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2/9/2012 The Top Twelve Reasons Why You Should Hate the Mortgage Settlement
As readers may know by now, 49 of 50 states have agreed to join the so-called mortgage settlement, with Oklahoma the lone refusenik. Although the fine points are still being hammered out, various news outlets (New York Times, Financial Times, Wall Street Journal) have details, with Dave Dayen’s overview at Firedoglake the best thus far. The Wall Street Journal is also reporting that the SEC is about to launch some securities litigation against major banks. Since the statue of limitations has already run out on securities filings more than five years old, this means they’ll clip the banks for some of the very last (and dreckiest) deals they shoved out the door before the subprime market gave up the ghost. The various news services are touting this pact at the biggest multi-state settlement since the tobacco deal in 1998. While narrowly accurate, this deal is bush league by comparison even though the underlying abuses in both cases have had devastating consequences. The tobacco agreement was pegged as being worth nearly $250 billion over the first 25 years. Adjust that for inflation, and the disparity is even bigger. That shows you the difference in outcomes between a case where the prosecutors have solid evidence backing their charges, versus one where everyone know a lot of bad stuff happened, but no one has come close to marshaling the evidence. (Naked Capitalism)
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posted: 2/13/12                   0       7
#1 



1/28/2012 How I woke up to the untruths of Barack Obama: The President's State of the Union address was as weaselly as any politician's could be.
When I happened to wake up in the middle of the night last Wednesday and caught the BBC World Service’s live relay of President Obama’s State of the Union address to Congress, two passages had me rubbing my eyes in disbelief. The first came when, to applause, the President spoke about the banking crash which coincided with his barnstorming 2008 election campaign. “The house of cards collapsed,” he recalled. “We learned that mortgages had been sold to people who couldn’t afford or understand them.” He excoriated the banks which had “made huge bets and bonuses with other people’s money”, while “regulators looked the other way and didn’t have the authority to stop the bad behaviour”. This, said Obama, “was wrong. It was irresponsible. And it plunged our economy into a crisis that put millions out of work.” I recalled a piece I wrote in this column on January 29, 2009, just after Obama took office. It was headlined: “This is the sub-prime house that Barack Obama built”. As a rising young Chicago politician in 1995, no one campaigned more actively than Mr Obama for an amendment to the US Community Reinvestment Act, legally requiring banks to lend huge sums to millions of poor, mainly black Americans, guaranteed by the two giant mortgage associations, Fannie Mae and Freddie Mac. It was this Act, above all, which let the US housing bubble blow up, far beyond the point where it was obvious that hundreds of thousands of homeowners would be likely to default. Yet, in 2005, no one more actively opposed moves to halt these reckless guarantees than Senator Obama, who received more donations from Fannie Mae than any other US politician (although Senator Hillary Clinton ran him close). (London Telegraph)
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posted: 1/29/12                   0       7
#2 
keywords: Alternative Energy, BBC, Baghdad, Barack Obama, Big Oil, Camp Ashraf, Camp Liberty, Carbon Dioxide, Chicago, Climate Change, David Phillips, European Council, Fannie Mae, Financial Crisis, Freddie Mac, Hillary Clinton, Hollywood, Igor Judge, Iran, Iranian Revolutionary Guards, Iraq, Martin Kolber, Military, National Council For Resistance IN Iran, Natural Gas, Nouri Al-maliki, People's Mujahideen Of Iran, Real Estate, Residential Mortgage-backed Securities, Rudy Giuliani, Tehran, Terrorists, US Congress, US Department Of State, United Kingdom, United Nations, United States, Wall Street, White House, Wind Turbines Add New Keyword To Link



2/16/2011 Why Isn't Wall Street in Jail? Financial crooks brought down the world's economy -- but the feds are doing more to protect them than to prosecute them
By Matt Taibbi. Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer. "Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that." I put down my notebook. "Just that?" "That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there." Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people. This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18. The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted. Their names by now are familiar to even the most casual Middle American news consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America and Morgan Stanley. Most of these firms were directly involved in elaborate fraud and theft. Lehman Brothers hid billions in loans from its investors. Bank of America lied about billions in bonuses. Goldman Sachs failed to tell clients how it put together the born-to-lose toxic mortgage deals it was selling. What's more, many of these companies had corporate chieftains whose actions cost investors billions — from AIG derivatives chief Joe Cassano, who assured investors they would not lose even "one dollar" just months before his unit imploded, to the $263 million in compensation that former Lehman chief Dick "The Gorilla" Fuld conveniently failed to disclose. Yet not one of them has faced time behind bars.

