Category Archives: Economic Crisis

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.


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 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
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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“Who Owns My Mortgage”…Demand To Know

Back in October, 2010, I posted an article “Who Owns My Mortgage…” in my other blog  As I was working on that blog earlier today, I was reminded that this one post had received the second most  comments of any other post in the history of GS666.  It was second only to Is Goldman Sachs Manipulating the Stock Market? – It Sure Looks Like It posted by Mike Morgan in April, 2009. shortly after he founded that site.  I acquired the site from him in October of 2009.

While that particular blog (called one of the top 10 Wall Street blogs you must bookmark now by the WSJ) – excuse the pat on the back – is mostly dedicated to exposing the  crimes, injustices and overall contol and power Goldman Sachs had over us and our government – I have taken the liberty of expanding the theme to include banking in general as well as the housing crisis.

Here is an excerpt from that post as well as the link to it.  Please enter your comments here or add to the ones already posted on the GoldmanSachs666 site.

The fight and battle continues.  Do not let “them” win.  This is our country ruled under our Constitution giving us our rights.  It is not up to the banksters to rule over us overriding the Constitution as well as all other laws be they local, state or federal.

Note: Anyone wishing to publish an article on, please contact me by email:  I also have two related sites you will see links to on the main GS666 page.  Authors and contributors are needed there as well.  My FORUMS are meant to allow people to express themselves as well as reach out to continue the fight against those who want our homes, lives and next…our first born.

Who Owns My Mortgage Note…Demand To KNow

Editor’s Note: To all our GS666 readers.  The battle against big banks and The Too Big To Fail is just beginning.  We here at GS666 have been attempting to expose the truth thereby forcing resolutions for the many lawless injustices practiced by them.  In our departure from GS only material, we are and will be offering information and commentary on what will probably become the hottest topic since the beginning of this bank created scam on the world.  The evidence of fraud by banks and attorneys is reprehensible.  Our founder Mike Morgan thought so when he created this blog.  He believed in it and stood by his convictions as Goldman Sachs attempted to shut him up and shut this blog down.  Those of us who volunteered here and stood by him can now see some light at the end of a very large unjust tunnel.  We are proud to expand our horizons here at GS666.  After all, it is a fight for truth and freedom.

This email came to me from SEIU – Service Employees International Union – a union, who for the most part, supports “the people”.  I say, “for the most part” because there are times when I do disagree with them but as far as unions go, this is one of the better ones.

It includes a link to a web site that allows you to easily modify a letter to your bank and allows you to email it with a simple click of a button.

It has a very comprehensive list of banks and a link to go to if your bank is not included.  In addition, it provides a toll free number for each bank.

Read it all …including all comments…click here


“It’s massive, it’s criminal, it’s wrong…” says Ticktin Law Group

Three years ago, I began blogging about the fraud that the banks were committing.  That was at a time before the massive foreclosures were beginning.  Now, the fraud is being exposed and grabbing national attention.

The fraud I wrote about then and have continued to write about in this blog will take the banking system and those we bailed out to their knees albeit by the back door.  Yes, they committed fraud when originating the loans, they committed fraud when they securitized those loans and committed fraud when they sold those securities to the public.  In other words they have been operating what I have consistently called an “organized crime” which should have been – and I hoep will be prosecuted under RICO – The Racketeering Influenced and Corrupt Organizations Act.

The title of this blog comes from a quote by the Ticktin Law Group of Deerfield Beach as was reported by their local TV station., News Channel 5 reported the following story:

Law firm says it has proof of illegal foreclosure system by Mike Trim.

DEERFIELD BEACH, Fla – Bank of America, Chase, and other huge banks have stopped foreclosures due to potential problems with paperwork.

Now, a South Florida law firm says it has hundreds of cases in Palm Beach County that prove some of those banks may have been committing a crime.

The law firm calls them “robo signers,” people who rushed faulty foreclosure paperwork through the court system.

Within a tower of foreclosure depositions shown at the Ticktin Law Group’s Deerfield Beach office, senior legal counsel Peter Ticktin says the group has discovered the groundwork of an illegal home foreclosure system.

