges (as they're typically called, though one could pledge multiple times) are a well known fraud device. It is correct that one of the key purposes of adopting Article 9 of the Uniform Commercial Code (UCC) was to reduce the risk and frequency of this form of fraud. So, double pledges in the modern era require both (A) fraud (on the part of the borrower or purchaser) and incompetence, indifference, or corruption on the part of the original secured lender or their agents if the borrower is the fraudster or the purchasers if they are the fraudsters.
The two potential sources of fraud: A fraudulent borrower could pledge the same home as security for multiple mortgage loans. Title checks, by the lender/title insurer are so easy to conduct and so vital to protect the lender that this form of fraud is vanishingly rare. Alternatively, and far more likely, the lender could sell the mortgage to multiple buyers. Those buyers could have far lower incentives to check on prior pledges and less ability to check for prior pledges. The entity selling a loan to multiple parties (A) has a compelling incentive to hide the prior pledge(s), (B) is financially sophisticated, and
therefore more capable of deception than a homeowner, and (C) can pick who to make the multiple sales to -- allowing them to select the most vulnerable targets for fraud.
It looks pretty cut and dry to me.
Thanks for the clarification points, George.
I wonder is it possible for you to send this blog to the government?
They apparently can't find a problem.
But then again, I'm pretty sure they're not really looking.
I've repeatedly documented that mortgages were pledged multiple times to different buyers. See this, this and this.Chris Whalen told me:
In response, some people (including one of the country's top bankruptcy lawyers) have told me they don't buy it.
So I wrote to some of the leading experts on mortgage fraud - L. Randall Wray (economics professor), Christopher Whalen (banking expert with Institutional Risk Analytics), and William K. Black (professor of economics and law, and the senior regulator during the S & L crisis) - to seek their insight.
Prior to FAS [i.e. Financial Accounting Standards] 166/167, a defaulted loan might sit in a FNM/FRE pool for up to a year before the default was removed from the trust. The issuer would then place a new loan into the pool or “substitute” for the old loan. No purchase event was booked. The investor would never know. In fact, the issuer would keep paying interest on the original principal amount in those days. Now under FAS 166/167, the issuer must immediately repurchase the defaulted loan and take the loss less estimated recovery. That is why the pace picked up this year when it comes to repurchase demands.
You should refer your dubious and very naive friends to the case of National Bank of Keystone, WV. One of the worst failures per $ of assets in FDIC history. The management hid a Ponzi scheme in the loan servicing area for five years. Paid interest to investors with their own principal. Two auditors missed the fraud and later were sued by the FDIC acting as receiver for the dead bank. And this was a small operation. The big five are an even worse mess. Remember, when the seller of a loan and the servicer are the same, anything can happen. And it usually does.
Professor Black told me:
Double pledges (as they're typically called, though one could pledge multiple times) are a well known fraud device. It is correct that one of the key purposes of adopting Article 9 of the Uniform Commercial Code (UCC) was to reduce the risk and frequency of this form of fraud. So, double pledges in the modern era require both (A) fraud (on the part of the borrower or purchaser) and incompetence, indifference, or corruption on the part of the original secured lender or their agents if the borrower is the fraudster or the purchasers if they are the fraudsters.
The two potential sources of fraud: A fraudulent borrower could pledge the same home as security for multiple mortgage loans. Title checks, by the lender/title insurer are so easy to conduct and so vital to protect the lender that this form of fraud is vanishingly rare. Alternatively, and far more likely, the lender could sell the mortgage to multiple buyers. Those buyers could have far lower incentives to check on prior pledges and less ability to check for prior pledges. The entity selling a loan to multiple parties (A) has a compelling incentive to hide the prior pledge(s), (B) is financially sophisticated, and
therefore more capable of deception than a homeowner, and (C) can pick who to make the multiple sales to -- allowing them to select the most vulnerable targets for fraud.
"The Abuse of Entrusted Power for Private Gain"
http://www.zerohedge.com/article/abuse-entrusted-power-private-gain
Too cool,
Check the graphics lol
This morning American's will wake up to learn that Transparency International no longer thinks the United States deserves to be included in the top 20 least corrupt countries in the group's Corruption Perceptions Index.
Globally, we are now ranked number 22, just behind Chile which is ranked number 21. Among our peers in the Americas, we are ranked fourth behind Canada, Barbados and Chile, in that order. Just behind us are Uruguay, Puerto Rico, Costa Rica, Dominica, Brazil and Cuba, which is in tenth place (not too shabby).
This is the lowest score the US has ever scored in the index. It is apparently attributable in good part to the loss of public confidence in public institutions caused by the financial crisis as well as the flood of corporate campaign spending enabled by decisions of our beloved Supreme Court.
We may not be at the bottom next to Somalia and Myanmar, but we are clearly not at the top next to Denmark and New Zealand. Does 22nd place empower Tim Geithner to fly around Asia lecturing everyone else on the piety of the American system? I can tell you what they think out here
Too cool,
Check the graphics lol
This morning American's will wake up to learn that Transparency International no longer thinks the United States deserves to be included in the top 20 least corrupt countries in the group's Corruption Perceptions Index.
Globally, we are now ranked number 22, just behind Chile which is ranked number 21. Among our peers in the Americas, we are ranked fourth behind Canada, Barbados and Chile, in that order. Just behind us are Uruguay, Puerto Rico, Costa Rica, Dominica, Brazil and Cuba, which is in tenth place (not too shabby).
This is the lowest score the US has ever scored in the index. It is apparently attributable in good part to the loss of public confidence in public institutions caused by the financial crisis as well as the flood of corporate campaign spending enabled by decisions of our beloved Supreme Court.
We may not be at the bottom next to Somalia and Myanmar, but we are clearly not at the top next to Denmark and New Zealand. Does 22nd place empower Tim Geithner to fly around Asia lecturing everyone else on the piety of the American system? I can tell you what they think out here
Fed Distances Itself From Banks, Says Will Not Seek Review Of "Pittman" Even Though It Is Lawsuit Defendant
http://www.zerohedge.com/article/fed-distances-itself-banks-says-will-not-seek-review-pittman-even-though-it-lawsuit-defendan
"Whether justified or not"
How much of a tell is that?
Remember the stipulation Hank Paulson insisted on?
The one that said: He could not be held personally responsible or prosecuted for any of the misactions of the bank bailout, that might come out later.
The Senate agreed to that crap to, without nary a question.
I'm telling you, it's because of that "no child left behind" rule.
And they made sure not to leave Hank behind, now didn't they.
More from Dow Jones:
"Whether justified or not"
How much of a tell is that?
Remember the stipulation Hank Paulson insisted on?
The one that said: He could not be held personally responsible or prosecuted for any of the misactions of the bank bailout, that might come out later.
The Senate agreed to that crap to, without nary a question.
I'm telling you, it's because of that "no child left behind" rule.
And they made sure not to leave Hank behind, now didn't they.
Amusingly, following up on earlier reports that the Clearing House Association (aka the banking oligarchy) will petition the SCOTUS to hide their oh so very secret insolvency which by now everyone knows about, the Fed has decided to amusingly distance itself from the kleptocratic crowd and will not seek court review. In other words, the public's anger when the SCOTUS sides with the bankers will fall squarely upon Lloyd Blankfein et al, and not Ben Bernanke, even though it is the Fed who is the defendant in the Pittman lawsuit. This is just plain ridiculous. And the reason provided by the banks: why more mutual assured destruction of course: "disclosure of the information threatens to harm the borrowing banks by allowing the public to observe their borrowing patterns during the recent financial crisis and draw inferences--whether justified or not--about their current financial conditions." Here is an inference about their current financial conditions: they are all insolvent. Does that matter? No. Because the only holders of bank stocks now are other banks. It is called a ponzi for a reason after all.
More from Dow Jones:
Richmond Fed: Claimed Good, But....
http://market-ticker.org/akcs-www?post=170333
OMG, Karl just embarrassed the crap out of the Richmond FED.
It's that damned "No Child left behind" rule, I tell you.
Can you see how far up the ladder how that rule is going to affect us?
It quite obvious now, that the Richmond FED should have been left behind.
But no, we had to allow them to be socially promoted
They don't even understand the basics of addition and subtraction.
And now they're running our government.
When they can't even comprehend the math.
We're doomed, to say the least.
I'm pretty sure they were holding the chart upside down when they read it.
It's the only plausible explanation I can think of for the inconsistencies Karl found.
Gee, this is good?
Wait.... the index was +5 .vs. +1 Estimated?
This says declines.
OMG, Karl just embarrassed the crap out of the Richmond FED.
