The Rumor Mill News Reading Room
Galactic Federation Of Light Archangel Michael August 24 2011
Posted By: Mr.Ed [Send E-Mail]Date: Sunday, 28-Aug-2011 14:56:26
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The Rumor Mill News Reading Room
Galactic Federation Of Light Archangel Michael August 24 2011
Posted By: Mr.Ed [Send E-Mail]
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Subject: ECONOMY-8-25-11 Obama Goes All Out For Dirty Banker Deal | Rolling Stone Politics | Taibblog | Matt Taibbi on Politics and the Economy
"But it seems to me that it might be time to wonder if is this the most disappointing president we’ve ever had"
OBAMA SUCKS PLAIN, SIMPLE AND OBVIOUS.
JOE D
President Barack Obama
Joe Raedle/Getty Images
A power play is underway in the foreclosure arena, according to the New York Times.
On the one side is Eric Schneiderman, the New York Attorney General, who is conducting his own investigation into the era of securitizations – the practice of chopping up assets like mortgages and converting them into saleable securities – that led up to the financial crisis of 2007-2008.
On the other side is the Obama administration, the banks, and all the other state attorneys general.
This second camp has cooked up a deal that would allow the banks to walk away with just a seriously discounted fine from a generation of fraud that led to millions of people losing their homes.
The idea behind this federally-guided “settlement” is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space.
This is all about protecting the banks from future enforcement actions on both the civil and criminal sides. The plan is to provide year-after-year, repeat-offending banks like Bank of America with cost certainty, so that they know exactly how much they’ll have to pay in fines (trust me, it will end up being a tiny fraction of what they made off the fraudulent practices) and will also get to know for sure that there are no more criminal investigations in the pipeline.
This deal will also submarine efforts by both defrauded investors in MBS and unfairly foreclosed-upon homeowners and borrowers to obtain any kind of relief in the civil court system. The AGs initially talked about $20 billion as a settlement number, money that would “toward loan modifications and possibly counseling for homeowners,” as Gretchen Morgenson reported the other day.
The banks, however, apparently “balked” at paying that sum, and no doubt it will end up being a lesser amount when the deal is finally done.
To give you an indication of how absurdly small a number even $20 billion is relative to the sums of money the banks made unloading worthless crap subprime assets on foreigners, pension funds and other unsuspecting suckers around the world, consider this: in 2008 alone, the state pension fund of Florida, all by itself, lost more than three times that amount ($62 billion) thanks in significant part to investments in these deadly MBS.
So this deal being cooked up is the ultimate Papal indulgence. By the time that $20 billion (if it even ends up being that high) gets divvied up between all the major players, the broadest and most destructive fraud scheme in American history, one that makes the S&L crisis look like a cheap liquor store holdup, will be safely reduced to a single painful but eminently survivable one-time line item for all the major perpetrators.
But Schneiderman, who earlier this year launched an investigation into the securitization practices of Goldman, Morgan Stanley, Bank of America and other companies, is screwing up this whole arrangement. Until he lies down, the banks don’t have a deal. They need the certainty of having all 50 states and the federal government on board, or else it’s not worth paying anybody off. To quote the immortal Tony Montana, “How do I know you’re the last cop I’m gonna have to grease?” They need all the dirty cops on board, or else the whole enterprise is FUBAR.
In addition to the global settlement, Schneiderman is also blocking an individual $8.5 billion settlement for Countrywide investors. He has sued to stop that deal, claiming it could “compromise investors’ claims in exchange for a payment representing a fraction of the losses.”
If Schneiderman thinks $8.5 billion is an insufficient, fractional payoff just for defrauded Countrywide investors, then you can imagine how bad a $20 billion settlement for the entire industry would be for the victims.
In that particular Countrywide settlement deal, it looks like Bank of New York Mellon, the New York Fed, Pimco and other players negotiated on behalf of defrauded investors. They told the Times they were happy with the deal, but investors outside the talks told Gretchen they weren’t happy with the settlement.
Schneiderman apparently listened to those voices instead of the Mellon-Fed-BofA crowd, which infuriated the insiders who struck the actual deal. In a remarkable quote given to the Times, Kathryn Wylde, the Fed board member who ostensibly represents the public, said the following about Schneiderman:
It is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. Wall Street is our Main Street — love ’em or hate ’em. They are important and we have to make sure we are doing everything we can to support them unless they are doing something indefensible.
This, again, is coming not from a Bank of America attorney, but from the person on the Fed board who is supposedly representing the public!
This quote leads one to wonder just what Wylde would consider “indefensible,” given that stealing is pretty much the worst thing that a bank can do — and these banks just finished the longest and most orgiastic campaign of stealing in the history of money. Is Wylde waiting for Goldman and Citi to blow up a skyscraper? Dump dioxin into an orphanage? It’s really an incredible quote.
