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cincinnatijake

cincinnatijake
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  • The CEO of Ally Financial's mortgage operation will testify that the company's foreclosure process was flawed, with documents signed outside the presence of notaries, and by employees who didn't know what was in the papers. In a familiar refrain, Thomas Marano said no owner was foreclosed upon that wasn't in default.  [View news story]
    Send in the clowns.
    Nov 17 03:35 PM | Likes Like |Link to Comment
  • Avoid Going Long Bank of America [View article]
    Crash JPM Buy Silver!
    Nov 17 11:07 AM | 1 Like Like |Link to Comment
  • Avoid Going Long Bank of America [View article]
    According to Karl Denninger and William Black (fraud expert), Citi admits to selling defective mortgages to over 80% of production. Successful fraudulent schemes will be repeated with vigor until it is stopped. Given that BAC is also embroiled in this mess by using MERS, it's not much of a stretch to assume that BAC was employing these schemes on a similar scale.

    Fraud that goes undetected and unpunished can get very ugly, very quickly. The damage is even more substantial in institutions that have access to a vast amount of wealth or in this case, financial weapons of mass destruction. Whether or not our judicial system has the teeth to administer justice is yet to be seen, but if the pervasive fraud being perpetrated by some banks, especially the TBTFs is not prevented and punished, the system will eventually collapse. I believe we are currently teetering on the precipice. The red flags are there; enter at your own risk.

    market-ticker.org/akcs...
    Nov 17 01:23 AM | Likes Like |Link to Comment
  • Avoid Going Long Bank of America [View article]
    Kyle Bass, is that you?
    Nov 17 12:40 AM | 1 Like Like |Link to Comment
  • Who Deserves the Credit for GM? [View article]
    Pundits at CNBS have put a lot of hard labor into pumping the GM IPO, which is why I was rolling with laughter at the end of this clip!

    www.zerohedge.com/arti...
    Nov 17 12:38 AM | 1 Like Like |Link to Comment
  • Given the impossibility of one central bank managing the economies of a diverse and fractured continent, Bloomberg's Matthew Lynn says the euro is doomed.  [View news story]
    Unfortunately, the banking cartel a.k.a. the Federal Reserve, manipulates the interest rates in the market by keeping the Fed funds rate artificially low. When the currency is debased by flooding the economy with the fiat currency printed out of thin air, it is the average citizen who is shot in the foot by having their purchasing power eroded through the hidden tax of inflation. Whoever controls the supply of money, has the ability to create booms and busts. This is why I believe the Federal Reserve should be abolished, so that free markets can determine an acceptable medium of exchange, whether it be a precious metal, paper, etc.
    Nov 17 12:24 AM | 2 Likes Like |Link to Comment
  • Avoid Going Long Bank of America [View article]
    I agree, and with each case the benefits of the learning curve regarding BAC's weaknesses will increase.
    Nov 12 11:01 AM | 2 Likes Like |Link to Comment
  • When Bank of America (BAC) paid back the $45B loan from Uncle Sam last December, it promised to boost equity by $3B through asset sales by the end of this year. But even after generating $2.1B from its sale of 43.6M shares of BlackRock (BLK), BofA is still $900M short.  [View news story]
    At least KPMG is giving BAC some cushion by abetting them in their attempts to hide repurchase risk:

    retheauditors.com/2010.../
    Nov 10 05:10 PM | Likes Like |Link to Comment
  • George W. Bush maintains that TARP "saved the economy" and he "absolutely" would do it again, the former president tells NBC News. “The idea of spending taxpayer money to give to Wall Street banks to save them - a lot of people think they created the crisis in the first place - so I can understand the angst [of the American people]."  [View news story]
    You cannot "understand the angst" until you are the one standing in the breadline, George. I'll bet you've never experienced what it's like to have an overdraft of $5 and be charged $350. Maybe you would be a bit more empathetic if you had to work two jobs with no benefits and still barely be able to afford the rent.

    George W. meet George Thorogood:

    I tell the landlady I got a job, I'm gonna pay the rent
    She said "Yeah?" I said "Oh yeah"
    And then she was so nice,
    Loh' she was lovy-dovy
    So I go in my room, pack up my things and I go,
    I slip on out the back door and down the streets I go
    She a-howlin' about the front rent, she'll be lucky to get any back rent,
    She ain't gonna get none of it
    So I stop in the local bar you know people,
    I go to the bar, I ring my coat, I call the bartender
    Said "Look man, come down here", he got down there
    So what you want?

    One bourbon, one scotch, one beer
    Nov 5 07:24 PM | 9 Likes Like |Link to Comment
  • It certainly sounds serious: The New York Fed and big firms go after Bank of America (BAC) over mortgage putbacks. But is it really? Zero Hedge declares it "a groundbreaking development," the kind of misrepresentation that could destroy mortgage originators and servicers. But Yves Smith thinks it's little more than an "empty threat."  [View news story]
    My question is: If the vast majority of TBTF banks were employing this fraudulent scheme, why pick on Bank of America first?

    Also, has there been a surge in Wells notices going out to the banks? I'm trying to find out, but keep coming up empty handed.
    Oct 19 08:34 PM | 2 Likes Like |Link to Comment
  • It certainly sounds serious: The New York Fed and big firms go after Bank of America (BAC) over mortgage putbacks. But is it really? Zero Hedge declares it "a groundbreaking development," the kind of misrepresentation that could destroy mortgage originators and servicers. But Yves Smith thinks it's little more than an "empty threat."  [View news story]
    It might be an empty threat, but the 50 AG investigations are already shedding mainstream light on a colossal amount of fraudulent practices, ranging from tax evasion (failing to pay county recorders) to perjury (fabrication of documents). It's a dreaded enema right up the banks' poop shoot and wise investors don't want to be anywhere near when the ole' cleansing process begins.
    Oct 19 07:53 PM | 11 Likes Like |Link to Comment
  • Financial stocks slip further on reports that Pimco, BlackRock (BLK -1.4%) and the Federal Reserve Bank of New York are pressuring Bank of America (BAC -2.7%) to repurchase soured mortgages packaged into $47B of bonds by its Countrywide unit. (ETF: XLF)  [View news story]
    Fraudsters cannabilizing fraudsters, sounds juicy...pass the popcorn!
    Oct 19 02:44 PM | 6 Likes Like |Link to Comment
  • Earnings Preview: Bank of America [View article]
    Time to cut loan loss provisions to pad earnings again.
    Oct 18 11:24 PM | Likes Like |Link to Comment
  • Update on After-Hours SPY Flash Crash [View article]
    Thanks for the update, Michael. Given the audacious amount of fraud in the market, I doubt if anyone except for the indefatigable bloggers, like yourself will get to the bottom of it. I wonder if the SEC will employ the "fat finger" excuse:) lol!
    Oct 18 10:37 PM | 5 Likes Like |Link to Comment
  • The Enormous Mortgage Bond Scandal [View article]
    This is the unfortunate aspect about fraud; once the fraudster realizes that a scheme works, he/she will continue the scheme with much vigor until caught. The regulators are still asleep at the wheel, allowing the banks to continue scamming victims. For instance, Wells Fargo is still foreclosing on homes, even after announcing that it has ceased this operation. As always, great work, Felix! Please keep digging:)
    Oct 14 01:39 PM | 6 Likes Like |Link to Comment
COMMENTS STATS
146 Comments
330 Likes