It's that damned "No Child left behind" rule, I tell you.
Can you see how far up the ladder how that rule is going to affect us?
It quite obvious now, that the Richmond FED should have been left behind.
But no, we had to allow them to be socially promoted
They don't even understand the basics of addition and subtraction.
And now they're running our government.
When they can't even comprehend the math.
We're doomed, to say the least.
I'm pretty sure they were holding the chart upside down when they read it.
It's the only plausible explanation I can think of for the inconsistencies Karl found.
Gee, this is good?
Service sector activity declined in October, according to the latest survey by the Federal Reserve Bank of Richmond, although the weakness in several indicators was less severe than a month earlier. Retail sales contraction continued, nearly matching September's drop
Wait.... the index was +5 .vs. +1 Estimated?
This says declines.
Two Sets Of Books: A Felony For Everyone But Timmy
http://market-ticker.org/akcs-www?post=170317
Timmy is like a woman,
He has two sets of dishes
His everyday
And his good china for company.
The problem is book keeping records are not like china.
Anyone who looks must be able to see the everyday transaction
Monthly reports, quarterly reports as well as the yearly reports.
But Timmy is using two sets of books and that's called FRAUD, and it comes with a prison sentence.
Timmy takes no money from the United States.
That's right NO PAYCHECK.
He is not part of a government entity.
So no natural immunity there, can serve as his excuse.
In other words
Timmy's ass should be grass
And deserves a good cutting.
And this dude is running the country WHY?
Found in a 338-page release from SIGTARP (which, incidentally, is about as nasty a piece written about a Treasury Secretary by another government body as I've ever read - and is worth reading, if you can find the time for it) comes the following:
"While SIGTARP offers no opinion on the appropriateness or accuracy of the valuation contained in the Retrospective, we believe that the Retrospective fails to meet basic transparency standards by failing to disclose: (1) that the new lower estimate followed a change in the methodology that Treasury had previously used to calculate expected losses on its AIG investment; and (2) that Treasury would be required by its auditors to use the older, and presumably less favorable, methodology in the official audited financial statements."
Oh really Turbo? Let me put this one in English for you.
In the civilian world it is illegal to present one set of books to your investors, and another to the IRS. That's called tax fraud and, if you're a publicly-traded company, securities fraud. It exposes you to a nice date with Bubba at the Graybar Motel, and it should.
But government does this sort of thing all the time. It also allows firms it controls to do this. Remember the infamous "GM" claims that "it had paid back all of the taxpayer money"? Well sure, technically - but they did so by borrowing other money - from the taxpayers! Only in Government is taking a $20 from your left pocket and putting it in your right pocket "paying off a loan."
In the rest of the world we call this what it is: A scam.
Then there's the view on HAMP. Treasury argues that every single modification (including trials) is a success, making the claim that "every single person who is in a temporary modification is getting a significant benefit."
This is a bald lie. For those who are in temporary modifications but either fall out of
Timmy is like a woman,
He has two sets of dishes
His everyday
And his good china for company.
The problem is book keeping records are not like china.
Anyone who looks must be able to see the everyday transaction
Monthly reports, quarterly reports as well as the yearly reports.
But Timmy is using two sets of books and that's called FRAUD, and it comes with a prison sentence.
Timmy takes no money from the United States.
That's right NO PAYCHECK.
He is not part of a government entity.
So no natural immunity there, can serve as his excuse.
In other words
Timmy's ass should be grass
And deserves a good cutting.
And this dude is running the country WHY?
Found in a 338-page release from SIGTARP (which, incidentally, is about as nasty a piece written about a Treasury Secretary by another government body as I've ever read - and is worth reading, if you can find the time for it) comes the following:
"While SIGTARP offers no opinion on the appropriateness or accuracy of the valuation contained in the Retrospective, we believe that the Retrospective fails to meet basic transparency standards by failing to disclose: (1) that the new lower estimate followed a change in the methodology that Treasury had previously used to calculate expected losses on its AIG investment; and (2) that Treasury would be required by its auditors to use the older, and presumably less favorable, methodology in the official audited financial statements."
Oh really Turbo? Let me put this one in English for you.
In the civilian world it is illegal to present one set of books to your investors, and another to the IRS. That's called tax fraud and, if you're a publicly-traded company, securities fraud. It exposes you to a nice date with Bubba at the Graybar Motel, and it should.
But government does this sort of thing all the time. It also allows firms it controls to do this. Remember the infamous "GM" claims that "it had paid back all of the taxpayer money"? Well sure, technically - but they did so by borrowing other money - from the taxpayers! Only in Government is taking a $20 from your left pocket and putting it in your right pocket "paying off a loan."
In the rest of the world we call this what it is: A scam.
Then there's the view on HAMP. Treasury argues that every single modification (including trials) is a success, making the claim that "every single person who is in a temporary modification is getting a significant benefit."
This is a bald lie. For those who are in temporary modifications but either fall out of
Clearinghouse Appeals Fed Record Order (FOIA)
http://market-ticker.org/
Well, Karl has just broached the 64 thousand dollar question.
Do we still have a Constitutional Republic, or was it disolved in 1933, when the corporation of America went bankrupt?
And do the Federal Reserve, the World Bank, and the IMF hold the legal rights to direct and control this country?
QE2 will destroy what's left of the dollar and cause massive hardship for a majority of the United States citizens, and yet our government, elected by us, to represent us, stays mute and allows the FED total control.
It's time to demand to know the reason WHY?
It's also time to ask what does the FED have to hide!
Because what ever it is they don't want it to see the light of day.
Well, Karl has just broached the 64 thousand dollar question.
Do we still have a Constitutional Republic, or was it disolved in 1933, when the corporation of America went bankrupt?
And do the Federal Reserve, the World Bank, and the IMF hold the legal rights to direct and control this country?
QE2 will destroy what's left of the dollar and cause massive hardship for a majority of the United States citizens, and yet our government, elected by us, to represent us, stays mute and allows the FED total control.
It's time to demand to know the reason WHY?
It's also time to ask what does the FED have to hide!
Because what ever it is they don't want it to see the light of day.
The Federal Reserve must not be allowed to subvert The Constitution, and if we still have a Constitutional Republic, the US Supreme Court will so rule.
Global food crisis forecast as prices reach record highs
http://www.guardian.co.uk/environment/2010/oct/25/impending-global-food-crisis
Harvests are better and the global food stock is better, but our food is going to sky rocket.
Does that make sense to you?
Some things should not be traded "for profit".
Food is one of them.
You can't just walk away, if the cost of food goes to high.
It a basic necessity that no one can do with out, no matter how rich or poor you are.
Like electricity, there should be price controls set.
Speculators have no business being able to drive up the costs of the everyday essential areas that a human needs for basic survival.
Greed is driving this run, that and the dollar's buying power, which is so heavely weighed down by debt, that it buys virtually nothing.
And it will buy even less when the FED releases QE2.
Cost of meat, sugar, rice, wheat and maize soars as World Bank predicts five years of price volatility
However, opinions are sharply divided over whether these prices signal a world food crisis like the one in 2008 that helped cause riots in 25 countries, or simply reflect volatility in global commodity markets as countries claw their way through recession.
"A food crisis on the scale of two or three years ago is not imminent, but the underlying causes [of what happened then] are still there," said Chris Leather, Oxfam's food policy adviser.
"Prices are volatile and there is a lot of nervousness in the market. There are big differences between now and 2008. Harvests are generally better, global food stocks are better
Harvests are better and the global food stock is better, but our food is going to sky rocket.
Does that make sense to you?
Some things should not be traded "for profit".
Food is one of them.
You can't just walk away, if the cost of food goes to high.
It a basic necessity that no one can do with out, no matter how rich or poor you are.
Like electricity, there should be price controls set.
Speculators have no business being able to drive up the costs of the everyday essential areas that a human needs for basic survival.
Greed is driving this run, that and the dollar's buying power, which is so heavely weighed down by debt, that it buys virtually nothing.
And it will buy even less when the FED releases QE2.
Cost of meat, sugar, rice, wheat and maize soars as World Bank predicts five years of price volatility
However, opinions are sharply divided over whether these prices signal a world food crisis like the one in 2008 that helped cause riots in 25 countries, or simply reflect volatility in global commodity markets as countries claw their way through recession.
"A food crisis on the scale of two or three years ago is not imminent, but the underlying causes [of what happened then] are still there," said Chris Leather, Oxfam's food policy adviser.
"Prices are volatile and there is a lot of nervousness in the market. There are big differences between now and 2008. Harvests are generally better, global food stocks are better
Monday, October 25, 2010
The tax vultures have arrived
http://www.bnd.com/2010/10/24/1449554/if-these-taxes-are-not-paid-you.html
They charged her 18% interest on a fixed income.