Ticktin said, “It’s massive, it’s criminal, it’s wrong and it’s proven with what lawyers call a mountain of evidence.”

That evidence, according Ticktin, includes incorrect foreclosure paperwork pushed through by all types of banks.

The mountains of evidence they have proves how the banks have been illegally forclosing on homes in many cases.  but this is just the tip of the iceberg.  I believe what will come of all of this new publicity will be a beginning of  “justice” for the American people who have been robbed of their wealth and homes.

Some will say- and aree saying – that homeowners have an obligation to pay for the mortgages they signed for.  In normal and ordinary circumstances I would have and did agree with that statement.  However, these are not ordinary circumstances.  You see, we are in the middle of the worst financial crisis this country has ever seen.  Yes, even worse then the Great Depression which, I believe, history will prove.

The crisis was first blamed on “bad loans” some called  liar loans.  It was blamed on “bad Loans” like the Pay Option Arm loan and it was primarily blamed on the third party loan originators – mortgage brokers.  As a result of the initial blame the mortgage broker industry was virtually wiped out leaving hundreds of thousands of mortgage industry employees out of work.  They were the first casualties of this crisis.  Employees of literally hundreds of mortgage companies – from minimum wage workers to commissioned loan officers – found themselves out of work and unable to find new work.  The first of what was to become millions of Americans unemployed.  This unemployment was the cause of many of the first round of foreclsoures.  As the crisis developed and millions of Americans joined the ranks of the unemployed, more and more foreclsoures began thus creating the current foreclosure crisis we are all experiencing.

But what has this to do with meeting your obligations you may be asking.  Let me try to explain a long and very complex situation in a short amount of space (the stroy can really fill a very long book).

Before the mid 90’s, qualifying for a mortgage was very difficult.  There were very strict guidelines created by our two government sponsored enterpirses, Fannie Mae and Freddie Mac.  Basically those guidelines were a minimum credit score of 620, a cash down payment of at least 5%, and a debt to income ratio of 29% 0 meaning you could not spend more then 29% of your total gross income – which had to be verified by the underwrites of the bank making the loan.  If you met those guidelines and the banks “approved” your loan then Fannie or Freddie would buy that loan from the bank.  Fannie and Freddie securitized some of these loans and kept some loans in their own portfolios.  Fannie and Freddie were both private corporations whose stock traded on the stock market.

Then came a push from the government under President Bill Clinton to create more homeowners in this country and we saw the birth of what became known as sub prime loans – loans that did not “conform” to Fannie or Freddie’s guidelines and therefore could not be sold to them.

Point of Interest: When a bank made a mortgage loan and sold it to Fannie or Freddie at a discount,k the bank actually got all the money they loaned back with a profit.  This way the banks could keep lending money over and over again.  Now the banks could loan more money then they had in deposits unlike the old days when savings and loan companies (S & L’s) would only loan a certain percentage of their deposits.

With the advent of sub prime loans, banks and non bank lenders began to loan money at a higher interest rate then loans “conforming” to Fannie and Freddie guidelines.  Because of the higher interest rates on these loans there was a higher rate of return for investors who invested money in these non bank lenders which in turn was used to make mortgage loans with.  Federally chartered banks like JP Morgan Chase, Bank of America, Wells Fargo, etc. were unable to make these loans by law so they set up “non bank” subsidiaries (many times carrying their bank name) to make these loans.  However, since there was no market to sell or securitize these loans, all these loans had to be kept in house.  If a lender ran out of money to lend, it simply did not lend.

Then came a new revaluation by several Wall Street firms, primarily Lehman Bros., Merrill Lynch and Bear Stearns.  They realized that they could buy these high interest rate loans – which were easier to qualify for – package them into securities and sell them worldwide to investors offering them a gigh rate of return due to the high interest rates charged to borrowers.

Now thre was an outlet to “recycle” the money which created an almost unlimited supply of money to lend.  You see, the money was loaned, sold, securitized and recycled back to the original lenders to loan again.  This became so successful that the three major Wall Street firms I mentioned above – who created the guidelines for qualifications – began to lower, lower again and lower again the guidelines so that almost anyone co9uld qualify for a mortgage.  Hence the “liar loans (stated income and/or stated income stated asset loans, the pay option arm loan, the no income loan, the no income no asset loan, etc.

