Category Archives: Banksters

Principal Reductions – Some Are Waking Up To What Could Be A Win Win Situation

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This is a must read story published in the NY Times by Joe Nocera of a breakfast meeting he had with Laurie Goodman, a senior managing director of Amherst Securities.

Enter Laurie Goodman. One of the country’s foremost authorities on mortgage-backed securities, she is also one of the most data-driven people I’ve ever met; at breakfast, she was constantly pointing me to one chart or another that backed up her claims. “She’s not into politics,” says my friend, and her client, Daniel Alpert of Westwood Capital. “She is using data to tell us the truth.”

It always seemed to me that in order to correct his crisis, writing down everyone’s principal would be the only solution.  For those that do not have mortgages on their homes and own them free and clear some sort of tax break would be in order to compensate them for the decline in the value of their home.

Values declined not because of the market, they declined because those very same banks who oppose these write downs created this mess by providing mortgages to almost anyone creating a housing boom that was destined to crash.  Yes, they know what they were doing but greed took control of corporate governance and patriotic spirit.  The attitude of  let’s rake in as much cash as we can then when it all fails we can take back all those homes and rake in even more cash for homes we have no investment in.

The housing crash was created by the banks unlike what New York City’s Mayor Bloomberg says.  He says blame it on Congress (and Fannie Mae who he says makes loans – wrong!).  Yes, while I believe it was a direct mandate from the White House beginning with Bill Clinton, the banks could have and should have used their better judgment and declined the push from above.  But GREED is a very dangerous intoxicant.   Given the green light by those high up in our political circles – the ones in charge – they quickly did what they believed was their patriotic duty to comply and fill their own pockets

The idea of helping struggling homeowners by writing down some principal on their mortgages — as opposed to reducing the interest or reconfiguring the terms to lower the monthly payments — is much in the air right now. Banks loathe the idea of principal reduction; they fear that people who are current on their mortgages will start defaulting just to get their principal reduced. They also don’t want the hit to their balance sheets.

Yes, of course banks would “loathe” the idea of reducing principal.  For one, the reduction of principal to real value would lower their net worth and show that many of them are actually insolvent.  Their solvency is basically falsified books whereby they keep real estate owned on their books at its value when they first financed it.  We all know that most of us will never see housing values come back to these artificially high values.

Second, the fact that most of the banks REO’s – real estate owned – is also a falsified book entry.  This is where my gripe continues with the greed and dishonesty of this entire industry.

The “bank” made a loan.  The “bank” SOLD the loan to a Wall Street firm who in turn packaged that loan with thousands of others into a security which they sold to investors around the world.  NOTE:  It is the security owned by thousands of investors who actually own the note – NOT THE BANK.

In addition, the bank taking all the action is NOT REALLY A BANK!  You see, the entity taking the foreclosure action is actually a servicing company – a collection agency if you will – that is owned by “the bank” but is not in itself a bank under any situation or charter be it federal, state or local.

The servicing company often uses the same name as “the bank” and lead everyone to believe that it IS “the bank”.  They have everyone convinced including the courts – judges and Clerks of the Courts as well.

When a servicing company like  – listen now – Bank of America Home Loans (not “the bank”) gets the court to award the foreclosure, the court just hands them the title because they are falsley led to belive that they are the bank, they own the mortgage note and therefore can claim the property without paying.

Once they take – no – STEAL the property, the non bank servicing company everyone thinks is the bank – which in the illustration above would be Bank of Amercia – then takes the property and gives it to “the bank” (illustratively Bank of America) who now owns the property free and clear on their books valued at an inflated artificial value.

Not only are the banks using these artificial values to bolster their books (fraudulently inflate their net worth) they are using stolen property to do so as well.

Of course they do not want to write down mortgages.  Actually they CAN’T.  Neither the bank nor the banks servicing company has the authority to do so.  Only the investors who own a share of the bond issue that the mortgage note resides in have the authority to do so.  In fact, only these same bondholders (and it would take 100% of them to do so) can initiate a court action to foreclose.  They are the true owners who along with the rest of American have been swindled – a milder term the screwed – out of their money by “the banks”.

But the states’ attorneys general who sued over the robo-signing scandal have made principal reduction the central plank of the settlement they are close to completing. The settlement will force the big banks to begin a sustained program of principal reduction, and will heavily penalize banks that don’t comply. From what I hear, the goal of the states is to prove to the banks that principal reduction will not cause the sky to fall — and is, ultimately, less damaging to bank profits than foreclosures.

In spite of all I say above, I feel forcing the write downs is a positive.  Not only will it stop the bleeding of continued declining values due to continued massive foreclosures, it will right the wrongs to many of the investors worldwide.  By writing down the mortgages thus allowing homeowners to continue living in their homes and making payments – albeit lower payments – it is a win – win situation for everyone.

The homeowner wins for obvious reasons.  The neighborhood wins as there will no longer be vacant and unattended deteriorating homes.  The investors win as they will get some return of their investment which is better then the zero they are getting now.  The economy wins as it will begin to turn the entire housing market around.  America wins as we can then begin to move forward again and make the American Dream of homeownership possible once again.  And we all know if the housing market is moving the economy moves.