"You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street," says a former congressional aide. "That's all it would take. Just once." (Rolling Stone)
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posted: 3/12/11                   0       4
#3 
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1/10/2011 From the archives: Rahm Emanuel, Freddie Mac and the big bucks years
From Rahm Emanuel's profitable stint at mortgage giant and Freddie Mac scandals began during Emanuel's watch by Bob Secter and Andrew Zajac, and The House Rahm Built -- How Chicago's profane, ruthless, savvy operative, remade the Democrats in his image by Naftali Bendavid. Highlights: Before its portfolio of bad loans helped trigger the current housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors by a top federal regulator. One of those allegedly asleep-at-the-switch board members was Chicago's Rahm Emanuel-- now chief of staff to President Barack Obama-- who made at least $320,000 for a 14-month stint at Freddie Mac that required little effort.... What is less known, however, is how little he apparently did for his money and how he benefited from the kind of cozy ties between Washington and Wall Street that have fueled the nation's current economic mess..... (Chicago Tribune)
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posted: 4/2/11                   0       1
#4 



7/26/2010 David Rosenberg: You Know You Are In A Depression When...
Congress moved to extend jobless benefits seven times, as has been the case over the past two years, at a time when almost half of the ranks of the unemployed have been looking for at least a half year. The unemployment rate for adult males (25-54 years) hit a post-WWII this cycle and is still above the 1982 recession peak, and the youth unemployment rate is stuck near 25%. These developments will have profound long-term consequences – social, economic and political. The fiscal costs of the depression continue to mount, with the White House on Friday raising its deficit projection for 2011 to $1.4 trillion from $1.267 trillion. That gap in the forecast – $133 billion – was close to the size of the entire budget deficit back in 2002. Amazing. You also know it is a depression when you find out on the weekend that the FDIC seized and shuttered another seven banks, making it 103 closures for the year. What a recovery!

You also know it's a depression when a year into a statistical recovery, the central bank is still openly contemplating ways to stimulate growth. The Fed was supposed to have already started the process of shrinking its pregnant balance sheet four months ago and is now instead thinking of restarting Quantitative Easing. Of course, we are in this bizarre environment where bank credit continues to contract – last week alone, bank wide consumer credit outstanding fell $2.2 billion; real estate lending contracted $9.2 billion; and commercial & industrial loans slid $5.1 billion. What did the banks do this past week? They replaced cash with government securities – the $47.5 billion net buying was the second largest in the past three years. As the banks find few opportunities to lend – households are either not creditworthy enough to lend to or are busy paying off debts and companies that do have any expansion plans have enough cash on their balance sheet to finance their initiatives – they are likely to use their $1 trillion in excess reserves buying government and related securities, especially with the yield curve so steep and the Fed ensuring that it has no intention of taking the 'carry' away for a long, long time. (Business Insider)
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posted: 7/27/10                   0       7
#5 



4/30/2010 Goldman shares plunge as feds open criminal probe
The SEC brought civil fraud charges against Goldman and a trader in connection with the transactions in 2006 and 2007. The agency alleged the firm misled investors by failing to tell them the subprime mortgage securities had been chosen with help from a Goldman hedge fund client, Paulson & Co., that was betting the investments would fail. Goldman and the trader, Fabrice Tourre, have denied wrongdoing and said they will contest the allegations in court. (Associated Press)
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posted: 5/29/10                   0       15
#6 



4/20/2010 Goldman Sachs: Master of the Universe
The status applies to all Wall Street giants, none, however, the equal of Goldman, the Grand Master. Like the fabled comic book Superman hero, it's: * faster than its competitors, thanks to its proprietary software ability to front run markets (illegal, but no matter); * more powerful than the government it controls; and * able to leap past competitors, given its special status. (Baltimore Chronicle)
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posted: 5/22/10                   0       16
#7 



1/8/2010 Securitization, Mortgage-Backed Securities, Collateralized Debt Obligations, and Credit Default Swaps
From Wikipedia, the free encyclopedia Securitization is a structured finance process that distributes risk by aggregating debt instruments in a pool, then issues new securities backed by the pool. The term “Securitisation” is derived from the fact that the form of financial instruments used to obtain funds from the investors are securities. As a portfolio risk backed by amortizing cash flows – and unlike general corporate debt – the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches will experience dramatic credit deterioration and loss.[1] All assets can be securitized so long as they are associated with cash flow. Hence, the securities which are the outcome of Securitisation processes are termed asset-backed securities (ABS). From this perspective, Securitisation could also be defined as a financial process leading to an issue of an ABS. (Foreclosure Fraud)
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posted: 11/28/10                   0       1
#8 