With qualifications almost non existent, buyers flocked to mortgage brokers, lenders and banks who had subsidiaries to get mortgages.  You see, it was the banks who created the frenzy and the bubble in the first place.  Two things were happening here.

First , the banks and non bank lenders (many of whom were owned by our banks and the three Wall Street firms mentioned above) were making money on money they never had.  Each time they made a loan they sold it to Wall Street, got their money back with a profit.  Profits were rising steadily.  Imagine making being able to loan money, make billions of dollars on money you never even had.

Second, the Wall Street firms were making even more billions of dollars selling these packaged loans called Mortgage Backed Securities (MBS).  They were offering higher  rates of returns then anyone could get anywhere else.  As a result, countires like Iceland, governments – local and state, pension plans as well as individual worldwide wanted a “piece of the action”.

The first fraud:

In order to keep the investor market strong and chomping at the bits to buy into these MBS’s, Wall Street (via firms like the three mentioned above as well as Goldman Sachs) had to show the investment world that these were SAFE investment.

There are three rating agencies who rate securities – Standard and Poors, Fitch and Moody’s.  Their highest rating is AAA – meaning that the risk of loss of your investment is minimul to almost non existent.  These rating agencies are paid by Wall Street banks to evaluate and rate their securities.  As such and to capture all this new rating business for all the thousands of new securites being created, these rating agencies began to stamp all of the securities AAA – WITHOUT EVER actually investigating their contents as to credit worthiness.

These admissions of fraud and guilt by former rating agency employees were made several years ago on national TV programs such as 60 Minutes.  They admitted to the fraud which created a buying frenz;y by investors which in turn created a need for more mortgages to be packaged and sold as MBS issues.  Again, to answer the need for “paper” to securitize Wall Street had to lower the qualifying guidelines for borrowers.

The next fraud:

It didn’t take long for Americans to realize that the “American Dream” of homeownership was possible and they began to flock by the millions to realtors, mortgage brokers, lenders and builders.  The bubble began.  The demand for housing almost out weighed the available inventory of homes.  Speculation began on pre construction, the likes of which we have never, ever seen in this or any other country.

As purchase contracts were written by the millions the banks and lenders had more business then ever before and more then they could physically handle in underwriting.  But they didn’t care.  They needed all the mortgage loans they could get so they could sell them to Wall Street at a profit.

Underwriting – that arduous task of investigating, verifying and scrutinizing all the information and documentation submitted with the mortgage application – began to erode.  Underwriters were given instructions to approve loans often times and in many cases with little or no regard to the validity of the information submitted

Point of interest: Even Fannie Mae and Freddie Mac created an automated underwriting system whereby their computers would approve or disapprove a loan submitted without a human ever looking at the file.  They even taught loan originators how to work the system to get approvals.  The “system” would often NOT REQUIRE verification of the information.  The “system” itself was often tweaked so that it would approve more – or sometimes even less depending on the volume – as both of these GSEs had the same investor feeding frenzy waiting to buy their MBS issues.

The bubble could have been prevented had the frauds mentioned above – as well as the inducement to commit fraud amongst realtors and loan originators by the banks and the Government Supervised Enterprises – Fannie and Freddie – not occurred.

The banks had discovered a game they could play – with full knowledge of the fraud and illegal activities – that would literally make them trillions of dollars.  Indeed, Wall Street exec’s, commissioned securities salespeople and the top exec’s of our main street banks all profited beyond any amounts of money ever before thought possible.  The GREED that Gordon Gecko – the fictional character of the 90’s move “Wall Street” became a reality.

The banks created a market they knew would implode.  They knew that when it did implode – and it was just a matter of time – that they could profit once again by taking back the houses they so willingly and easily lent on – selling them as foreclosure sales and profiting yet once again.

The fraud – history will record as the greatest fraud EVER in the history of the world – continues.