Read Joe Nocera’s entire article To Fix Housing, See the DataPublished: November 4, 2011…click here

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Let The Fraud Continue

Banks Continue ‘Robo-Signing’ Foreclosure Practices In Spite Of

Promises To Contrary: Investigation

NEW YORK/IMMOKALEE (Scot J. Paltrow) – America’s leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year.

But a Reuters investigation finds that many are still taking the same shortcuts they promised to shun, from sketchy paperwork to the use of “robo-signers.”

That is the headline in the Huff Post Business section yesterday, September 20th.

Remember that the banks promised to not do that any more?  Of course they did but that promise can be added to the other 3 promises one should never believe.

Imagine, a promise made by organizations that have exhibited no moral conviction, no human compassion and certainly no concern for the economies of the entire world.  A promise made by a consortium of global scoundrels, criminals, gangsters, liars and thieves.  And what a shock it is to hear that they have broken their comments.

Banks today are on a preplanned course of obtaining as much U.S. real estate as they can.  It is a part of an even greater plan by powers not yet identified to transfer as much American wealth to a handful of elite.  We have already seen the evidence of this cash wealth transfer.  Now the real evidence of the fraudulent activities surrounding banks in their attempts to transfer real property to the same handful of elite is rearing its ugly head.

It is as if the Matt Taibbi’s description of Goldman Sachs as the Great Vampire Squid has spawned an entire underground cave full of  Vampire Squids with Goldman as the Mother Vampire Squid.

Yet with all of our lawmakers in Congress, our U.S. Attornely General and all the Attorneys General in the United States, the FBI, the FDIC as well as our Executive branch does absolutely nothing.  In fact, they all turn the other way.  They to must fear these Vampire Squids.

But not enough is ever said of those people, the real people, living, breathing human beings who have been and are affected by this rash of asset transfers.

The Huff Post – Reuters Report – does put a face on the story.

In its effort to seize the two-bedroom ranch house of 87-year-old Margery Gunter in this down-on-its-luck Florida town, OneWest Bank recently filed a court document that appears riddled with discrepancies. Mrs. Gunter, who has lived in the house for 40 years and gets around with the aid of a walker, stopped paying her loan back in 2009, her lawyer concedes. To foreclose, the bank submitted to the Collier County clerk’s office on March 3 a “mortgage assignment,” a document essential to proving who owns a mortgage once the original lender sells it off.

But OneWest’s paperwork is problematic. Among the snags: state law permits lenders to file to foreclose only if they already legally own a mortgage. Yet the key document establishing ownership wasn’t signed and officially recorded until months after OneWest filed to foreclose on Mrs. Gunter. OneWest declined to comment on the case.

Problematic??!!

I would say problematically illegal.  The question is who signed the “key document” and  what was that persons authority to do so?  Part of the Florida Statute says that an Assignment (proff of transfer of ownership) must be filed and recoded prior to the foreclosure action being filed by the Plaintiff.  Again, I am not a lawyer but I would have to say that this fact alone is a procedural casue for the action to be dismissed by the court.

With proof positive of wrong and illegal practices, still nothing is done by our courts or legal justice system.  It is as if many of our courts have gone over to the dark side.

Now in years gone by, in a time and space far far away- almost as if in another galaxy – banks would have always preferred to “work something out” with a homeowner rather then to take their home.  The old (real old) saying that banks did not want to own real estate is no longer true.  They do want to own real estate.  They want to own it all.

One of the industry’s top representatives admits that the federal settlements haven’t put a stop to questionable practices.

Some loan servicers “continue to cut corners,” said David Stevens, president of the Mortgage Bankers Association. Nearly all borrowers facing foreclosure are delinquent, he said, but “the real question is whether the servicer complied with all legal requirements.” The loss of a home is “the most critical time in a family’s life,” and if foreclosure paperwork is faulty homeowners should contest it. “Families should be using every opportunity they can to protect their rights.” (emphasis added)

From our mouths to the mouth of the President of the Mortgage Bankers Association.  “Families should be using every opportunity they can to protect their rights”.  Yes, we all do have rights.  Protecting our rights is an even bigger issue for the long run.  We must protect and preserve our rights if we expect our children and their children to live in a free Republic.

There are some in the judicial arena that are as concerned with the preservation of our rights as we are.  While not yet in the majority of judges we are seeing more and more taking a stand for justice against fraud and criminal behaviour of banks and the attorneys that represent them.

Increasingly, though, courts are holding that the trusts suing to foreclose don’t actually own the mortgages. Judges have ruled that foreclosing based on flawed or missing evidence violates longstanding laws meant to protect all Americans’ property rights. (emphasis added)

In a landmark decision in January, the Massachusetts Supreme Judicial Court overturned a foreclosure (emphasis added) because of a lack of proper documentation.

“The holder of an assigned mortgage needs to take care to ensure that his legal paperwork is in order,” wrote Justice Robert Cordry in a concurring opinion. “Although there was no apparent actual unfairness here to the (homeowners), that is not the point. Foreclosure is a powerful act with significant consequences, and Massachusetts law has always required that it proceed strictly in accord with the statutes that govern it.”