Her county treasurer gets a donation made.
Here's another one of those things you just can't walk away from.
Investors have no business playing this field.
It's morally wrong.
Ora Leonard, 73, first learned about Dennis Ballinger in July 2009.
That’s when Leonard, a retired nurse, found a note left by an employee of Empire Tax Corp., one of Ballinger’s Decatur-based firms, on the front door of her tidy brick house at 619 Broadway.
In the note, Ballinger warned Leonard that he had bought up her 2005 back property taxes.
They charged her 18% interest on a fixed income.
Her county treasurer gets a donation made.
Here's another one of those things you just can't walk away from.
Investors have no business playing this field.
It's morally wrong.
Ora Leonard, 73, first learned about Dennis Ballinger in July 2009.
That’s when Leonard, a retired nurse, found a note left by an employee of Empire Tax Corp., one of Ballinger’s Decatur-based firms, on the front door of her tidy brick house at 619 Broadway.
In the note, Ballinger warned Leonard that he had bought up her 2005 back property taxes.
Battle for Trafalgar as developers eye Spain's last unspoilt shores
http://www.telegraph.co.uk/news/worldnews/europe/spain/8068192/Battle-for-Trafalgar-as-developers-eye-Spains-last-unspoilt-shores.html
The government is backing the developers.
There is no sense of loyalty for their people or their land.
It's all about the money
The sun is setting over the Atlantic waves on El Palmar beach, casting long shadows of two wetsuit-clad teenagers leaning against their surfboards. But as the light fades on another peaceful day in this remote corner of southern Spain, the Andalucian government and the property developers it backs are hard at work finalising their plans to shake up the region, and build a hotel for 1,300 people.
"The dimensions of the problem are enormous," he said. "Over 80% of the Spanish coast has been developed – either in hotels, apartments, roads or ports.
"And it's not just Spaniards that need to be aware. In the south of England, in Denmark, along the French and Italian coasts – everyone is being fed the myth that building equals tourism equals wealth. It is not true."
More recently, the monstrous Algarobbico hotel – a huge, empty shell leering over the beach near AlmerÃa – still serves as a concrete symbol of the threat to Spain's coasts. The hotel was built in 2003, on the border of the Cabo de Gata natural park, but never opened and was immediately subject to legal wranglings that continue to this day over its proposed demolition. Authorities now say that demolition is technically and physically impossible, owing to the 65,000 cubic metres of concrete which cannot be removed from the hillside
The government is backing the developers.
There is no sense of loyalty for their people or their land.
It's all about the money
The sun is setting over the Atlantic waves on El Palmar beach, casting long shadows of two wetsuit-clad teenagers leaning against their surfboards. But as the light fades on another peaceful day in this remote corner of southern Spain, the Andalucian government and the property developers it backs are hard at work finalising their plans to shake up the region, and build a hotel for 1,300 people.
"The dimensions of the problem are enormous," he said. "Over 80% of the Spanish coast has been developed – either in hotels, apartments, roads or ports.
"And it's not just Spaniards that need to be aware. In the south of England, in Denmark, along the French and Italian coasts – everyone is being fed the myth that building equals tourism equals wealth. It is not true."
More recently, the monstrous Algarobbico hotel – a huge, empty shell leering over the beach near AlmerÃa – still serves as a concrete symbol of the threat to Spain's coasts. The hotel was built in 2003, on the border of the Cabo de Gata natural park, but never opened and was immediately subject to legal wranglings that continue to this day over its proposed demolition. Authorities now say that demolition is technically and physically impossible, owing to the 65,000 cubic metres of concrete which cannot be removed from the hillside
France forced to import electricity
http://www.telegraph.co.uk/news/worldnews/europe/france/8078740/France-forced-to-import-electricity.html
The people don't care about Corporate France, and what's best for them, and why should they? Corporate France doesn't go out of it's way for them.
This is war, and the battle lines have been drawn.
Job outsourcing is not just a particular phenomena of the United States, it's happening all over the world.
Production was cut at four of France's 58 nuclear reactors due to a 10-day rolling strike, while at least another 12 were shut for maintenance.
Work has also stopped at two of France's three liquefied natural gas terminals.
French airlines complained that the strikes had now cost them more than April's Icelandic volcano eruption, a price tag they put at 188 million euros (£167 million). Air France, the national air carrier, said it was losing five million euros (£4.4 million) a day from blockages while the chemical industry said a billion euros (£888 million) in turnover had evaporated since the start of strikes last month.
With all of France's oil refineries out of action and a quarter of its filling stations without fuel, Mr Sarkozy broke his silence to call for an end to the disruption.
"We cannot be the only country in the world where, when there is a reform, a minority wants to block everyone else," he said.
"By taking hostage the economy, companies and the daily lives of French people, we are going to destroy jobs."
Even the entertainment industry was hit, as the pop singer Lady Gaga postponed two concerts in Paris due Friday and Saturday, while the Oscar-winning actor Tim Robbins cancelled a debut tour with his band.
The people don't care about Corporate France, and what's best for them, and why should they? Corporate France doesn't go out of it's way for them.
This is war, and the battle lines have been drawn.
Job outsourcing is not just a particular phenomena of the United States, it's happening all over the world.
Production was cut at four of France's 58 nuclear reactors due to a 10-day rolling strike, while at least another 12 were shut for maintenance.
Work has also stopped at two of France's three liquefied natural gas terminals.
French airlines complained that the strikes had now cost them more than April's Icelandic volcano eruption, a price tag they put at 188 million euros (£167 million). Air France, the national air carrier, said it was losing five million euros (£4.4 million) a day from blockages while the chemical industry said a billion euros (£888 million) in turnover had evaporated since the start of strikes last month.
With all of France's oil refineries out of action and a quarter of its filling stations without fuel, Mr Sarkozy broke his silence to call for an end to the disruption.
"We cannot be the only country in the world where, when there is a reform, a minority wants to block everyone else," he said.
"By taking hostage the economy, companies and the daily lives of French people, we are going to destroy jobs."
Even the entertainment industry was hit, as the pop singer Lady Gaga postponed two concerts in Paris due Friday and Saturday, while the Oscar-winning actor Tim Robbins cancelled a debut tour with his band.
Marseille close to standstill as worst strikes in 15 years cause French chaos
http://www.telegraph.co.uk/news/worldnews/europe/france/8082814/Marseille-close-to-standstill-as-worst-strikes-in-15-years-cause-French-chaos.html
The battle rages on
Week 2 has begun
The cars abandoned along the stretch of motorway leading to Marseille Airport made it look as if the inhabitants of France's second city had fled some terrible disaster.
Their owners had in fact parked as neatly as they could and dragged their suitcases to the terminal on foot to catch flights to holiday destinations and business meetings - the only way to get past the barricades that were thrown up by protesters on Thursday morning.
Marseille has been crippled by strikers. A fleet of huge ships cruises offshore, unable to dock, their lights reflecting against the still waters of the port at night. From the air it looks like a giant game of Battleships.
In the city centre, streets are still piled high with rubbish after the refuse collectors joined dock workers, train drivers, students and airport staff who have brought the city almost to a standstill.
The battle rages on
Week 2 has begun
The cars abandoned along the stretch of motorway leading to Marseille Airport made it look as if the inhabitants of France's second city had fled some terrible disaster.
Their owners had in fact parked as neatly as they could and dragged their suitcases to the terminal on foot to catch flights to holiday destinations and business meetings - the only way to get past the barricades that were thrown up by protesters on Thursday morning.
Marseille has been crippled by strikers. A fleet of huge ships cruises offshore, unable to dock, their lights reflecting against the still waters of the port at night. From the air it looks like a giant game of Battleships.
In the city centre, streets are still piled high with rubbish after the refuse collectors joined dock workers, train drivers, students and airport staff who have brought the city almost to a standstill.
Haiti cholera threat magnified by aid failure
http://www.telegraph.co.uk/news/worldnews/centralamericaandthecaribbean/haiti/8086398/Haiti-cholera-threat-magnified-by-aid-failure.html
It was to early to tell if it's over. I know I couldn't have read that except that I did.
The death toll rises everyday, and the CDC supposedly has been on the site for maybe what 2 days?
The WHO is out of their fucking mind for even approaching that question at this point.
What has happened to the validity of what this organization used to stand for.
I'll tell you.
They lost it totally, when they jumped into bed with Big Pharma, over the H1N1 flu pandemic, in being their shill for the shot.