The banks are going to claim that all they’re guilty of is bad paperwork. But while the banks are indeed being investigated for "paperwork" offenses like mass tax evasion (by failing to pay fees associated with mortgage registrations and deed transfers) and mass perjury (a la the “robo-signing” practices), their real crime, the one Schneiderman is interested in, is even more serious.
The issue goes beyond fraudulent paperwork to an intentional, far-reaching theft scheme designed to take junk subprime loans and disguise them as AAA-rated investments. The banks lent money to corrupt companies like Countrywide, who made masses of bad loans and immediately sold them back to the banks.
The banks in turn hid the crappiness of these loans via certain poorly-understood nuances in the securitization process – this is almost certainly where Scheniderman’s investigators are doing their digging – before hawking the resultant securities as AAA-rated gold to fools in places like the Florida state pension fund.
They did this for years, systematically, working hand in hand in a wink-nudge arrangement with clearly criminal enterprises like Countrywide and New Century. The victims were millions of investors worldwide (like the pensioners who saw their funds drop in value) and hundreds of thousands of individual homeowners, who were often sold trick loans and hustled into foreclosure when unexpected rate hikes kicked in.
In a larger sense, even the (often irresponsible) people who simply bought more house than they could afford were victims of this scam. That's because in many of these cases, credit simply would not have been available to those people had the banks not first discovered a way to raise vast sums of money dumping crap loans on an unsuspecting market.
In other words: if Bank of America hadn’t found a way to sell worthless subprime loans as AAA paper to the Chinese and the Scandavians in May, you can be sure that it wouldn’t be going back to Countrywide in June to lend out more money for more subprime loans.
And Countrywide, in turn, wouldn’t then have been sending masses of reps out into the ghettoes to offer juicy home loans to undocumented immigrants and refis to confused old ladies on social security.
This is as bad as white-collar crime gets. But to Wylde, it doesn’t rise to the level of being “indefensible.” Until they do something worse than this, we apparently should support the banks, and make sure they don’t have to pay more than a fraction of what they made off of this kind of crime.
What is most amazing about Wylde’s quote is the clear implication that even a law enforcement official like Schneiderman should view it as his job to “do everything we can to support” Wall Street. That would be astonishing interpretation of what a prosecutor's duties are, were it not for the fact that 49 other Attorneys General apparently agree with her.
In Schneiderman we have at least one honest investigator who doesn’t agree, which is to his great credit. But everyone else is on Wylde’s side now. The Times story claims that HUD Secretary Shaun Donovan and various Justice Department officials have been leaning on the New York AG to cave, which tells you that reining in this last rogue cop is now an urgent priority for Barack Obama.
Why? My theory is that the Obama administration is trying to secure its 2012 campaign war chest with this settlement deal. If Barry can make this foreclosure thing go away for the banks, you can bet he’ll win the contributions battle against the Republicans next summer.
Which is good for him, I guess. But it seems to me that it might be time to wonder if is this the most disappointing president we’ve ever had.
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Johan
THE FINAL BATTLES HAVE ARRIVED. STAND YOUR GROUND.
By CM thru Johan
Aug 27, 2011 - 6:08:40 PM
Candace: without trying to cause alarm, the death toll from this may be rather high. A very widespread area and density of population.
Dear AH Family,
this morning I connected with CMAton about the new directives as mother Earth seems to shift gears in her path to RENEWAL AND CLEANING UP. Here is what CMAton mentioned :
My Dearly Beloved Children. We have indeed entered into a most dangerous phase. As I have mentioned before, what mankind is capable of planning, organising is beyond imagination and does shake all of us to our core. Well that is exactly what mother Earth is doing right now, and will shake off all what does not serve this pearl of extreme Motherly Care and Love any longer, as Momma has seen the Light all of Us, including you at the AH Group Meditations have constantly helped generate stronger and stronger untill She has fully stepped onboard now. So congratulations to all of you.
Dangers are now lurking from EVERY direction around the United States of America, from natural born elements who are reacting to mans folly to man himself who continues to plan the most awefull scenarios to destroy as much as possible, knowing full when they have received their tickets out, and wanting to take down anything and everything in a desperate attempt to hold control in a sinister New World Order after causing havoc and destruction first. As they have lost control over the economy and finances, fractions from different origin in the United States AND from abroad are coming at loggaheads now, they resort to fanatic destructive ways, hoping to materialise underground, taking advantage of the looming hurricane and setting off much more devastation as retaliation amongst each other. Scenes from the mafia and the cold war and extreme gangwars at the highest levels have no comparison what some are planning right now underneight your very feet.
At the same time, nature can set off reactions that will cause far stretching devastation, looking at the Mid Atlantic reef with the old volcano at the Azores, looking at the extreme tension and stress under and along the ring of fire, looking at the GOM that can change the surface of the earth in certain know danger areas in seconds.