(U.S. Bank National Association, trustee, vs. Antonio Ibanez, 458 Mass. 637.)

Justice Robert Cordry is among the handful of judges in this country “who gets it”.  He joing the ranks of Federal Judge Boyko of Ohio who denied 17 cases for lack of standing and proper paperwork and Supreme Court Judge Schack of New York both of whom have been on the right side of justice since this crisis began.

We applaud these judges and the few others out there who “get it”.   There are others and we would love to hear about them from you.  If you have had a positive, legal experience let us know.  If you have know of judges and/or cases where they have ruled on the side of the law not on the side of fraudulent banks, trusts and servicing companies please let us know.

Please view the entire story from Reuters on the Huff Post…click here

NOTE:  Soon an important announcement from TheForeclosureDetonator.  We are gong to become proactive in the fight against illeal foreclosures.  Stay tuned.

Foreclosure Victims Plan Protests Across U.S.click here 

This is the action we need.  We need to show our lawmakers that we are serious about our rights.  Click on above to read more.  THIS IS IMPORTANT.

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Bank Fraud Continued Cover Up From The White House

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Some call it a settlement, the effort by The White House and its’ resident Obama, to a wide-ranging state settlement with banks over dubious foreclosure practices.

Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal
By
Published: August 21, 2011

Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.

In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks.

Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.

Basically, the banks want a “get out of jail free” card.  They do not want any investigations into any of their wrong doings causing our economic collapse while they profited personally and corporate wise.  They want immunity from prosecution.

Fortunately, there are some defenders of the public interest like Schneiderman of New York that will not go along with this.

Mr. Schneiderman began objecting a few months ago to the proposed releases barring future litigation, declining to participate as long as they were included.

“The attorney general remains concerned by any attempt at a global settlement that would shut down ongoing investigations of wrongdoing related to the mortgage crisis,” said Danny Kanner, the spokesman for Mr. Schneiderman. His office has opened several inquiries into mortgage practices during the credit boom.

Read all of Gretchen’s article in The New York Times…click here

In a related editorial in The New York Times,

It’s a Flawed Settlement – Published: August 22, 2011

The Obama administration has turned up the heat on Eric Schneiderman, New York’s attorney general, to go along with a proposed settlement with the nation’s largest banks over dubious foreclosure practices. Mr. Schneiderman should stand his ground in not supporting the deal. The administration says that a settlement would quickly deliver much needed relief to hard-pressed borrowers, but it’s doubtful it would provide redress on a par with the banks’ wrongdoing or borrowers’ needs.

The deal has been in the works for nearly a year, after the state attorneys general announced an investigation into a robo-signing scandal in which banks were found to have filed false foreclosure papers in state courts. It was widely believed that the scandal would lead to a broad inquiry into how banks inflated the housing bubble, profiting as it expanded.
Here again, with definite evidence of “wrong doing” or more correctly – illegal activity – nothing is being done.  In fact, our government is attempting to sweep it all under the rug – a cover up – leading us to believe it is in our best interest to do s0.
What is in our best interest is to prosecute those responsible for committing crimes.  The evidence is there, has been there and has been made public.  The banking industry is an organized criminal activity looking to use their economic hold over us to avoid prosecution and be allowed to continue their criminal activities for their own personal gain.

Shaun Donovan, the secretary of Housing and Urban Development, however, says that a settlement on the narrow issue of robo-signing would not preclude other investigations by individual attorneys general. But, clearly, once the robo-signing issue is off the table, investigators would lose leverage to pursue remedies for other possible illegalities in the packaging, marketing and transferring of mortgage securities.

But some AG’s like New York’s Schneiderman are not going along with it even though there may be some very real personal consequences for them.

Read the entire Editorial in the The New York Times…click here

It is important for all of us to wake up and realize that we are being duped at every junction in the road.  We are being lied to, deceived and set up for even greater misfortune while protecting and enriching those who have brought this misery upon us.

We must not only fight foreclosure but we must stand up for what is right and just.  We need justice.  We need to see this new breed of criminal do the time for their crimes.

While those in the White House may be following their predecessors in covering up and looking the other way, there are those in Congress not willing to let go and continue to push on to expose these criminals.

It is up to us to support those in Congress who – like us – would see justice done.  After all, the will of the people is greater then the greed of a few, be they Presidents of countries, bureaucrats, politicians or greedy, immoral corporate executives.

The fight for justice goes beyond the foreclosure court.  We must see those guilty punished.

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It Begins: The Foreclosure Fight Tide Is Turning In Our Favor

Yes, for all these years, those of us who have been blogging to expose the wrongs and injustices placed upon us by the banks are finally seeing some daylight.  In the beginning no one really believed that banks could be so ruthless or so criminal.  In the beginning no one could believe that the attorneys representing these criminal enterprises would be capable of violating the very laws they are sworn to uphold by performing criminal acts themselves.

In the beginning no one could believe that judges would disregard the laws so blatantly that they are sworn to uphold – but they did and they are.  In the beginning no one could believe that our legislatures – county, state and federal – could be complicit of an entire legal system gone wild by supporting these criminal activities.