It's all about money and since there is none in Haiti, the WHO, nor the CDC could be bothered by the Haitians plight.
They could throw their weight around and try to make the H1N1 mandatory, but they couldn't be bothered to make sure Haiti got the help it needed so that this type of epidemic wouldn't start.
Nations are now only recognized for their asset values, and humans are no longer considered valuable.
That fact has been made quite clear from the magnitude of civilian Killing in the Middle East.
The governments attitude on said killings:
Shit happens, Get over it.
The threat posed to Haiti by its cholera outbreak has been magnified by the failure of the United States and other rich countries to deliver billions of pounds in promised reconstruction funding quickly enough, it was claimed yesterday.
Health officials and aid workers in the Caribbean country were yesterday battling to prevent the illness spreading to an estimated 1.3 million people living in "tent cities" around the capital, Port-au-Prince.
Over the past week 259 Haitians have died and 3,342 have been admitted to hospital after being infected by the waterborne disease, which thrives on unsanitary living conditions. Five cases have been confirmed in the capital.
The World Health Organisation said yesterday that it was "too early to tell" if the outbreak was over or could yet exploit the poor sanitation and ramshackle conditions in the tents, which are home to people displaced by a devastating earthquake in January, which killed 300,000 people.
It was to early to tell if it's over. I know I couldn't have read that except that I did.
The death toll rises everyday, and the CDC supposedly has been on the site for maybe what 2 days?
The WHO is out of their fucking mind for even approaching that question at this point.
What has happened to the validity of what this organization used to stand for.
I'll tell you.
They lost it totally, when they jumped into bed with Big Pharma, over the H1N1 flu pandemic, in being their shill for the shot.
It's all about money and since there is none in Haiti, the WHO, nor the CDC could be bothered by the Haitians plight.
They could throw their weight around and try to make the H1N1 mandatory, but they couldn't be bothered to make sure Haiti got the help it needed so that this type of epidemic wouldn't start.
Nations are now only recognized for their asset values, and humans are no longer considered valuable.
That fact has been made quite clear from the magnitude of civilian Killing in the Middle East.
The governments attitude on said killings:
Shit happens, Get over it.
The threat posed to Haiti by its cholera outbreak has been magnified by the failure of the United States and other rich countries to deliver billions of pounds in promised reconstruction funding quickly enough, it was claimed yesterday.
Health officials and aid workers in the Caribbean country were yesterday battling to prevent the illness spreading to an estimated 1.3 million people living in "tent cities" around the capital, Port-au-Prince.
Over the past week 259 Haitians have died and 3,342 have been admitted to hospital after being infected by the waterborne disease, which thrives on unsanitary living conditions. Five cases have been confirmed in the capital.
The World Health Organisation said yesterday that it was "too early to tell" if the outbreak was over or could yet exploit the poor sanitation and ramshackle conditions in the tents, which are home to people displaced by a devastating earthquake in January, which killed 300,000 people.
US to build £8bn super base on Pacific island of Guam
http://www.telegraph.co.uk/news/worldnews/australiaandthepacific/guam/8085749/US-to-build-8bn-super-base-on-Pacific-island-of-Guam.html
Here we go again.
Japan said get ill mannered ass out of here, coz we won't tolerate you any more.
So we're going to go waste Guam.
We have to hold off the Chinese you know.
The expansion will include a dock for a nuclear-powered aircraft carrier, a missile defence system, live-fire training sites and the expansion of the island's airbase. It will be the largest investment in a military base in the western Pacific since the Second World War, and the biggest spend on naval infrastructure in decades.
However, Guam residents fear the build-up could hurt their ecosystem and tourism-dependent economy.
Estimates suggest that the island's population will rise by almost 50 per cent from its current 173,000 at the peak of construction. It will eventually house 19,000 Marines who will be relocated from the Japanese island of Okinawa, where the US force has become unpopular.
The US's Environmental Protection Agency (EPA) has said that this could trigger serious water shortages. The EPA said that dredging the harbour to allow an aircraft carrier to berth would damage 71 acres of pristine coral reefs.
Here we go again.
Japan said get ill mannered ass out of here, coz we won't tolerate you any more.
So we're going to go waste Guam.
We have to hold off the Chinese you know.
The expansion will include a dock for a nuclear-powered aircraft carrier, a missile defence system, live-fire training sites and the expansion of the island's airbase. It will be the largest investment in a military base in the western Pacific since the Second World War, and the biggest spend on naval infrastructure in decades.
However, Guam residents fear the build-up could hurt their ecosystem and tourism-dependent economy.
Estimates suggest that the island's population will rise by almost 50 per cent from its current 173,000 at the peak of construction. It will eventually house 19,000 Marines who will be relocated from the Japanese island of Okinawa, where the US force has become unpopular.
The US's Environmental Protection Agency (EPA) has said that this could trigger serious water shortages. The EPA said that dredging the harbour to allow an aircraft carrier to berth would damage 71 acres of pristine coral reefs.
SIGTARP Calls Out Tim Geithner On Various Violations Including Data Manipulation, Lack Of Transparency, "Cruel" Cynicism, And Gross Incompetence
http://www.zerohedge.com/article/sigtarp-calls-out-tim-geithner-various-violations-including-data-manipulation-cruel-cynicism
Little Timmy got his report card
Lets just say it wasn't up to par
And his conduct grade was even worse
SigTarp Neil Barofsky has just released the most scathing critique of all the idiots in the administration, with a particular soft spot for Tim Geithner.
On the failure of TARP to increase lending:
Little Timmy got his report card
Lets just say it wasn't up to par
And his conduct grade was even worse
SigTarp Neil Barofsky has just released the most scathing critique of all the idiots in the administration, with a particular soft spot for Tim Geithner.
On the failure of TARP to increase lending:
Dylan Ratigan: With Bill Black, Time To BOOM
http://market-ticker.org/akcs-www?post=170265
Bill Black worked the S&L meltdown back in the 80's.
He had over 1 thousand arrests.
He knows what he's talking about.
Where are the arrests.
We have people confessing right and left about the wrong doing.
So why is the government still trying to push it under the rug.
Hey man, the government is actually running the same pattern it ran with Enron.
They investigated that to and then found no wrong doing.
Remember Ken Lay was convicted.
Remember how buddy buddy he was with Bush?
Remember Cheney and all his secret meeting with select CEO's?
Obama just did that remember?
Corporate America advises our government or lobbies them in to submission.
Ken Lay lobbied for 6 years to get the deregulation of utilities.
George Bush helped him make it a reality when he was Governor of TX.
Electricity should never be sold or traded as a "for profit".
It affects peoples lives. Electricity is a necessity, it's not something most people can decide to do without, like a new car or buying a house.
Bill Black worked the S&L meltdown back in the 80's.
He had over 1 thousand arrests.
He knows what he's talking about.
Where are the arrests.
We have people confessing right and left about the wrong doing.
So why is the government still trying to push it under the rug.
Hey man, the government is actually running the same pattern it ran with Enron.
They investigated that to and then found no wrong doing.
Remember Ken Lay was convicted.
Remember how buddy buddy he was with Bush?
Remember Cheney and all his secret meeting with select CEO's?
Obama just did that remember?
Corporate America advises our government or lobbies them in to submission.
Ken Lay lobbied for 6 years to get the deregulation of utilities.
George Bush helped him make it a reality when he was Governor of TX.
Electricity should never be sold or traded as a "for profit".
It affects peoples lives. Electricity is a necessity, it's not something most people can decide to do without, like a new car or buying a house.
Poor America: And this is how you got that way
http://www.cnsnews.com/news/article/debt-has-increased-5-trillion-speaker-pe
Remember when Nancy said this?
Pay as you go, no more putting it on the tab.
Well that's not exactly what happened, is it.
The Senate went out of it's rights of duty, to resurrect the bank bailout, after the House had voted it down.
Not only did they exceed the boundaries of their duty, they also disregarded the voice of "the People".
The banks are once again begging for money, if they don't get it they will die, and even though it's detrimental to the taxpayer, the FED plans on granting their wishes.
People that is our money the FED is using, and what they are using it for is not helping us out.
It's being used to keep the banks afloat.
Well that beast is so dead it stinks.
We cannot keep adding to the deficit, your dollar buys nothing now.
If they add more, it buys less.
When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.
"After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt
Remember when Nancy said this?
Pay as you go, no more putting it on the tab.
Well that's not exactly what happened, is it.
The Senate went out of it's rights of duty, to resurrect the bank bailout, after the House had voted it down.
Not only did they exceed the boundaries of their duty, they also disregarded the voice of "the People".