The fraud continues in that in this frenzy for greed and commissions, the banks and Wall Street never did the proper paperwork to legally assign or transfer the mortgage notes to the security they created to sell to investors (the MBS).  They in effect sold “air” as their mortgage backed securites defrauding MBs investors both big and small.  Legally many of the securities do not really own the mortgage notes.  The banks or their servicing company subsidiaries are foreclosing on homes THEY HAVE NO LEGAL RIGHT TO.  ANOTHER FRAUD!

The fraud continues:

Now, in their effort to profit even more and to “cover up” all of their previous frauds, they are committing even more fraud by creating documents that are needed but do not exist to prove ownership of the note.  They are forging signatures of borrowers (proven by admission publicly and by deposition (in many stories over the past three years).

The fraudulent Affidavits are the tip of the iceberg as I previously reported.  It is the key that opened Pandora’s box.  The banks committed fraud to create this financial devastation, they committed fraud to cover up their crimes and are committing fraud to continue to steal the wealth of the people.

REMEMBER, ALL THE BANKS THAT MADE THESE LOANS HAVE BEEN PAID IN FULL FOR THESE LOANS.  If proper audits are made of the actual accounts of the actual banks that legally own the loans, we would find their ledgers to show PAID IN FULL.

Now, hopefully you can see why I said above , these are not ordinary circumstances.

The banks falsely manipulated the real estate market with unreal appreciation creating values they knew would crash.  As a result, they crashed our economy, put millions of us in the unemployment lines (so they could take back our homes), put millions of us on welfare via food stamps, put thousands of businesses out while continueing to rake in profits – both personal and corporate – with the aid of our government.

Our courts too have been complicit save a handfull of judges from Ohio, New York and Florida who saw the fraud and ruled against the fraudsters.

Now the banks are crynig foul.  They will correct the fraud and continue on.

How do you take back an illegal action and make it legal.  Can you rob a bank then take the money bakc that you stole a week later and walk away scott free?  I don’t think so.  But that appears to be what has and is still happening.


The law is the law for everyone.  My favorite saying.  If it applies to me then it MUST apply to the banks.  If it is a crime they must pay the price of imprisonment just like you and I would.  The admission of guilt – like in the recent case of former Countrywide Bank CEO Mozillo – of paying a fine for the crime (a felony) is absurd.  The 67.5 million dollars is just a drop in the bucket for the hundreds and hundreds of millions of dollars he made through fraud.  If evaluated, it would make Bernie Madoff look like a petty street criminal and he is doing 125 years in prison.

Now is the time to fight back.  If you are in foreclosure, seek out the help of a qualified foreclsoure defense attorney.  If you are not in foreclsoure, take the time to investigage your mortgage.  Find out who owns it.  Find out if it was ever assigned legally to any other part;y or entity.  Find out which mortgage backed security owns or claims to own you mortgage note

and most important of all,

let your politicians know that you will not stand for this.  The 50 Attorney Generals of each state and Fannie and Freddiehave joinned forces to investigate these frauds.  Let them know you want JUSTICE.  Let our Federal Government, Attorney General Holder, President Barack Obama, Treasury Secretary Timothy Geithner (also not with clean hands in this whole mess) along with you Senators and Congressmen know that they cnanot cover this up.  They cannot gloss over it and they above all CANNOT PROTECT THE BANKS THAT ARE GUILTY.

If it means their demises then so be it.  There are plenty of other smaller banks who can step in and who are not guilty.

There are pelnty of attorneys who are standing up for your rights.  Many of whom I have mentioned in this blog like the Ticktin Law Group I referenced above. They are true Americans along with the judges who have stood up for the law and people’s rights.

Stand up and fight.  Get on the band wagon – it is leaving the gate.






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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:

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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Homeowners Are Drowning…And So Is The Nation

To all of you who are facing or in foreclosure you are not alone.  In fact, you may be in the majority.  No this is not meant to make you feel better.  On the contrary, it is meant to possibly anger you so that you fight and speak out more.  What we need a vocal population verbalizing what is right and what is wrong.  A population that does not just sit by and let “them” take advantage.  Let’s get mad as hell and not take it anymore.