Now their Rocket Dockets are in jeopardy and hopefully will be shut down altogether.  Those retired judges brought back to dispense “injustice” under a mandate of clearing dockets will hopefully be sent back into retirement where they belong.

Now that this fraud at the end of the process has come to light, I am hopeful that all of the other frauds committed by the banks, lenders, Wall Street securitizers and all of their respective attorneys will also finally be prosecuted.

A lot must be said for those few in the legal profession – lawyers and judges alike who have over the past three years stood up for our rights,  for the law of the land and for justice.  They are too numerous to mention and I really don’t know who they all are.  Allow me to recognize just a few who are representative of the many across this nation who have fought back the giants and have not been afraid to speak the truth when representing their clients in our courts.

Bruce Harlan, Esq.

Mathew Weidner, Esq

Jeffrey Barnes, Esq

April Charney, Esq  0 The Dean of Foreclosure Defense

Neil Garfield, Esq 0 The Dean of Legal Reference on the topic of Foreclosure Defense in his LivingLies Blog

Federal Judge Boyco of Ohio

Superior Court Judge Shack of New York

Again I recognize that there are many more but these are the ones I am personally familiar with and they do represent a true blue slate of legal professionals around the country who still believe that this is still America and our Constitution still governs us.

Now how the State of Ohio is taking a proactive stand and fighting back.  They, I believe, are just the first of what I hope will be 49 more states along with our Federal Government who will begin to take real and meaningful action against the criminals who have functioned all to long under a protective cloud of criminal exception.  To these banksters I say;  “Your time has come.  Anything you say Will be used against you in a court of law.  Your “Get Out Of Jail Free Card” has expired.  You will be held accountable for all the misery and havoc you rained over the entire planet.

Here now the latest story from the Huffington Post

Ohio Attorney General Sues Ally financial Over Alleged Foreclsoure Fraud, First In A Possible Wave Of Lawsuits

WASHINGTON — Ohio’s attorney general is suing Ally Financial Inc. and its GMAC Mortgage division, alleging the company violated state fraud laws in handling foreclosure cases.

The action could be the first in a wave of lawsuits by state regulators over what appear to be widespread problems in documents used by the nation’s largest mortgage lenders.

Attorney General Richard Cordray said Wednesday the alleged fraud could involve hundreds of foreclosures in the state. The lawsuit claims the company’s employees signed and filed false affidavits to mislead courts. Cordray called the alleged fraud the “tip of an iceberg of industrywide abuse of the foreclosure process.”

A message left at Ally was not immediately returned.

Read the complete story…click here

Editor’s Note:

For those of you who know of other attorneys or judges that should be recognized for their efforts in the fight for justice against the banks by defending the nations people from wrongful and illegal foreclosure leave their name and location (city, state) in the comment section or email the info to me at:

lrubinoff@TheForeclosureDetonator.org.

I will start a page here on this site listing them all.  They deserve the recognition.

Also, other foreclosure defense blogs that have worked so tirelessly the past few years attempting to alert people to the fraud and injustice need also be recognized.  If you have a favorite foreclosure defense blog, send me their name and URL.  I will publish all of them on our side bar.

This is the beginning and all of our efforts are going to begin to pay off.  But most important, stopping this terrible tsunami of foreclosures, helping people stay in their homes is the most rewarding benefit of all this.

My one other hope is that this same awareness of foreclosure fraud will take hold in all of the Non Judicial states.  The same illegal activity exists there and the same injustice needs to be stopped.  This criminal enterprise by the banks MUST BE STOPPED.

I know I will stay with this effort until it is.  I will join forces with others as the opportunities arise.  There is strength in numbers.  We have all been duped, stripped of our wealth and our homes.  It is time we took back what was taken from us.

One Final Thought:

Stopping foreclosures and ending evictions – keeping people in their “homes” will begin to stabilized our housing markets and  our economy.  Working with people will win back the hearts and minds of our population.  An effort we seem to want to export in the Middle East but don’t want to practice here at home.

An occupied house is a well maintained house.  It creates a well maintained and more stable neighborhood which in turn stabilizes prices which begins to take us on a road to recovery which all the trillions of dollars of bailouts and stimulus programs did not and cannot accomplish and never will.

Our work has just begun.

Look at all the main stream media  (below) who have now begun to report on this .  Many of them have avoided the topic up until now.  The tide has begun to turn.

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IndyMac Sale To One West and The Mod/Short Sale Scam

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The FDIC, working hard to insure your demise.

NOTHING, ABSOLUTELY NOTHING HAS BEEN DONE BY “OUR” GOVERNMENT ON BEHALF OF THE PEOPLE.

THEIR ONLY GOAL – IT SEEMS – IS TO STRIP AMERICANS OF ALL THEY HAVE AND GIVE IT TO THE BANKS.

THESE ARE DARK TIMES IN THE HISTORY OF OUR COUNTRY AND OUR COUNTRY WILL NEVER BE THE SAME UNTIL WE DO SOMETHING ABOUT IT.

We linked this video once before but think it important enough to repost.  This is actually a follow up to the original.  Hear how the FDIC encourages One West NOT TO modify or work out lonas.  They need to lose a set amount of money and when they do the FDIC will subsidize losses.