7/30/2009 Wall Street Analysts Keep Telling Big Earnings Lie: David Pauly
At a time when the financial industry’s credibility is at an all-time low, you would think Wall Street’s finest would break their necks providing transparency (Bloomberg)
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posted: 8/21/09                   0       15
#9 



7/9/2009 The Great American Bubble Machine
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again

But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy. (Rolling Stone)
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posted: 5/26/10                   0       15
#10 
keywords: Al Gore, Alan Greenspan, Alternative Energy, American International Group, Arjun Murti, Bailouts, Bank Of America, Barack Obama, Bart Stupak, Bear Stearns, Big Oil, Bill Clinton, Blue Ridge Corporation, Blue Source Llc, British Petroleum, British Petroleum, Brooksley Born, California, California Public Employees' Retirement System, Canada, Carbon Dioxide, Changing World Technologies, Chicago Climate Exchange, Citigroup, Climate Change, Collateralized Debt Obligations, Commodity Futures Trading Commission, Countrywide, Cramer & CO, Credit Default Swaps, Daimlerchrysler, David Blood, David Viniar, Dennis Kozlowski, Derivatives, Ebay, Ed Liddy, Electric Vehicles, Eliot Spitzer, Enron, Eric Salzman, Etoys, Fannie Mae, Federal Deposit Insurance Corporation, Federal Reserve, Financial Crisis, Freddie Mac, Gary Gensler, Generation Investment Management, George W Bush, Germany, Gibson Greetings, Goldman Sachs, Great Depression, Green Growth Fund, Gsamp Trust, Henry Paulson, Horizon Wind Energy, International Monetary Fund, Internet, Internet Bubble, Ipos, Italy, J Arons & CO, Jay Ritter, Jerry Yang, Jim Cramer, Jmp Securities, John Kenneth Galbraith, John Mccain, John Thain, Jon Corzine, Joshua Bolten, Kansas, Keith Olbermann, Ken Lay, Ken Newcombe, Larry Summers, Lehman Brothers, Lloyd Blankfein, Lloyd Doggett, Marcus Goldman, Mark Ferguson, Mark Patterson, Massachusetts, Massachusetts Institute Of Technology, Meg Whitman, Merrill Lynch, Michael Greenberger, Michael Hecht, Michael Masters, Moody's, Nasdaq, National Economic Council, Neel Kashkari, Neil Levin, Netzero, New Jersey, New York, New York City, New York Stock Exchange, New York Times, Nicholas Maier, Oil Bubble, Orange County, Peter Harris, Procter & Gamble, Residential Mortgage-backed Securities, Robert Rubin, Robert Steele, Samuel Sachs, Securities And Exchange Commission, Shenandoah Corporation, Sidney Weinberg, Simon Johnson, Standard & Poor's, Stephen Friedman, Strategic Petroleum Reserve, Texas, Tyco International, US Congress, US Department Of The Treasury, US Energy Information Administration, US Government Accountability Office, United States, University Of Florida, University Of Maryland, Wachovia, Wall Street, Webvan, White House, William Dudley, World Bank, Yahoo Add New Keyword To Link



7/8/2009 Freedom Watch
Ron Paul on progress of Federal Reserve audit legislation, Jim DeMint, Rand Paul, more (part 1) (FOX)
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posted: 7/10/09      
            		 0       12
#11 



4/23/2009 Did government block transparency? In testimony released by New York State Attorney General Andrew Cuomo, Bank of America's CEO Ken Lewis says he was pressured by the government to keep quiet about losses from absorbing troubled Merrill Lynch (American Public Media)
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posted: 6/10/09                   3       21
#12 



3/19/2009 Fannie, Freddie cleared to pump $200 billion into market
The regulator of Fannie Mae and Freddie Mac on Wednesday eased capital requirements for the two biggest housing finance agencies, allowing them to pump up to $200 billion into the distressed U.S. mortgage market (Reuters)
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posted: 6/16/09                   2       18
#13 



3/10/2009 A Conversation with Ben S. Bernanke (transcript)
"We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components" (Council on Foreign Relations)
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posted: 5/14/09                   3       24
#14 



3/10/2009 At Council of Foreign Relations, Bernanke says regulatory overhaul needed
Fed chief calls for strategy to regulate financial system as whole (NBC)
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posted: 5/14/09                   2       23
#15 



3/10/2009 Federal Reserve Chairman Ben Bernanke at Council on Foreign Relations (CSPAN)
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posted: 5/14/09      
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#16 