The banks are once again begging for money, if they don't get it they will die, and even though it's detrimental to the taxpayer, the FED plans on granting their wishes.
People that is our money the FED is using, and what they are using it for is not helping us out.
It's being used to keep the banks afloat.
Well that beast is so dead it stinks.
We cannot keep adding to the deficit, your dollar buys nothing now.
If they add more, it buys less.
When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.
"After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt
New figures detail depth of unemployment misery
http://www.huffingtonpost.com/2010/10/25/income_inequality_statistics_tax_code__n_773392.html
Leave it to David Cay Johnston, to reveal the truth.
For more of the same kind of truth, written very easily to understand,
Read "FREE LUNCH" AND "PERFECTLY LEGAL".
Be warned they will absolutely make you sick, in regards to the social welfare given to Corporation.
Because David spells out some very hard to swallow realities in the "Free Lunch" give aways that are "Perfectly Legal" and well taken advantage of by the corporate elite and their cronies.
One out of every 34 Americans who earned wages in 2008 earned absolutely nothing -- not one cent -- in 2009.
The stunning figure was released earlier this month by the Social Security Administration, but apparently went unreported until it appeared today on Tax.com in a column by Pulitzer Prize-winning tax reporter David Cay Johnston
Leave it to David Cay Johnston, to reveal the truth.
For more of the same kind of truth, written very easily to understand,
Read "FREE LUNCH" AND "PERFECTLY LEGAL".
Be warned they will absolutely make you sick, in regards to the social welfare given to Corporation.
Because David spells out some very hard to swallow realities in the "Free Lunch" give aways that are "Perfectly Legal" and well taken advantage of by the corporate elite and their cronies.
One out of every 34 Americans who earned wages in 2008 earned absolutely nothing -- not one cent -- in 2009.
The stunning figure was released earlier this month by the Social Security Administration, but apparently went unreported until it appeared today on Tax.com in a column by Pulitzer Prize-winning tax reporter David Cay Johnston
Homeless woman lives in public storage unit
http://www.huffingtonpost.com/joel-john-roberts/homeless-woman-lives-in-p_b_772783.html
This is how sad America has become.
The refrigerator is the clue that something is exceptionally wrong. You would think it was purchased at the local Best Buy store and placed in a suburban home, with its spattering of magnets securing family snapshots.
Sarah points out the photos like they are digital trophies of a life lost years ago. Some of the images depict two deceased sons. Others are of beloved family friends. At more than 60 years old, Sarah appears to be a grieving widow. Not too shocking for a person leaning toward the last phase of a long life.
It is the location of the refrigerator, however, that reflects her abysmal life situation. We are standing in a small Public Storage unit in a rough Los Angeles neighborhood.
Sarah is homeless, but manages to use her disability check to rent a tiny space that is supposed to be used for storage for middle-class excess. Instead, it has become a hideaway from the unsafe streets of America's second largest city
This is how sad America has become.
The refrigerator is the clue that something is exceptionally wrong. You would think it was purchased at the local Best Buy store and placed in a suburban home, with its spattering of magnets securing family snapshots.
Sarah points out the photos like they are digital trophies of a life lost years ago. Some of the images depict two deceased sons. Others are of beloved family friends. At more than 60 years old, Sarah appears to be a grieving widow. Not too shocking for a person leaning toward the last phase of a long life.
It is the location of the refrigerator, however, that reflects her abysmal life situation. We are standing in a small Public Storage unit in a rough Los Angeles neighborhood.
Sarah is homeless, but manages to use her disability check to rent a tiny space that is supposed to be used for storage for middle-class excess. Instead, it has become a hideaway from the unsafe streets of America's second largest city
Toxicologist now dealing with at least three autopsies in Gulf — “People who’s esophaguses are dissolving.. these people have oil in their bodies” (VIDEO)
http://blacklistednews.com/Toxicologist-now-dealing-with-at-least-three-autopsies-in-Gulf-%E2%80%94-%E2%80%9CPeople-who%E2%80%99s-esophaguses-are-dissolving..-these-people-have-oil-in-their-bodies%E2%80%9D-%28VIDEO%29/11193/0/6/6/Y/M.html
People the Gulf States are worse off than ever.
The government can ignore it, but the health costs for BP's well thought out decisions in cost cutting, is just as bad if not worse, than the on going environmental disaster that is still being dealt with.
Oh you were under the impression that it was all cleaned up and every thing is fine now?
No that's just MSM not reporting again, because their masters pay them to look the other way.
Riki Ott on the Gulf: “These people have oil in their bodies”, roseaguilar3, October 21, 2010:
(Full video at bottom of post)
Transcript Summary
Worker on Grand Isle dropped over dead.
I am dealing with about 3 or 4 autopsies right now.
I know of people with 4.75% of lung capacity and with an enlarged heart.
I know people who’s esophaguses are dissolving and disintegrating.
All these people have oil in their bodies, upper 95th percentile.
People the Gulf States are worse off than ever.
The government can ignore it, but the health costs for BP's well thought out decisions in cost cutting, is just as bad if not worse, than the on going environmental disaster that is still being dealt with.
Oh you were under the impression that it was all cleaned up and every thing is fine now?
No that's just MSM not reporting again, because their masters pay them to look the other way.
Riki Ott on the Gulf: “These people have oil in their bodies”, roseaguilar3, October 21, 2010:
(Full video at bottom of post)
Transcript Summary
Worker on Grand Isle dropped over dead.
I am dealing with about 3 or 4 autopsies right now.
I know of people with 4.75% of lung capacity and with an enlarged heart.
I know people who’s esophaguses are dissolving and disintegrating.
All these people have oil in their bodies, upper 95th percentile.
SEC questioned Warren Buffett's Berkshire on loss accounting
http://finance.yahoo.com/news/SEC-questioned-Warren-rb-1660839747.html?x=0&sec=topStories&pos=3&asset=&ccode=
The SEC has absolutely no say in Warren's world.
None of the investment elite play by any regulated set of rules and apparently they just don't have to.
The U.S. Securities and Exchange Commission questioned Warren Buffett's Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft (NYSE:KFT - News) and US Bancorp (NYSE:USB - News), but the company insisted its accounting was right
In an April letter, the SEC asked Berkshire why it was not recording write-downs on shares with $1.86 billion in unrealized losses, all of which had been in that position for at least a year.
Given the duration of those losses, the SEC said they appeared to be more than temporary and as such should have been written down.
In a detailed response, Berkshire Chief Financial Officer Marc Hamburg said most of the losses with more than 12 months' duration as of December 31 were concentrated in Kraft and U.S. Bancorp, shares it had acquired in 2006 and 2007.
The SEC has absolutely no say in Warren's world.
None of the investment elite play by any regulated set of rules and apparently they just don't have to.
The U.S. Securities and Exchange Commission questioned Warren Buffett's Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft (NYSE:KFT - News) and US Bancorp (NYSE:USB - News), but the company insisted its accounting was right
In an April letter, the SEC asked Berkshire why it was not recording write-downs on shares with $1.86 billion in unrealized losses, all of which had been in that position for at least a year.
Given the duration of those losses, the SEC said they appeared to be more than temporary and as such should have been written down.
In a detailed response, Berkshire Chief Financial Officer Marc Hamburg said most of the losses with more than 12 months' duration as of December 31 were concentrated in Kraft and U.S. Bancorp, shares it had acquired in 2006 and 2007.
CIA Report: Security Lapses Led to Afghanistan Bombing
http://politics.usnews.com/news/articles/2010/10/25/cia-report-security-lapses-led-to-afghanistan-bombing.html
How is it 9 years after 9/11, the same excuse can still be used for the reason an attack occurred?
Communication is still, after the poring of billions upon billions of dollars into the efforts to advance the technological uses of it, is still failing to make it up to the proper channels to be of any use in saving lives?
Who the hell is running this dog and pony show that this kind of ineptitude still continues to this day?
No documentation as well as management oversight?
Is this a contracted out position?
Dime to a dollar says it is.
And if it is, there can be no doubt about it, that people died directly due to the use of outsourcing by our government to pad the coffers of another Corporate favor fulfilled.
An internal review of the events leading up to the suicide attack against a CIA base in a remote part of Afghanistan last year has revealed a string of security and communications lapses in the weeks before the incident, which took the lives of seven agency employees. The bomber, Humam Khalil Abu-Mulal al-Balawi, was a Jordanian doctor who had convinced his CIA handlers that he could get close to top al Qaeda leaders.