This is just another of the continuing scams the government is pulling in the name of helping homeowners.  The truth is the government and the banks DO NOT want to help homeowners which leaves us no other recourse but to FIGHT BACK.

Fight your foreclosure, write your Congressmen and women about your failed modification attempts.  Make your stories heard.  If we fight hard enough and scream loud enough they will have no choice but to begin listening.

Let all encumbants know that you will not vote for them until they begin representing the people not the institutions led by the biggest, baddest banksters of all time.

If you think Jesse James and Bonnie and Clyde were bad these modern day thieves are the worst the world has ever known.  Click on the link and listen to the short vidio.  These guys are good!

Click This Link To View Video

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Loan Modifications…Just Window Dressing

I have long maintained that Loan Modifications offered by “the” banks are no more then ‘window dressing’.  Propaganda by our “too big to fail” financial institutions who have profited and continue to profit through foreclosures.  They have no real interest – or intent – on helping the public out of the crisis they created.

There should be more main stream media coverage and exposure like the one in the tricityherald.com.

In a recent story published in tricityherald.com, the “voice of the Mid-Columbia/kennewick, Pasco and Richland, Washington”, they tell real stories of real people who have suffered this deceit.  Herein lies the truth of loan modifications.  Stories that are all to familiar.

Homeowners tell how banks failed to modify mortgages
by Kevin G. Hall.

Nearly three years into the deepest U.S. housing slump in generations, lenders are modifying only a small number of problem mortgages, and rising foreclosures are restraining the economy’s recovery.

The administration thinks that about 2.7 million U.S. homeowners are at least two months behind on their mortgage payments, roughly equal to the population of Kansas. Yet only 9 percent of eligible borrowers had been offered trial loan modifications through June. (emphasis added)

Through emails and calls received by McClatchy’s Washington Bureau and other interviews they evidently conducted there emerged a common theme;

Virtually all say they were encouraged, directly or indirectly, by their lenders to fall behind on their mortgage payments in order to qualify for loan modifications. Then the modifications never came.(emphasis added)

Continue reading

Wake Up America…Smell The Wilted Roses

TheMortgageCornerFORUM Note: Mike Morgan is a leading financial advisor, author and realtor. He is as fed up with what is happening here in this country as I am and has the same cry you have heard from me…Wake Up America.

In his effort to expose the truth of what is happening here in this country and with our current economic crisis – which I believe was created by those very same institutions – (and our government) – he began publishing GoldmanSachs666.com and very recently JPMorgan666.com.

I am currently a volunteer writer for both blogs as I believe they parallel this blogs views and concerns. You can learn more about Mike by visiting either of the above blogs or his investment blog at www.Morgan7.com.

My next post will provide more commentary on this post and Mike Morgan.

Here now is Mike’s post

The Healthcare Smoke Screen AND The Housewives of Goldman Sachs

Editor’s Note: I published the piece below on my Behind Enemy Lines financial blog earlier today. But I have received so many emails, that I thought it also belongs here on the Goldman Sachs blog. You see, the trouble we are in today, and the trouble that we can no longer dig out way out of, has been . . . for the most part created by one Evil Empire and their Evil Offspring that have infected banks and financial institutions throughout the world. But none as evil, coniving and detrimental to the world as King Henry.

Sadly, we have a President that is owned by Goldman Sachs. That’s not to say Bush 1 and Bush 2 were not also owned by Goldman Sachs. But Obama promised CHANGE. Unfortunately, this inexperienced and thoroughly arrogant President has decided to surround himself with Banksters and line his own pockets with millions from book deals prior to taking office.

So below is what I posted this morning on my financial blog . . .

The ObamaRamaLamas continue. While Goldman Sachs was slithering away with more than $12 billion out the back door, the ObamaRamaLama buffoons were busy stoking the flames about $165 million in AIG bonuses. We saw demonstrations throughout the country, as well as in Europe. All of this over $165 million while Goldman Sachs slithered out with 72 times that amount.

Wake Up America . . . Obama promised CHANGE and he is doing just that. He’s changing the very fabric of America . . . and it will be dark, ugly and violent.

Health Care – Just Another Smoke Screen – Instead of addressing the financial crisis from the roots, Obama and his team of merry banditos are once again throwing up a smoke screen. Do you really think the town meetings and all of the demonstrations are spontaneous? Do you really think the outrage over the pittance of AIG bonuses was spontaneous? Not a chance. If either of them were, than why are we not seeing the same outrage over the billions in bonuses being paid out or the $100 million bonus being paid to just one man that was most responsible for the oil bubble and world oil crisis last year. Crooks paying off crooks. That’s what Congress and the Regulators are all about?

Let’s take this from the very basic level. We are told that we need about a trillion dollars to make health care happen. What are we arguing about?

We gave Hank Paulson $700 billion based on a one page document and his “word” that the world was going to end. And what did he do with the $700 billion? First he put a 35 year old nobody in charge of it . . . because this nobody was a Goldman Sachs lieutenant. Then King Henry leveraged it up to almost $2 trillion with the help of Bernanke, Geithner, Bair, Dodd, Frank and others. And where is this money going? Into the deep pockets of King Henry’s Bankster Buddies . . . Goldman Sachs, JP Morgan, Morgan Stanley and the lesser princes like Fifth Third Bank, Suntrust, etc. Not to mention a myriad of buddies and blackmailers like insurance companies, auto companies and the likes..