With regards to the man made planned evil actions, we intend to NOT nip it in the bud, what normally would be the case BUT this will give us the cosmic permission to lead all into ministasis, where we can step in immediately and safeguard what needs to be safeguarded and controled once more. This will automatically launch the removal of the dark, as their tickets out are long overdue and bring about the CHANGES you all have been waiting for.
Much more I cannot share since We also are monitoring EVERYTHING very closely and will have to work with whatever situation comes first or whatever reaction triggers another, there is where we will be fully present to intervene and help out, as is our major task at the moment.
THAT MEANS FOR YOU WARRIORS OF THE LIGHT : EXTREME VIGILANCE. Your bodies and minds have been cautioned to rest, to be ready, many of you have heard us ask IF YOU ARE READY. Well, NOW IS THAT TIME OF HIGHTENED ALERT. I ask you to continue your daily meditations/Reiki in full force, put your heart and soul on the line, for you are SAFE, that I guarantee you, as we count your every breath, your every good deed, your every RAY OF LIGHT YOU GENERATE through BEING OF SERVICE. Now the Service will be TO STAY UNITED, TO WORK AS A GROUP, FOR WHICH I COMMEND YOU ALL, Connect with the Divine Light and Divine Love and all the Celestial Ones, equally most vigilant, focus on your GROUPS STRUCTURE AND STAND FIRM TOGETHER, LET THE TREE OF LIGHT AND LIFE WORK AMONGST YOU, Send that United Divine Light to the core of Mother Earth, send it out to the surface and far beyond as YOUR LIGHT BY PURE INTEND WILL CONNECT WITH COSMIC AND GALATIC FORCES, as your Co Creator ship IS NOW HIGHLY AT WORK. And let this come back to the different trouble spots you know off, LET YOUR HIGHER SELF HELP YOU TO DETERMINE WHERE... as you know of the RING OF FIRE, THE GOLF OF MEXICO, THE WESTCOAST OF THE US, THE EAST COAST THAT IS UNDER THREAD, THE MID ATLANTIC RIDGE, EUROPE AS A WHOLE, THE MIDDLE EAST THAT STARTS TO TREMBLE, and let US take care of the man made trouble that is brewing, as it will be for some of you also your permission to leave for further duty elsewhere.
THIS IS IT MY BELOVED CHILDREN, THE FINAL BATTLES, THE FINALE WHERE YOU NOT ONLY GET FIRST ROW SEATS, BUT WHERE YOU ARE PARTICIPATING IN THE RENEWAL OF MOTHER EARTH, WHERE YOU ARE PARTICIPANTS IN THE DECISIVE END OF AN ERA OF DARKNESS AND EVIL. ALL OF YOU who stood your ground and Connected With the Divine Within Yourself, as all of this is also playing out INSIDE OF YOU, in total ONENESS with ALL THAT IS, through the I AM PRESSENCE WITHIN YOU, what will equally result in a major VICTORY FOR ALL WHO REPRESENTED THE LIGHT. You still have no idea what this will mean for yourselves, SO GET GOING UNTILL WE MEET AGAIN, it will be sweeter than honey and the happiest you have ever been.
Again, continue your hard work, Connect yourself as much as possible and follow the leads and updates if possible, as this scribe and company will do their best to provide you with. Salu. ''
I think this is clear enough, I will see you at SEVEN and do not hestitate to contact me if i can help,
in Divine Love, Light and Service, Always and in All Ways,
Johan.
"If you put the Federal government in charge of the Sahara Desert , in five years there'd be a shortage of sand.” - Economist Milton Friedman
THIS IS WHAT A TRAITOR LOOKS LIKE TO MOST OF US.
In
1952
President Truman
established one day a year as a
" National Day of Prayer ."
----------------------------------------------------------------------------------------------------------------------------
In
1988
President Reagan
designated the
First Thursday in May of each year as
the National Day of Prayer.
---------------------------------------------------------------------------------------------------------------------------
In June
2007
(then)
Presidential
Candidate Barack Obama
declared that the USA
"Was no longer a
Christian nation."
---------------------------------------------------------------
This year
President Obama
canceled the
21st annual National Day
of Prayer ceremony
at the White
House under the ruse
Of "not wanting to offend anyone"
------------------------------------------------------------------------
BUT... on September 25, 2009
from 4 AM until 7 PM,
a National Day of Prayer
FOR THE MUSLIM RELIGION
was Held on Capitol Hill,
Beside the White House.
There were over 50,000 Muslims
in D.C. that day.
b
HE PRAYS WITH THE MUSLIMS!
I guess it Doesn't matter
if "Christians"
Are offended by this event -
We obviously
Don't count as
"anyone" Anymore.
The direction this country is headed
should strike fear in the heart of every Christian,
especially knowing that the
Muslim religion believes that if Christians cannot be
converted, they should be annihilated.
This is not a Rumor -
Go to the website
To confirm this info:
http://www.islamoncapitolhill.com
Send this to ten people
and the person who
sent it to you!...
to let them know that
indeed, it was sent
out to many more.