1/1/2009 Obama's Advisors
The transition to the new administration of Barack Obama has been accompanied by much optimism and hope for "change." The affiliations of some of his close associates, however, must be cause for concern. (Daniel Estulin: The True Story of The Bilderberg Group)
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posted: 6/4/10                   0       8
#17 
keywords: Arizona, Aspen Institute, Aspen Strategy Group, Bailouts, Barack Obama, Ben Bernanke, Benjamin Emanuel, Bilderberg Group, Bill Clinton, Bill Richardson, Bobby Ray Inman, Boeing, Brazil, Brent Scowcroft, Brookings Institution, Central Intelligence Agency, Chevron, Citigroup, Council On Foreign Relations, David Rockefeller, Donald Rumsfeld, Eric Holder, Eric Shinseki, Federal Reserve, Freddie Mac, George H W Bush, George Mitchell, George W Bush, Goldman Sachs, G30, Hamilton Project, Harvard University, Henry Kissinger, Henry Paulson, Hillary Clinton, Indonesia, Institute For International Affairs, International Monetary Fund, Iran-contra, Iraq, Irgun Zvai Leumi, Israel, Jack Reed, James L Jones, Janet Napolitano, Janet Reno, John Deutch, Kissinger Associates, Korea, Larry Summers, Madeleine Albright, Marc Rich, Mark Lippert, Menahem Begin, Mexico, Michael Froman, Middle East, Mona Sutphen, New York, North Atlantic Treaty Organization, Paul Volcker, Persian Gulf, Rahm Emanuel, Richard Armitage, Robert Gates, Robert Rubin, Ronald Reagan, Rothschild Wolfensohn Company, Stonebride International, Susan Rice, Terrorists, Thailand, Thomas Daschle, Timothy Geithner, Trilateral Commission, US Army, US Department Of Commerce, US Department Of Defense, US Department Of Health And Human Services, US Department Of Homeland Security, US Department Of The Treasury, US Department Of Veterans Affairs, US National Economic Council, US National Security Council, United Nations, United States, Wasserstein Perella, World Bank, Zbigniew Brzezinski Add New Keyword To Link



11/26/2008 Government bailout hits $8.5 trillion
The federal government committed an additional $800 billion to two new loan programs on Tuesday, bringing its cumulative commitment to financial rescue initiatives to a staggering $8.5 trillion, according to Bloomberg News (San Francisco Chronicle)
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posted: 7/24/09                   0       14
#18 



11/20/2008 Paulson Was Behind Bailout Martial Law Threat
"I think there's a bunch of wrong-footed moves by Hank Paulson and the Illuminati" (CNBC)
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posted: 5/18/09                   3       29
#19 



11/10/2008 Fed Defies Transparency Aim in Refusal to Disclose
Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return (Bloomberg)
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posted: 4/30/09                   3       21
#20 



11/7/2008 Emanuel Was Director Of Freddie Mac During Scandal
New Obama Chief of Staff, Others on Board, Missed "Red Flags" of Alleged Fraud Scheme

President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.com. According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002. Emanuel was not named in the SEC complaint (click here to read) but the entire board was later accused by the Office of Federal Housing Enterprise Oversight (OFHEO) (click here to read) of having "failed in its duty to follow up on matters brought to its attention." (ABC)
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posted: 4/2/11                   0       1
#21 



10/23/2008 Greenspan Admits 'Flaw' to Congress, Predicts More Economic Problems (PBS)
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posted: 5/26/09                   3       24
#22 



10/17/2008 The Guys From ‘Government Sachs’
This summer, when the Treasury secretary, Henry M. Paulson Jr., sought help navigating the Wall Street meltdown, he turned to his old firm, Goldman Sachs, snagging a handful of former bankers and other experts in corporate restructurings (New York Times)
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posted: 7/7/09                   0       12
#23 



10/15/2008 Democrats Mull $300 Billion Stimulus
House Speaker Nancy Pelosi is mulling recommendations from several economists that Congress act on an economic-recovery package that would cost taxpayers $300 billion, according to congressional aides, equivalent to about 2% of the country's gross domestic product (Wall Street Journal)
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posted: 6/16/09                   2       18
#24 



9/29/2008 U.S. stocks hammered after House rejects rescue
Dow posts biggest point loss ever, topping plunge after Sept. 11, 2001

Taking unprecedented steps, the Fed and other major central banks on Monday poured hundreds of billions of dollars of added liquidity into money markets left paralyzed by fears of further bank failures in the United States and Europe. (Wall Street Journal)
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posted: 5/18/09                   3       30
#25 