For those of you who are sitting back thinking that help is on the way and that as many are saying things are bottoming out and will begin to get better soon, read on.

With nearly half the mortgages in the U.S. expected to be under water when the recession ends, things look pretty bleak for mortgage servicers and investors, let alone consumers.

So begins the story by Glenn McCullom in National Mortgage News – a publication you may want to subscribe to.

Mr. McCullom refers to a report by Karen Weaver Ying Shen, an analysit in New York at Deutsche Bank.  McCullom says that in her report she says that “The percentage of “underwater” loans may rise to 48%, or 25 million homes, as prices drop through the first quarter of 2011…”

This is an interesting analysis and one which I believe.  There are those that aree saying that we have “bottomed out” to which I reply, I don’t think so.  If Ms. Ying Shen is correct then the worst has yet to come.  There can be no recovery without real estate recoverning and certainly not without unemployement decreasing.  Neither of these important factors are occurring or look like they will in the near future.

More of the negative impact to our economy – and us – is further told by Ms. Ying Shen’s report.  McCulom further says that according to Deutsche Bank the share of homes mortgaged for more then their value was 36% at the end of March.  he continues by

Further deterioration will depress consumer spending and boost defaults by borrowers who face unemployment, divorce, disability or other financial challenges, the securitization analysts said.

Even more frightening is his comment on seven real estate markets in the U.S. which had the “fastest appreciation during the five year housing boom”.  Those markets he says are, Fort Lauderdale , Miami, Merced and Modesto, CA and Las Vegas.  (I would have to assume that these markets cover the majority of the counties they are situated in).  He says that these markets my have as many as 90% of borrowers underwater according to the Deutsche Bank report.

It is important to note that the latter comment deals with borrowers who are underwater not the number of homes but it is safe to assume that the vast majority of homes purchased during the boom years were financed.

Already, servicers are grappling with a delinquency tsunami. According to figures compiled by National Mortgage News and the Quarterly Data Report, 34% of all subprime loans — or $320 billion worth of loans — are in some stage of delinquency.

It appears as if we are drowning economically and no rescue appears to be on the horizon.  I don’t even see a flotation device anywher in sight either.  We seem to be having an endless cycle of downturns which in turn feed more downturns which feed even more downturns.

As said earlier, without a recovery in real estate and employment – both of which feed on each other and continue the cycle – there can be little in the way of economic recovery on a national scale.

Help, as promised by the current and past administrations, have not come to the people.  The help that was made available – trillions of dollars – has certainly had a positive and lucrative affect on our “too big to fail” financial institutions.  They seem to be reporting profits and higher returns and increasing stock values.  All this while the general population is drowning.  Could it be that these “too big to fail” institutions that “you” have sent financial aid to own all the life vests and flotation devices and holding them instead of using them?  I think so.  These guys are living the good life, getting a better life – if that is possible with the money they already have – and don’t give a dam about the rest of us.

We are busy being distracted by conversation of health care reform – and it is only conversation at this point as there is no definitive proposals on the table yet.  This distraction, while a valid topic is purposeful to detract our attention from drowning.  Are the members of our Administration and Congress that stupid to believe that we think it is ok to drown knowing that maybe somewhere down the road a national health care program will bring us back to life?  We need a healthcare program but we need to eat to.  With no food, no health care program will benefit us.

I say to our Congressmen, you are all members of the human race and Americans.  You enjoy stable and high incomes, benefits and perks and THE BEST HEALTH CARE PROGRAM IN THE NATION.  In your comfort and as OUR representatives you should be working first and foremost on rescuing us from certain drowning.

To read the full article in National Mortage News…click here


Emergency Banking Act

Is another “Bank Holiday” coming to America? Frankly, few people – this writer included – never knew what a Bank Holiday meant until receiving an email referencing and quoting Bob Chapman’s THE INTERNATIONAL FORECASTER.

I never heard of Bob Chapman either so I looked him up. He seems like he knows what he is talking about and from his bio has many, many years of experience in investment banking specializing in gold. If you view his web site above you can read all about him.