If we had half the money that King Henry scammed from the American public, we could pay for health care. Unfortunately, paying for health care is one thing. Having enough doctors and nurses to provide the care, is another story. And we don’t have anywhere near enough doctors and nurses. That’s the problem in Canada.

But back to reality. King Henry himself made almost a billion dollars while he orchestrated the world’s biggest financial crisis. And he’s not alone. There are several thousand people that were unjustly rewarded at the expense of Americans and the world. If we only had the balls to go after these crooks and claw back the money they stole, we could pay for health care and still have enough left to cure cancer, autism, world hunger and a few other problems facing humanity.

But instead, we will allow men like King Henry, Lord Blankfein, Carney Frank, Desperado Dodd and our Pompous President continue to rape America. CHANGE is what Obama promised. And CHANGE is what he is giving you. He will turn this country upside down and leave it in chaos.

Health Care is a smoke screen. If he really wanted it, he could pay for it by going after the thieves. And he can start with King Henry and his band of evil thugs.



Final Thoughts – The other big smoke screen created by Goldman Sachs and he Banksters is the 50%+ run up in the stock market. All to make the public feel warm and cozy . . . until the Banksters decide to pull the plug and suck up all they can from pension funds and other fiduciary accounts they are loading up with stocks and assets at inflated prices.

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The Housewives of Goldman Sachs –

With all my talk lately about how Americans are hypnotized by the crap served up on Reality TV, it comes as no surprise that Goldman Sachs would get into the act. I think one of the most disgusting and useless reality shows is The Housewives of Atlanta, Orange County, New Jersey and New York City.

This is not reality for the majority of Americans. This series of crap is nothing more than the worst of America and it is what is being broadcast around the world. Is that really the image you want others to see you as? Week after week the world watches a group of ladies (monkeys) behave like spoiled brats . . . and they actually allow it to be filmed and broadcast. Talk about arrogance and being conceited, pampered, spoiled brats. And we let monkeys like this raise children?

Wake Up America!



It was only a matter of time. Yes, the New York Post just revealed the pilot for what promises to be the most watched Reality TV series of all time. Here’s an excerpt from the Post article . . .

Laura Blankfein and her friend Susan Friedman, wife of another Goldman honcho, Richard Friedman, caused a huge scene at Super Saturday in the Hamptons last weekend when they arrived at the event before the noon start time and balked at waiting in line with the other ticket-holders.

“Their behavior was obnoxious. They were screaming,” said one witness. Blankfein said she wouldn’t wait with “people who spend less money than me.” Another observer said the women were so impatient, it was as if they were waiting on line for a kidney transplant instead of a charitable designer clothing sale. Friedman shouted

at the event organizer, “You have lost so much money because of this . . . Why should we be treated like the $650 donors?”

Sources said Blankfein and Friedman had bought tables with blocks of tickets going for $833 apiece, as did many of the women who were waiting patiently in line, happy to raise $3.4 million for the Ovarian Cancer Research Fund.



Why should the wives be any differnent than the executives and associates at Goldman Sachs. This is just another example of how the Goldman Sachs Club operates.

There is no better way to say it then . . . Wake Up America



For the full New York Post article . . . Click Here

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Sincerely

Mike Morgan

Mike@GoldmanSachs666.com



Loan Modifications…Fact or Fiction

To Modify or To Defend? That is the question. « The Foreclosure Detonator

The link above is a post I just made in TheForeclosureDetonatorFORUM the sister blog to this publication.  In this story I talk about the lies and deceptions used by our financial institutions.

Loan Modifications are one of the major deceptions and lies being used against an already depressed people and society.  One must ask why our so called noble institutions are doing this to us in our nation?

The answer could be as simple as greed and profit.  But it is not that simple.  While greed and profit certainly create the desire to strip this nation’s people of their assets and wealth an underlying destruction of corporate morality is certainly the root of this evil.

Corporate morality.  What is it?  What should it be? 

Our system of capitalism certainly provides the basis and opportunity to thrive and succeed economically.  Throughout our history small companies have become large international giants providing jobs and benefits to a vast majority of people.  Some even provided and created their own cities to accommodate their employees like Hershey, PA, home to Hershey chocolates. 

But not all corporations were so civic minded and had actual corporate feelings for their employees or the customers to whom they provided a product at a fair price earning a fair profit.

Historically, companies such as the early railroads took advantage of and destroyed lives and took property to further their own interests creating and building personal and corporate empires of extremely wealthy people. 

Capitalism in its raw state created a class system and a form of nobility with no official titles or designations other then the balance in their bank accounts.  (Each year Forbes Magazine publishes their list of the wealthiest people in this country).  We have no Lords or Baron’s, no Sheiks, Prince’s or Princesses.  We have simply the super wealthy.   A new class of monied people who earned their fortunes not by inventing or creating anything of value to the world but by running corporations.  They gain and profit even if the company they are in charge of does not.    Yes, wealth created by failure, deception, illusion and criminal activity. 