9/29/2008 U.S. Stocks Slide, Dow Plunges 777 Points, As Bailout Bill Fails
Dow Hit By Biggest-point Loss Ever, Topping Post 9/11 Loss

The sell off is the largest percentage drop for the S&P 500 since Oct. 26, 1987. It also translates into a $700 billion loss for the day for the S&P, according to Howard Silverblatt, senior index analyst at Standard & Poor's. (CBS, Market Watch)
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posted: 5/4/09                   2       22
#26 



9/26/2008 WaMu is largest U.S. bank failure
Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion (Reuters)
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posted: 7/29/09                   0       9
#27 



9/23/2008 Bailout plan under fire
Paulson, Bernanke urge immediate action on $700B plan

cite fear of meltdown. But senators from both sides voice more questions than support.

Sen. Sherrod Brown, a liberal Democrat from Ohio, said calls from his constituents about the plan have been universally negative. He told the story of one constituent who drove to Washington. "He quite rightly asked why we were rushing to bailout companies whose leaders got rich gambling with other people's money," Brown said. Brown asked if Wall Street owed the rest of America an apology. Paulson, who served as CEO of Wall Street firm Goldman Sachs for seven years before becoming Treasury Secretary in 2006, pointed at both Wall Street and others for the nation's current crisis. "There is a lot of blame to go around," Paulson said. "A lot of blame [belongs] with big financial institutions that engaged in this irresponsible lending." But Paulson also said some blame rests with regulators, rating agencies and others

"people who made loans they shouldn't have made, people who took out loans they shouldn't have taken out." (CNN)
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posted: 5/4/09                   3       19
#28 



9/23/2008 NO To The Paulson-Bernanke Derivatives Scam Bailout
Bail Out the American People, Not Wall Street! An Economic Recovery Strategy for Protectionists, Dirigists, Mercantilists, and Populists (Webster G. Tarpley)
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posted: 6/18/09                   5       22
#29 



9/22/2008 A $1.8 Trillion Bailout: Where the Money's Going
The Treasury plan, which follows a new federal guarantee for money market fund holdings, would push Washington's potential bailout tab to $1.8 trillion (Reuters)
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posted: 6/16/09                   3       18
#30 



9/21/2008 Administration calls for quick action on bailout
Democrats want protections for homeowners, taxpayers in eventual rescue (MSNBC)
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posted: 6/5/09                   2       23
#31 



9/15/2008 Paulson Says Lehman Bailout Was Never an Option
says the American people can remain confident in the "soundness and resilience in the American financial system." (Associated Press)
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posted: 6/2/10      
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#32 



9/11/2008 Bailouts Will Push US into Depression: Manager
"We expect a depression in the United States. We expect a depression, very possibly, also in Europe," Hennecke said on "Worldwide Exchange." (CNBC)
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posted: 5/14/09                   2       24
#33 



9/7/2008 US Government Takes Over Mortgage Giants
US Government seizes control of mortgage giants Fannie Mae and Freddie Mac (ABC)
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posted: 7/29/09                   0       8
#34 



7/30/2008 President Bush signs massive housing bill
Measure seen as most significant housing legislation in decades (Associated Press)
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posted: 6/16/09                   4       18
#35 



7/12/2008 IndyMac Bank seized by federal regulators
The Pasadena-based thrift's failure is the second-biggest by a U.S. bank. Doors will reopen Monday. (Los Angeles Times)
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posted: 7/29/09                   0       7
#36 



12/30/2005 National Council Of La Raza
Honor Roll of Donors
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posted: 5/6/09                   2       13
#37 



11/22/2005 M3 Measure of Money Discontinued By The Fed
It is one of the most commonly referenced measures of the U.S. money supply. This is not a momentous event, but it is another sign that the Fed would rather tell us less than tell us more. (Financial Sense Editors)
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posted: 8/27/09                   0       9
#38 



11/29/1959 Rahm Emanuel: Career in finance
After serving as an advisor to Bill Clinton, in 1998 Emanuel resigned from his position in the Clinton administration and joined the investment banking firm of Wasserstein Perella (now Dresdner Kleinwort), where he worked until 2002. Although he did not have an MBA degree or prior banking experience, he became a managing director at the firm’s Chicago office in 1999 and, according to Congressional disclosures, made $16.2 million in his two-and-a-half-years as a banker.

The Obama Administration rejected a request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as a director. (Wikipedia)
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posted: 6/4/10                   0       6
#39 




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