I did find the article interesting but it required some research. First I needed to get the meaning of and the background of “Bank Holiday” since the post began…

Bank Holiday Coming? Prepare?

In my research I found this same article posted on several sites and blogs. I have just picked one that I have linked above since I found the comments very interesting.(you should read them). In addition, the article references Harry Schultz who also seems to have credibility so to make your research easy I have linked his name to the bing search engine page where you can read about him as well.

This blog’s effort is to uncover the truth and report it as well as offer my own thoughts and opinions, let’s be clear about one thing and that is that just because it is on the internet it is not necessarily so. However, I believe there can be validity to this as I feel – as does Bob Chapman and Harry Schultz – that the worst is yet to come. I base this on information, research and knowledge of the mortgage industry as it relates to the banking industry.

So I offer all this up to you and you can form your own opinion. To be well informed is a necessity for our survival in what I have always maintained will be the most disastrous economic times in the history of our country.

Now to the basis of this story. Take a moment and go to the link below which details the Emergency Banking Act established under President Franklin D. Roosevelt, who our current President holds in very high regard and partially models his administration after his.

Emergency Banking Act – Wikipedia, the free encyclopedia

Here is the beginning of the outline of this Act.

The Emergency Banking Act (the official title of which was the Emergency Banking Relief Act) was an act of the United States Congress spearheaded by President Franklin D. Roosevelt during the Great Depression. It was passed on March 9, 1933. The act allowed a plan that would close down insolvent banks and reorganize and reopen those banks strong enough to survive. In summary, the provisions of the act were as follows:

Title I, Section 1. To affirm any orders or regulations the President or Secretary of the Treasury had given since March 4, 1933.

Title I, Section 2. To give the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States in the event of such an emergency.

Title I, Section 3. To authorize the Secretary of the Treasury to order any individual or organization in the United States to deliver any gold that they possess or have custody of to the Treasury in return for “any other form of coin or currency coined or issued under the laws of the United States”.

Title I, Section 4. To make it illegal for a bank to do business during a national emergency (per section 2) without the approval of the President.

Title II. To enable the Comptroller of the Currency (a post in the US Treasury) to take complete control of and operate any bank in the United States or its territories and to establish the terms and conditions under which bank is administered.

Title III. To allow banks to disown their debts with the permission of the Comptroller of the Currency and a majority vote of their stockholders.

Title IV, Section 401. To allow Federal Reserve banks to convert any US debt obligation (such as a bond) into cash at par value and any check, draft, banker acceptance, etc, into cash at 90% of its apparent value.

To read complete summary of the ACT please go to the link above

Basically it allows the President to declare a “bank holiday”, close the banks nationwide and then determine which ones can or will reopen. It was also the

Act that enabled the Treasury to remove gold bullion held by citizens.

Armed with this brief explanation of a Bank Holiday here is the Bob Chapman story. You can also view this article on BBS RADIO/The Original TNT Bulletin Board.

Sunday, June 21, 2009

Bank Holiday Coming? Prepare?

From Harry Schultz:

Dear Bob:

Bob Chapman’s Int’l Forecaster newsletter revealed (5/20) this startling intelligence (from within US State Dept & embassies):

”Some US embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of US cash to purchase currencies from those govts, quietly. But not £’s. Inside the State Dept there is a sense of sadness & foreboding that ‘something’ is about to happen, unknown re a date—just that within 180 days, but could be 120-150 days.”

Bob quotes another source that “Panasonic has told their people to be back in Japan by Sept 09.”

Harry Schultz, dean of newsletter writers, has quoted the Chapman letter of May 30 regarding US embassies being sent large amounts of cash with which to buy local *currencies, to last them a year. Here is Harry’s remarkable take on the situation:

“My HSL suspicion is that the elite plan another FDR style “bank holiday” of indefinite length, perhaps very soon, to let the insiders sort-out the bank mess which is getting more out of their control every day.*Insiders want/need to impose new bank rules. Widespread nationalization could result, already under way. It could also lead to a formal US$ devaluation, as FDR did by revaluing gold (& then confiscating it). But devalue against what? The euro? Doubtful. Gold? Maybe. Or vs. the IMF basket of currencies (which seems more likely)—& much in the news recently. Any kind of bank holiday will push the US$ lower, which may be a bonus benefit to their ongoing scenario of letting the $ fall. Such a fall would get the devaluation they want without having to declare it. In sum, the insiders want more bank & system control, fewer banks & a lower US$. A bank holiday would suit all their needs.