A class of people for whom all are losers except for themselves and all are fair game in their game of enrichment.  Big oil for instance.  Their executives are well paid for creating record quarterly profits even though consumption is reduced.  Even when the price for a barrel of oil went back down to the mid thirties the price per gallon of oil did not come down to the level it was the last time the cost of a barrel of oil was that same price.  How?  By raising prices to the consumer hence expanding the economic hardships of the already victimized populous even more.  Where is the corporate morality in this example?  When is greed and profit taking enough?  Where is their responsibility to the customers that depend on them to feed themselves and their families?  Corporate morality…NONE!

Where is the corporate morality in the Consumer credit industry run by our dear friends the bankers?  They were giving out their creidt cards to anyone – even high school students – then charged interest rates above 30%, a rate at which most will never pay off their principal balances.  But as a result, paper profits and even stock vallues are up as those executives get paid more and more while their customers make and have less and less. 

What ever happened to the usury laws, the law that said no one could ever be charged more then 18% per annum for any type of credit?  Is that law still on the books just not enforced?  Legislated somewhat out of morality, I believe, as anything above that was considered harmful and even illegal (remember, anything above 18% was considered loan sharking) to the population at large.  A morality and sound behavior now gone.

How about the case of a corporate CEO that almost destroyed the company he worked for, was fired then was hired as the CEO for a major auto manufacturer – that has failed and we wonder why.  This caused many harm but only some sort of morality considers harm in the decision making process.

No, there is no corporate morality anymore.  In fact, morality gets no rewards.  It seems that some have found a way to enrich themselves personally as heads of companies while knowingly stripping the population of their meager wealth.  The poor are poorer, the lower middle class gone, the middle class all but gone – both can be classified as the Poor. and the upper middle class being attacked as the war continues to be waged against anyone with no seat at the table who has any measure of wealth. 

Yes, there is a domestic war going on.  We feel the affects of it as it has touched just about everyone in this nation and other nations as well.  A war against capitalist, democratic rights and privileges.  A war being fought by corporate America – specifically our financial industry which includes The Federal Reserve and The U.S. Treasury – while our elected officials and appointed regulators turn the other way. 

Democrat or Republican it matters not.  These two major parties – which at times in the process seem to be the only two authorized parties – are all part of this war against the people.  They talk, they meet in committees as mentioned in TheForeclosoureDetonatorFORUM‘s post, they talk and begin to legislate legislation but to no avail.  Nothing is really happening – not for the masses onlly for the classes.

Even now, there is talk about a national health care program.  The big news tonight is that the debates so far have reduced the spending for a badly needed program to $900 billion.  The debate in both houses will continue and no vote will be taken prior to the Congressional recess.  Imagine all this debate and talk and disagreement over funding a national health care program to help the people.  Yet, when it came time to help our Barons of Corporations, they – the government –  quickly and with no discussion, debate or oversight – created and gave them $700 billion (amply called TARP funds as a TARP is a temporary cover one puts over something to keep the water out).  When a Baron of Insurance needed some fast cash – on top of the billions it already had – we, sorry, they quickly gave them over $148 billion. 

And let’s not forget that auto giant GM, the largest bankruptcy in our nations history who emerged from their reorganization BK in 40, yes, 40 days with a little help of the $60 billion our government so readily is giving them.  No debate, no discussion.  Where is the morality in this when the people are so needy.  Would not all these billions so quickly given out be put to better moral uses then this?

All these billions – no debate and no discussion – helping who but do the same for let’s say national health care – no way.  Why where would the benefit be for the Barons of Deceit?

Millions unemployed, millions hungry, millions homeless and millions about to be homeless.  Hungry, disparate with no shelter – the emerging third world nation.

Some will put morality in a religious context.  I do not.  To me morality is simply the act of recognizing the needs and pains of a fellow human being.  There seems to be more moral injustice talked about and advertised on television concerning animals then towards human beings – the citizens and the people that make everything possible.

Of course all this is just my opinion, what’s yours?

The Federal Reserve…take a close look.

There have been those who believe that the Federal Reserve – a privately owned entity in charge of our total money supply and manufacture – run this country. I have to admit I am one of them. What more control can you have over someone then to control their money.

The Fed controls every aspect of our money. How much is printed, when it is printed,and who it is given to. They control the interest rates and with the speed of a sound bite raise them or lower them.

They control inflation and deflation. Basically they control everything and their powers are growing giving them even more control over “them the poeple”.

But who am I to accuse or even suggest that such a thing is going on. After all, I am just a blogger out here in blogger land whose credibility beyond the confines of my home is rather limited.

That is why it is important to look at other sources whose credibility is national and sometimes international in scope even though you may not necessarily agree with their views or opinions.

Ron Paul,- a c
ontroversial figure to say the least – but if you listen to him he does have some very good things to say. He has been working on creating legislation to audit the Federal Reserve.

His website – RonPaul.com on July 21st reads…

Ron Paul’s Bill To Audit The Federal Reserve Now Has 276 Co-Sponsors in the House, and 17 Co-Sponsors in the Senate!
By tmartin

The post goes on to say,

This is history in the making, and victory is within reach. Imagine what will happen if HR 1207, The Federal Reserve Transparency Act, comes up for vote in Congress! With more than 55% of the House of Representatives already co-sponsoring this bill, it has real potential to pass — BUT only if we educate and rally the people to support it and get our Congresspeople to put it to vote and pass it.