Though al-Balawi had provided truthful and useful information in the past, that story was just a ruse to lull the Americans into a false sense of security. When al-Balawi arrived last year to meet with CIA officers for the first time in person at a remote base near Khost, he was not searched at the gate and proceeded to detonate an explosive vest near a group of officers assembled to greet him. "There wasn't a single point of failure that led to this incident," says a senior counterterrorism official who has read the report.
But in retrospect, some things could have been done differently. Three weeks prior to the attack, for example, a CIA officer in Amman had heard warnings that al-Balawi may be laying a trap, but those suspicions failed to pass far enough up his chain of command, the review found.
The review also confirmed what has long been known inside the CIA: that elementary security precautions, such as searching visitors to the base for weapons and explosives, were not followed. "These missteps occurred because of shortcomings across several agency components in areas including communications, documentation, and management oversight,"
How is it 9 years after 9/11, the same excuse can still be used for the reason an attack occurred?
Communication is still, after the poring of billions upon billions of dollars into the efforts to advance the technological uses of it, is still failing to make it up to the proper channels to be of any use in saving lives?
Who the hell is running this dog and pony show that this kind of ineptitude still continues to this day?
No documentation as well as management oversight?
Is this a contracted out position?
Dime to a dollar says it is.
And if it is, there can be no doubt about it, that people died directly due to the use of outsourcing by our government to pad the coffers of another Corporate favor fulfilled.
An internal review of the events leading up to the suicide attack against a CIA base in a remote part of Afghanistan last year has revealed a string of security and communications lapses in the weeks before the incident, which took the lives of seven agency employees. The bomber, Humam Khalil Abu-Mulal al-Balawi, was a Jordanian doctor who had convinced his CIA handlers that he could get close to top al Qaeda leaders.
Though al-Balawi had provided truthful and useful information in the past, that story was just a ruse to lull the Americans into a false sense of security. When al-Balawi arrived last year to meet with CIA officers for the first time in person at a remote base near Khost, he was not searched at the gate and proceeded to detonate an explosive vest near a group of officers assembled to greet him. "There wasn't a single point of failure that led to this incident," says a senior counterterrorism official who has read the report.
But in retrospect, some things could have been done differently. Three weeks prior to the attack, for example, a CIA officer in Amman had heard warnings that al-Balawi may be laying a trap, but those suspicions failed to pass far enough up his chain of command, the review found.
The review also confirmed what has long been known inside the CIA: that elementary security precautions, such as searching visitors to the base for weapons and explosives, were not followed. "These missteps occurred because of shortcomings across several agency components in areas including communications, documentation, and management oversight,"
New Library Technologies Dispense With Librarians .
http://online.wsj.com/article/SB10001424052702304354104575568592236241242.html?mod=WSJ_hpp_sections_news
The library of tomorrow leaves no option for those who don't own a computer.
If that's the case or your elderly and don't use a computer, your just shit out of luck.
This is so wrong on so many levels that it's obvious NO ONE thought this idea fully through.
HUGO, Minn.—In this suburb of St. Paul, the new library branch has no librarians, no card catalog and no comfortable chairs in which to curl up and read.
This is so wrong on so many levels that it's obvious NO ONE thought this idea fully through.
.Instead, the Library Express is a stack of metal lockers outside city hall. When patrons want a book or DVD, they order it online and pick it up from a digitally locked, glove-compartment- sized cubby a few days later. It's a library as conceived by the Amazon.com generation.
Faced with layoffs and budget cuts, or simply looking for ways to expand their reach, libraries around the country are replacing traditional, full-service institutions with devices and approaches that may be redefining what it means to have a library
The library of tomorrow leaves no option for those who don't own a computer.
If that's the case or your elderly and don't use a computer, your just shit out of luck.
This is so wrong on so many levels that it's obvious NO ONE thought this idea fully through.
HUGO, Minn.—In this suburb of St. Paul, the new library branch has no librarians, no card catalog and no comfortable chairs in which to curl up and read.
This is so wrong on so many levels that it's obvious NO ONE thought this idea fully through.
.Instead, the Library Express is a stack of metal lockers outside city hall. When patrons want a book or DVD, they order it online and pick it up from a digitally locked, glove-compartment- sized cubby a few days later. It's a library as conceived by the Amazon.com generation.
Faced with layoffs and budget cuts, or simply looking for ways to expand their reach, libraries around the country are replacing traditional, full-service institutions with devices and approaches that may be redefining what it means to have a library
Stop the madness
http://market-ticker.org/
People you do have the power to shut the machine down.
All you need to do is use it.
You have the power.
To The States:
During The Depression, States put "hard stop" foreclosure moratoriums on banks and other institutions that were attempting the same sort of thing that is being done now. Florida in fact still has a law on the books that permits the bondholders to petition the court to set up a creditors committee, redirecting all payments through the Court Clerk until issues of standing are resolved. This was put in place in the aftermath of the famous "Swampland" fiascos in this state.
Since land title issues are issues of State Law, the States have the power to put a stop to this crap. They have the power to declare that judicial or not, foreclosures without hard proof of standing and conveyance may not proceed.
Real property - the family home - is the bedrock of American Society
People you do have the power to shut the machine down.
All you need to do is use it.
You have the power.
To The States:
During The Depression, States put "hard stop" foreclosure moratoriums on banks and other institutions that were attempting the same sort of thing that is being done now. Florida in fact still has a law on the books that permits the bondholders to petition the court to set up a creditors committee, redirecting all payments through the Court Clerk until issues of standing are resolved. This was put in place in the aftermath of the famous "Swampland" fiascos in this state.
Since land title issues are issues of State Law, the States have the power to put a stop to this crap. They have the power to declare that judicial or not, foreclosures without hard proof of standing and conveyance may not proceed.
Real property - the family home - is the bedrock of American Society
USDA says food inflation 'to accelerate" into 2011
http://www.marketwatch.com/story/usda-says-food-inflation-to-accelerate-into-2011-2010-10-25-1027230?siteid=yhoof2
Stock up now kids, if you can.
Because after QE2 you won't be able to buy much at all.
Because the buying power of the dollar won't be worth a damned thing.
Food inflation will "accelerate" during the final months of 2010 and into the first six months of 2011, the U.S. Agriculture Department said Monday. "Although inflation has been relatively weak for most of 2009 and 2010, higher food commodity and energy prices are now exerting pressure on wholesale and retail food prices
Stock up now kids, if you can.
Because after QE2 you won't be able to buy much at all.
Because the buying power of the dollar won't be worth a damned thing.
Food inflation will "accelerate" during the final months of 2010 and into the first six months of 2011, the U.S. Agriculture Department said Monday. "Although inflation has been relatively weak for most of 2009 and 2010, higher food commodity and energy prices are now exerting pressure on wholesale and retail food prices
Attorney General McCollum wanted lobbying request kept secret
http://4closurefraud.org/2010/10/24/shhh-attorney-general-mccollum-wanted-lobbying-request-kept-secret/
To allow lobbying is the ultimate loophole in lunacy.
The "bought to be heard crowd" has infiltrated and corrupted the entire political system rendering all takers, as criminally useless for their paid positioning.
When you only have time to hear some that is paying to be heard, you are no longer ethically representing "The People".
Lobbying should be seen for the bribery that it is!
TALLAHASSEE — Barely a week after he lost the Republican primary for governor, Attorney General Bill McCollum sought legal advice on whether he can lobby the governor’s office and Cabinet — the very people he works with now — after he leaves office in January.
The answer: No.
He’ll have to wait two years before he can collect fees to represent private clients before the state government that has employed him the past four years.
McCollum, whose duties as attorney general include upholding Florida’s open government laws, also wanted his request kept secret. He asked the Commission on Ethics not to reveal his name as the person making the inquiry, but the agency did anyway.
McCollum, 66, still has not endorsed Rick Scott, the man who defeated him in the Republican primary. Yet by his request, McCollum is exploring whether he can lobby the next governor.
To allow lobbying is the ultimate loophole in lunacy.
The "bought to be heard crowd" has infiltrated and corrupted the entire political system rendering all takers, as criminally useless for their paid positioning.
When you only have time to hear some that is paying to be heard, you are no longer ethically representing "The People".
Lobbying should be seen for the bribery that it is!
TALLAHASSEE — Barely a week after he lost the Republican primary for governor, Attorney General Bill McCollum sought legal advice on whether he can lobby the governor’s office and Cabinet — the very people he works with now — after he leaves office in January.
The answer: No.
He’ll have to wait two years before he can collect fees to represent private clients before the state government that has employed him the past four years.
McCollum, whose duties as attorney general include upholding Florida’s open government laws, also wanted his request kept secret. He asked the Commission on Ethics not to reveal his name as the person making the inquiry, but the agency did anyway.