Obviously, U can’t open safeboxes if the banks are closed, so plan accordingly. All this is speculation, but we have to go with what we’ve got, scraps of info that point to certain possibilities. In any case such a closure will, IMO, come sooner or later, as the worst of the embedded derivatives are still to be faced. We are years away from solving them because the controllers don’t want to; their fingerprints are all over them. ***

PS: during the FDR bank holiday, thousands of banks never reopened; it was a face-saving way of shutting them down. I would guess the same would occur today; thousands have little or no net value, loaded with debt, bad mortgages.

••• *PPS: A Bob Chapman subscriber reported overhearing 2 FEMA jacketed men talking to a police chief in Calif. They wanted to federalize the police across the US. They (govt) would be closing banks in late Aug, early Sept & that it will get ugly.” Prepare for worst case, as any good Boy or Girl Scout would do.

I believe that our banks are still insolvent even though we are being told they are not. Wells Fargo and it new acquisition – Wachovia – are broke. CitiBank is broke, Fifth/Third Bank is broke, Bank of America is broke and the list goes on. We must ask the question concerning their solvency and we should get an answer.

If in fact, as Chqpman, Schultz and I believe, they are then it is iminent that the government will have to act to prevent a run on the banks. A run would certainly cause the demise of most banks as those banks do not have sufficient cash 0 nor are they required to have sufficient cash to cover everyone’s withdrawals. THE GOVERNMENT WOULD HAVE TO ACT which is what makes this story both believable and alarming.

Another reference to this letter I found intersting is the reference to PPS qupted from a Bob Chapman subscriber…

A Bob Chapman subscriber reported overhearing 2 FEMA jacketed men talking to a police chief in Calif. They wanted to federalize the police across the US. They (govt) would be closing banks in late Aug, early Sept & that it will get ugly.” Prepare for worst case, as any good Boy or Girl Scout would do.

I find some believability to this even though there is no evidence to verify it. I can believe this because FEMA is a National Federal Police Agency not a disaster emergency aid agency. It is believed that they are prepared for any civil unrest with the ability to act quickly and swiftly to put down any mass public activity. In fact, they have already termed civil unrest as low level terrorism giving them the power to arrest in mass. Detention centers are already in place around the country in a program called REX 84. These detention centers – mainly abandoned military bases are manned and equipped. It is also believed that FEMA has a contract with Wackenhut to provide prison buses to cart these masses to these detention centers.

There is even a story (rumor?) that these buses are driving around Phoenix, AZ as a test and training.

Does all this seem outrageous? Perhaps it does. but on the other hand, if you really take a look at what is happening, the transfer of wealth, the diversionary tactics by the government to lead us to believe things are getting better, that we are going to get health care and that the recession is almost over. None of which are happening. Most independant economists will tell you the same.

Conditions are worseningn. Commercial credit is in default and can be the next “meltdown” like the mortgage meltdown that seems to have precipitated this economic crisis. Consumer credit is defaulting by leaps and bounds and foreclosures are increasing.

Unemployment will hit double digits and is already much higher then the 9.5% being reported. In fact, a recent report indicated that we have had more unemployed in the past 16 months then in the past 8 years – well over 5 million people including professionals, white collar and blue collar employees not to mention the millions of recent college grads looking for work and finding it difficult to do so which will lead to a massive amount of student loan defaults..another down for the economy.

Believe it or not, that is up to you. But we must all be aware and be cautioned for as I have said many times in the past two years, “fasten your seat belts, this is going to be a long, rough ride”.

Be aware and be prepared for the worst. You owe it to yourself and your families. If the worst never comes so much the better but if it just might come then better to have been prepared then not prepared at all.

Is another “Bank Holiday” coming to America?

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 – 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, 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.


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