NOTE:As always, please turn sound off on Bloomberg TV.We apologize for this inconvenience.

Please view the video. It is very informative. Obviously to date a large number of Congressional Representative along with 34% of the Senate are backing this bill – HR1207.

In this video Paul, during an intervie session says that he believes that the Chairman of the Federal Reserve is more powerful then the President and certainlyl more powerful then Congress based on his control and authority trillions of dollars “without appropriation”.

When linking to his site you will see a complete list of those in the House of Representatives and Senate who are behind this effort. I feel this is important as the Federal Reserve and its ownership have been a deep dark secret since the beginning.
Don’t we, the public, have a right to know? I think we do and so does Ron Paul along with almost 300 of our Federally elected officials.

But there is more.

On July 22nd, Bloomberg.com published this story,

Fed Has Become ‘Embroiled’ in Politics, Poole Says
By Vincent Del Giudice and Max Raskin

July 22 (Bloomberg) — The Federal Reserve is “embroiled” in politics and has “stretched beyond reason” its authority to make loans, said William Poole, who served as president of the St. Louis Fed from 1998 to 2008.

“ I don’t think independent can mean the Fed can do whatever it wants under any circumstance,” Poole, a senior economic adviser to Palo Alto, California-based Merk Investments LLC, said in an interview today on Bloomberg Radio. “The Fed has chosen to make loans to certain firms and not others.”

Traditionally, central banks “deal in government securities,” and control “overall liquidity” and “overall interest rates,” Poole said. The Fed is “embroiled in fundamentally political questions,” he said.

Now read this excerpt very carefully and slowly,

The central bank “has not made loans of this sort since the Great Depression,” Poole said. “The Federal Reserve has responded very aggressively to this crisis we are living through” and “has doubled its balance sheet.”

The key words here are, “has doubled its balance sheet.” Yes, that is right, they are a FOR PROFIT organization. They earn interest on each and every dollar that is in circulation and don’t for one minute think that they are behind in their collections.

So the big question is, “who does all this profit go to”? Who are the beneficiaries of all this “profit” and profit being a motive, does this private company function on behalf of and for the benefit of its’ owners or the people of this nation.

Inquiring minds want to know. I certainlly want to know

Executive Compensation…The Greed Is Still There…The "Elite" Ride On

Here is the latest email notice I received from the HOUSE COMMITTEE ON FINANCIAL SERVICES Chaired by Rep. Barney Frank.

For Immediate Release:
July 16, 2009

Frank Statement on Executive Compensation

Washington, DC – Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on executive compensation:

The recent news of compensation on Wall Street shows that some financial leaders yearn for the stirring return of yesteryear and demonstrates the need to adopt legislation on executive pay. It’s a question of empowering the shareholders to decide the appropriate level because it’s their money and giving regulators the ability to prevent compensation incentives that encourage taking inappropriate and excessive risk. We do not know the specifics, but recently reported bonus pools do suggest that there may be a return to the old ways which caused such damage to our economy. It reinforces our determination to adopt a reasonable set of legislative goals.

“The Financial Services Committee will be marking up legislation next week to give shareholders a say on pay for top executives, which is similar to legislation the House passed in 2007. In addition, we will consider legislation to empower federal regulators to proscribe inappropriate or imprudent compensation practices as part of solvency regulation of all financial firms. The committee is acting because of a broad consensus of leading national and international finance experts including Paul Volcker and the Group of 30 and Lord Turner of the United Kingdom who believe that compensation structures were a factor in the financial crisis. Both the United Kingdom and the European Union are contemplating similar rules.”

What a sad commentary on our society as a whole where once our corporate citizens were patriotic and sympathetic to the country and the people.

How much money is enough? Many of these high flying corporate “bankster” exec’s have more money then they, their children and grandchildren can spend in their collective lifetimes. If they earned nothing from this point on they could maintain thier lifestyles of the “Rich and Famous” for decades.

They all must know – in their heart of hearts – what they have done to not only this, their country but to the world.

They are all conspirators and co conspirators in the largest and greatest fraud of all time. Bernie Madoff is a small fry in their company yet he has been singled out to take the heat for all of them while they continue to rob, lie and de fraud everyone.

We have a new gangster here that even Elliot Ness of the Untouchables would have a difficult time bringing down. The Mafia and other forms of organized crime we have seen in the past don’t come close to this new breed of well dressed, well educated and well compensated group of thugs.

As I see it, we have a say in the way things operate especially since it is our money they are operating with and taking as their compensation. We made it possible for them to exist and continue.

We – which includes our kids, their kids and unborn kids will be paying for this for quite some time to come therefore, it is up to us to STAND UP and BE HEARD.

I have always said, “Two wrongs don’t make a right” and “The law is the law for everyone”.

It is up to us to come out, be not afraid and be vocal on this and many other issues that are affecting our daily lives and will affect the daily lives of generations to come.

I AM OUTRAGED. Are you?

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