McCollum, 66, still has not endorsed Rick Scott, the man who defeated him in the Republican primary. Yet by his request, McCollum is exploring whether he can lobby the next governor.
US Foreclosure Image is 2008 World Press Photo of the Year
http://4closurefraud.org/2010/10/24/4closurefraud-us-foreclosure-image-is-2008-world-press-photo-of-the-year/
US foreclosure image is 2008 World Press Photo
A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday.
Jury members said the strength of the photo by American Anthony Suau for Time magazine was in its opposites — it looks like a classic war photograph, but is simply the eviction of people from a house.
“Now war in its classic sense is coming into people’s houses because they can’t pay their mortgages,” jury chair MaryAnne Golon said.
Fellow juror Akinbode Akinbiyi said: “All over the world people will be thinking: ‘This is what is happening to all of us’
US foreclosure image is 2008 World Press Photo
A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday.
Jury members said the strength of the photo by American Anthony Suau for Time magazine was in its opposites — it looks like a classic war photograph, but is simply the eviction of people from a house.
“Now war in its classic sense is coming into people’s houses because they can’t pay their mortgages,” jury chair MaryAnne Golon said.
Fellow juror Akinbode Akinbiyi said: “All over the world people will be thinking: ‘This is what is happening to all of us’
So Much For Bank Claims That Nothing is Wrong with Foreclosures: 4450 Foreclosures Halted In NYC Due to Inaccuracies
http://www.nakedcapitalism.com/2010/10/so-much-for-bank-claims-that-nothing-is-wrong-with-foreclosures-4450-foreclosures-halted-in-nyc-due-to-inaccuracies.html
Lol please be sure to read the third comment down, it's priceless.
LJR says:
October 24, 2010 at 7:29 pm
Response from a Banker:
After the dramatic multi-state foreclosure halts by three major servicers, GMAC, Bank of America, and JP Morgan, over the use of improper, “robo signed” affidavits, the new party line from these banks and others who also used robo signers, like Wells Fargo, is that this was a mere “technical” problem, that they had reviewed ten of thousands of pending foreclosures and claimed the underlying information and processes were sound.
A review by the New York Daily News indicates otherwise. Note that New York is a judicial foreclosure state. Be sure to read down to the sentence I boldfaced
Lol please be sure to read the third comment down, it's priceless.
LJR says:
October 24, 2010 at 7:29 pm
Response from a Banker:
After the dramatic multi-state foreclosure halts by three major servicers, GMAC, Bank of America, and JP Morgan, over the use of improper, “robo signed” affidavits, the new party line from these banks and others who also used robo signers, like Wells Fargo, is that this was a mere “technical” problem, that they had reviewed ten of thousands of pending foreclosures and claimed the underlying information and processes were sound.
A review by the New York Daily News indicates otherwise. Note that New York is a judicial foreclosure state. Be sure to read down to the sentence I boldfaced
Treasury Shields Citigroup as Deletions Undercut Disclosure
http://www.bloomberg.com/news/2010-10-25/u-s-treasury-shielding-of-citigroup-with-deletions-make-foia-meaningless.html
The cover up of fraud and embezzlement is actually considered and accepted a "Trade Secret" by the Treasury.
What I want to know is:
How long will it be before we see the evidence of vigilante justice being meted out, by the betrayed taxpayers, of the United States?
With every day's new attempt by the various government entities to sugar coat the wide spread racketeering that the investment banks subject this country to, the odds of such an act, are being brought clearly into focus.
It's only a matter of time, and that time, is clearly growing short.
The late Bloomberg News reporter Mark Pittman asked the U.S. Treasury in January 2009 to identify $301 billion of securities owned by Citigroup Inc. that the government had agreed to guarantee. He made the request on the grounds that taxpayers ought to know how their money was being used.
More than 20 months later, after saying at least five times that a response was imminent, Treasury officials responded with 560 pages of printed-out e-mails -- none of which Pittman requested. They were so heavily redacted that most of what’s left are everyday messages such as “Did you just try to call me?” and “Monday will be a busy day!”
None of the documents answers Pittman’s request for “records sufficient to show the names of the relevant securities” or the dates and terms of the guarantees. Even so, the U.S. government considers the collection of e-mails a partial response to an official request under the federal Freedom of Information Act, or FOIA. The Justice Department in July cited an increase in such responses as evidence that “more information is being released” under the law.
The cover up of fraud and embezzlement is actually considered and accepted a "Trade Secret" by the Treasury.
What I want to know is:
How long will it be before we see the evidence of vigilante justice being meted out, by the betrayed taxpayers, of the United States?
With every day's new attempt by the various government entities to sugar coat the wide spread racketeering that the investment banks subject this country to, the odds of such an act, are being brought clearly into focus.
It's only a matter of time, and that time, is clearly growing short.
The late Bloomberg News reporter Mark Pittman asked the U.S. Treasury in January 2009 to identify $301 billion of securities owned by Citigroup Inc. that the government had agreed to guarantee. He made the request on the grounds that taxpayers ought to know how their money was being used.
More than 20 months later, after saying at least five times that a response was imminent, Treasury officials responded with 560 pages of printed-out e-mails -- none of which Pittman requested. They were so heavily redacted that most of what’s left are everyday messages such as “Did you just try to call me?” and “Monday will be a busy day!”
None of the documents answers Pittman’s request for “records sufficient to show the names of the relevant securities” or the dates and terms of the guarantees. Even so, the U.S. government considers the collection of e-mails a partial response to an official request under the federal Freedom of Information Act, or FOIA. The Justice Department in July cited an increase in such responses as evidence that “more information is being released” under the law.
U.S. Housing Subprime Mortgage Market Securitization Debacle, They Knew What They Were Selling
http://www.marketoracle.co.uk/Article23741.html
Gee, I wonder if Ben and Timmy has read this yet?
Even if they haven't do yourself a favor and enlighten yourself.
It's a real easy read, without any bogus misrepresentation of the actual events occurring.
The "three strikes rule" is a mind blower, in how low the investment banks went to satiate their need for greed.
What I can't understand is, that in light of all that has come out, WHY THE HELL SHOULD THE TAXPAYER BE ON THE HOOK TO PAY FOR ANY OF THIS GARBAGE.
FRAUD AND EMBEZZLEMENT DON'T GET PAID FOR, THEY GET PROCECUTED.
At the end of last week's letter on the whole mortgage foreclosure mess, I wrote:
"All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses that will have to be eaten by the large investment banks. We will get into details, but it could create the potential for some banks to have real problems."
Real problems indeed. Seems the Fed, PIMCO, and others are suing Countrywide over this very topic. We will go into detail later in this week's letter, covering the massive fraud involved in the sale of mortgage-backed securities. Frankly, this is scandalous. It is almost too much to contemplate, but I will make an effort.
But first, let me acknowledge the huge
Gee, I wonder if Ben and Timmy has read this yet?
Even if they haven't do yourself a favor and enlighten yourself.
It's a real easy read, without any bogus misrepresentation of the actual events occurring.
The "three strikes rule" is a mind blower, in how low the investment banks went to satiate their need for greed.
What I can't understand is, that in light of all that has come out, WHY THE HELL SHOULD THE TAXPAYER BE ON THE HOOK TO PAY FOR ANY OF THIS GARBAGE.
FRAUD AND EMBEZZLEMENT DON'T GET PAID FOR, THEY GET PROCECUTED.
At the end of last week's letter on the whole mortgage foreclosure mess, I wrote:
"All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses that will have to be eaten by the large investment banks. We will get into details, but it could create the potential for some banks to have real problems."
Real problems indeed. Seems the Fed, PIMCO, and others are suing Countrywide over this very topic. We will go into detail later in this week's letter, covering the massive fraud involved in the sale of mortgage-backed securities. Frankly, this is scandalous. It is almost too much to contemplate, but I will make an effort.
But first, let me acknowledge the huge
Bill Black, Part II: Close The Big Banks. Now.
http://market-ticker.org/akcs-www?post=170208
It's time to prosecute kids.
Your governments failure to even place recognition on the fact that a criminal cabal was running rabid and inflicting the kiss of death on everything they touched just for the sake of more monetary procurement, is a sign that they to made money off the dealings.
So if the elite go down, they go down as well.
Except their position in the crimes holds the distinct classification of treason.
Yep. The usual - "find someone to blame, and do it" game in Washington DC. Meanwhile, make damn sure you steal all the money.
Bill Black argues the same position I do in this regard:
That homeowners would default on the nonprime mortgages was a foregone conclusion throughout the industry -- indeed, it was the desired outcome. This was something the lending side knew, but which few on the borrowing side could have realized.
