The office of the Attorney General of the State of Florida has made a Powerpoint presentation (and posted it on Scribd) of the abuses that it has found in Florida Foreclosure-gate. It details the delegation of powers of attorney and signature powers to foreclosure attorneys and clients in servicers, multiple cases of different robo-signing irregularities, creation illegitimate documents, falsification of affidavits. I would be VERY surprised if the Florida AG does not pursue criminal and conspiracy to commit fraud cases in 2011. . . . → Read More: Florida Attorney General has a presentation on Foreclosure Abuses
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I read an article in Infoworld by Bill Snyder Hackers find new way to cheat on Wall Street — to everyone’s peril which reports on some work done at MIT. The gist of the hack is that by packet insertion in your competitor’s transaction stream you can slow down their trades by a few microseconds. In the HFT world this may mean that . . . → Read More: High Frequency Trading hacking The NYT had an article on people who actually got a job this year. The bottom line: you need to lower your standards. The path to getting a new job is hard and jobs are not what you wanted. The closing quote: [Adam Kowal whose] hourly wage has fallen from $15 an hour at the warehouse to $10.50 an hour washing dishes and . . . → Read More: Your desire for a future job? Pretty farfetched… While Foreclosuregate grinds on and homeowners are put out of their homes its good to know that the Execs at Fannie and Freddie have more big paychecks coming at them. Fannie (FNMA) CEO Michael Williams and Freddie (FMCC) chief Charles Haldeman each stand to make some $6 million this year, going by company filings that broadly outline 2009 pay and 2010 guidelines. Using . . . → Read More: Fannie and Freddie Execs take home millions As it took Nixon, with clear anti-communist credentials to stop the Vietnam war (even with secret bombing of Cambodia, and CIA shenanigans all over Southeast Asia, Kissinger, etc.); unfortunately it looks like it will take a Republican President with tax reduction and deficit reduction credibility in 2012 or in 2016 to finally say to the American people that the honest way out of . . . → Read More: A Nixon for Tax Increases? If you thought that the financial plutocrats have been tamed, and that a new boom and bust cycle will be mitigated by future government intervention and regulation; Bloomberg lays it all out in astonishingly clear rhetoric in an article by Christine Harper Out of Lehman’s Ashes Wall Street Gets Most of What It Wants : The U.S. government, promising to make the system . . . → Read More: Wall Street Gets What It Wants… Keynes: On the one hand the laboring classes accepted from ignorance or powerlessness, or were compelled, perusade or cajoled by custom, convention, authority, and the well-established order of Society into accepting a situation in which they could call their own very little of the cake that they and Nature and the capitalists were co-operating to produce. And on the other hand the capitalist classes were allowed to call the best part of the cake theirs and were theoretically free to consume it, on the tacit underlying condition that they consumed very little of it in practice. . . . → Read More: Keynes on the Economic Consequences of the Peace Bank of America has not yet seen the bottom of the hole that it dug itself when it purchased Countrywide. A report today add Allstate insureance to the growing list of companies that have sued BofA for the fraud perpetrated on them by the RMBS’ sold to them by Countrywide. Nasdaq reports: Insurance company Allstate Corp. sued mortgage- originator Countrywide Financial Corp., now . . . → Read More: Allstate queues up at the BofA trough Is it only me or is this a weird report? Both of the protagonists are majority owned by the US taxpayer, and yet they settle debts in order to hide the disclosure of the true amounts of bad loans which Ally (the bank formerly known as GMAC) stuffed into RMBS’ which have been sold to Fannie Mae. Is this just a way for the US government and its hedge fund partners in Ally to clean up the books and lower risk so as to polish up the IPO? As a result neither Ally nor Fannie Mae need to make adjustments for the crap mortgages on their balance sheets … at this time. . . . → Read More: Robbing Peter to pay Paul – Ally pays Fannie for stuffing them with bad loans Hat tip to Naked Capitalism which pointed me to Credit Writedowns for this: From the WikiLeaks cables as published in the Guardian today regarding a meeting with the US Ambassador to the United Kingdom and the Bank of England Governor Mervyn King on 17 Mar 2008: Systemic Insolvency Is Now The Problem ————————————– 2. (C/NF) King said that liquidity is necessary but not . . . → Read More: Systemic insolvency is the problem – as said Mervyn King in 2008 |
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