Exactly. Indeed, what I have said since I started writing the Ticker was that the intent of these fraudulent organizations was to force you to come back in two years or so and refinance again. Not for your benefit, for theirs.
The structure of the deals made this inevitable - and also made it inevitable that this scam could only continue until house prices stopped going up. We know the banks knew this was going to happen, as they were buying CDS against their own deals! That was the essence of the Goldman Abacus case - they knew the underlying loans were bad and didn't disclose it.
Well, we now know for a fact that by 2006 Citibank knew 60% of the loans were bad, and by 2007 80%, and their entire executive suite was aware of it.
That's intent folks, especially when coupled with statements about "dancing while the music is playing."
Uh huh. You weren't dancing, you were looting, and in a just society by now we'd be done with the trial and you'd be swinging.
What to do? We suggest an immediate moratorium on foreclosures and a requirement that all notes be produced by purported holders of mortgages within a reasonable length of time. If they cannot be found, the mortgages -- as well as the securities that pool them -- are no longer valid. That means that the homeowners are not indebted, and that the homes are owned free and clear. And that, dear bankers, is a big, big problem. It is also the law -- without evidence of debt, there is no debtor and no creditor.
Yep. Either show up and prove up your alleged claim, or it doesn't exist. Force the fraud out into the open and force those who committed it to be held to account for it.
The "collateral damage" inflicted by the SDIs is now endangering tens of millions of American families -- most of whom played no role in the speculative euphoria. Almost half of American homeowners are already underwater or on the verge of going under. In short, it was Wall Street that turned our homes over to a financial casino -- and so far virtually all the losses have been suffered on Main Street.
It's time to prosecute kids.
Your governments failure to even place recognition on the fact that a criminal cabal was running rabid and inflicting the kiss of death on everything they touched just for the sake of more monetary procurement, is a sign that they to made money off the dealings.
So if the elite go down, they go down as well.
Except their position in the crimes holds the distinct classification of treason.
Yep. The usual - "find someone to blame, and do it" game in Washington DC. Meanwhile, make damn sure you steal all the money.
Bill Black argues the same position I do in this regard:
That homeowners would default on the nonprime mortgages was a foregone conclusion throughout the industry -- indeed, it was the desired outcome. This was something the lending side knew, but which few on the borrowing side could have realized.
Exactly. Indeed, what I have said since I started writing the Ticker was that the intent of these fraudulent organizations was to force you to come back in two years or so and refinance again. Not for your benefit, for theirs.
The structure of the deals made this inevitable - and also made it inevitable that this scam could only continue until house prices stopped going up. We know the banks knew this was going to happen, as they were buying CDS against their own deals! That was the essence of the Goldman Abacus case - they knew the underlying loans were bad and didn't disclose it.
Well, we now know for a fact that by 2006 Citibank knew 60% of the loans were bad, and by 2007 80%, and their entire executive suite was aware of it.
That's intent folks, especially when coupled with statements about "dancing while the music is playing."
Uh huh. You weren't dancing, you were looting, and in a just society by now we'd be done with the trial and you'd be swinging.
What to do? We suggest an immediate moratorium on foreclosures and a requirement that all notes be produced by purported holders of mortgages within a reasonable length of time. If they cannot be found, the mortgages -- as well as the securities that pool them -- are no longer valid. That means that the homeowners are not indebted, and that the homes are owned free and clear. And that, dear bankers, is a big, big problem. It is also the law -- without evidence of debt, there is no debtor and no creditor.
Yep. Either show up and prove up your alleged claim, or it doesn't exist. Force the fraud out into the open and force those who committed it to be held to account for it.
The "collateral damage" inflicted by the SDIs is now endangering tens of millions of American families -- most of whom played no role in the speculative euphoria. Almost half of American homeowners are already underwater or on the verge of going under. In short, it was Wall Street that turned our homes over to a financial casino -- and so far virtually all the losses have been suffered on Main Street.
Dollar at Risk of Becoming 'Toxic Waste': Charts
http://www.cnbc.com/id/39828427
14% less buying power in the last 2 months.
When Ben puts out QE2, the dollar won't be worth a plug nickel.
Like I said Ben doesn't give a damn if you eat, as long as the stock market stays green.
"The dollar is being trashed, we've actually had effectively devaluation of about 14 percent in the last two months," Griffiths said.
His view is contrary to that of HSBC foreign exchange strategist David Bloom, who told CNBC that a continuation of the currencies war after the G20 might put pressure on risky assets, causing a flight to safety into the dollar.
The
14% less buying power in the last 2 months.
When Ben puts out QE2, the dollar won't be worth a plug nickel.
Like I said Ben doesn't give a damn if you eat, as long as the stock market stays green.
"The dollar is being trashed, we've actually had effectively devaluation of about 14 percent in the last two months," Griffiths said.
His view is contrary to that of HSBC foreign exchange strategist David Bloom, who told CNBC that a continuation of the currencies war after the G20 might put pressure on risky assets, causing a flight to safety into the dollar.
The
Foreclosure Mess Under Review, Report Looms: Bernanke
http://www.cnbc.com/id/39828633
Here comes Ben to save the day!
No, not for you.
But for his banking buddies.
You see the FED is in a fix,
That crap is sitting on their books to and it makes them look very stupid for forking over money (yours) for a title they can't even transfer.
It's either that or collusion, either way it's bad for the FED.
The stupidity factor, means Ben's not fit to make economic decisions that effect this country.
And the collusion factor, means Ben should be tried and imprisoned like the rest of the big investment banking industry, after all he does take violations of proper procedure seriously.
Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said Monday.
Preliminary results of the in-depth review into the practices of the nation's largest mortgage companies are expected to be released next month, Bernanke said in remarks prepared for delivery to a housing-finance conference in Arlington, Va.
"We are looking intensively at the firms' policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures," Bernanke said. "We take violation of proper procedures seriously," he added.
Here comes Ben to save the day!
No, not for you.
But for his banking buddies.
You see the FED is in a fix,
That crap is sitting on their books to and it makes them look very stupid for forking over money (yours) for a title they can't even transfer.
It's either that or collusion, either way it's bad for the FED.
The stupidity factor, means Ben's not fit to make economic decisions that effect this country.
And the collusion factor, means Ben should be tried and imprisoned like the rest of the big investment banking industry, after all he does take violations of proper procedure seriously.
Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said Monday.
Preliminary results of the in-depth review into the practices of the nation's largest mortgage companies are expected to be released next month, Bernanke said in remarks prepared for delivery to a housing-finance conference in Arlington, Va.
"We are looking intensively at the firms' policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures," Bernanke said. "We take violation of proper procedures seriously," he added.
Bank of America Finds Foreclosure Mistakes: Report
http://www.cnbc.com/id/39826960
Now which lack of signatures would that be?
On the title transfers? Oh that right, it can't on those since they failed to assign them to anything but blank.
It makes them easy to swap back and forth that way.
No messy paper work to state who actually owns them or holds responsibility for them.
No tax quota to compensate for there,
Just plain old fraud and embezzlement, all the way around,
To the MBS Investor, as well as the homeowner for services paid for that were never received, and right down to the counties we live in for the theft of the recording fees that they were entitled to.
We call that "White Collar Crime" where I come from,
not a mistake.
Bank of America acknowledged some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases, the Wall Street Journal said.
The bank found errors in 10 to 25 out of the first several hundred foreclosure it examined starting last Monday, the newspaper said.
The problems included improper paperwork, lack of signatures and missing files, as well as cases in which information about the property and payment history being unmatched, the Journal said
The bank found the errors while preparing less than 1 percent of the first foreclosure files that it intends to resubmit to the courts in 23 states, the Journal said.
Now which lack of signatures would that be?
On the title transfers? Oh that right, it can't on those since they failed to assign them to anything but blank.
It makes them easy to swap back and forth that way.
No messy paper work to state who actually owns them or holds responsibility for them.
No tax quota to compensate for there,
Just plain old fraud and embezzlement, all the way around,
To the MBS Investor, as well as the homeowner for services paid for that were never received, and right down to the counties we live in for the theft of the recording fees that they were entitled to.
We call that "White Collar Crime" where I come from,
not a mistake.
Bank of America acknowledged some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases, the Wall Street Journal said.
The bank found errors in 10 to 25 out of the first several hundred foreclosure it examined starting last Monday, the newspaper said.
The problems included improper paperwork, lack of signatures and missing files, as well as cases in which information about the property and payment history being unmatched, the Journal said
The bank found the errors while preparing less than 1 percent of the first foreclosure files that it intends to resubmit to the courts in 23 states, the Journal said.
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