WHILE OBAMA AND HIS CORRUPT BANKSTER-OWNED POLITICIANS LIKE SEN. DIANNE FEINSTEIN, CHRIS DODD AND BARNEY FRANK ALL BUST THEIR CORRUPT ASSES FOR THE CRIMINAL BANKSTERS, HANDING THEM NO-STRINGS WELFARE, THE BANKSTERS' PROFITS HAVE SOARED!
OBAMA DONOR DIANNE FEINSTEIN, ONE OF THE MOST CORRUPT POLITICIANS IN AMERICAN HISTORY, HAS LONG TAKEN BIG BRIBES FROM BIG BANKSTERS WELLS FARGO and BANK of AMERICA!
WELLS FARGO HAS HAD THEIR CALIFORNIA MORTGAGE LICENSE REVOKED SINCE 2003 FOR CORPORATE CRIMES, FRAUD AND MALFEISANCE. THE BANKSTER WENT INTO OPEN COURT AND DEMANDED THE MORTGAGE LICENSE BACK! THE COURT REFUSED, SO THE BANKSTER SIMPY DECLARED ITSELF ABOVE THE LAW, AND WENT ON FUCKING OVER CONSUMERS NATIONWIDE WITH THEIR RIGGED CORRUPT MORTGAGES. THEN THEY WENT TO TOWN LOOTING CONSUMERS THROUGH FORECLOSURES ON THE VERY MORTGAGES THEY FUCKED PEOPLE WITH.
THE OLD BUSH WAR PROFITEER, AND ADVOCATE FOR OBAMA'S OPEN BORDERS, AMNESTY AND ILLEGALS VOTING, FRONTED FOR THE BANKSTERS' "BANKRUPTCY REFORM" WHICH THEY PUT THROUGH JUST BEFORE THE REAL ESTATE CRASH THAT PREVENTS CONSUMERS FROM GETTING THEIR CROOKED MORTGAGES REORGANIZED IN A BANKRUPTCY COURT.
OUR NATION IS IN MELTDOWN, LOOTED BY WALL ST. MEXICANS AND THESE LIFER-POILTICIANS LIKE THE OLD WHORE FEINSTEIN.!
...so have foreclosures!
UNDER BANKSTER-OWNED OBAMA, BANKS PROFITS WERE GREATER IN HIS FIRST TWO YEARS IN OFFICE THAN ALL EIGHT UNDER BUSH!
Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
“The response of the White House was to do absolutely nothing. Not a single senior bank executive has been criminally charged, let alone imprisoned, for crimes that have devastated the lives of countless millions of people in the US and around the world. Instead, the White House has shielded the corporate criminals.”
An insider’s view of Wall Street criminality
15 March 2012
Greg Smith, an executive director at Goldman Sachs, announced his resignation Wednesday in an op-ed piece in the New York Times, denouncing the bank's“toxic” culture of avarice and fraud.
Smith headed the firm’s United States equity derivatives business in Europe, the Middle East and Africa. In his column, entitled “Why I Am Leaving Goldman Sachs,” he describes a corporate environment that encourages and rewards big short-term returns gained through the bilking of clients and the general public. “It makes me ill how callously people talk about ripping their clients off,” he writes.
Speaking of one’s clients as “muppets” and describing deal-making as “ripping eyeballs out” are commonplace at Goldman, according to Smith. The way to advance at the Wall Street giant, he writes, is to persuade your clients “to invest in the stocks or other products that we are trying to get rid of,” get your clients“to trade whatever will bring the biggest profit to Goldman,” and trade “any illiquid, opaque product with a three-letter acronym.”
The column describes an operation in which laws and regulations requiring financial institutions to deal honestly with their clients and protect their interests are routinely violated. The insider’s indictment of Goldman Sachs highlights a broader process—the criminalization of American capitalism as a whole.
It confirms from the inside that three-and-a-half years after Wall Street’s manic pursuit of super-profits triggered a global financial meltdown and the deepest slump since the Great Depression, nothing has changed in the boardrooms of corporate America. The same fraudulent and often illegal practices that enriched the financial aristocracy and plundered the rest of society continue unabated. The criminals at the top, having been bailed out with trillions of taxpayer funds, are making more money than ever, while millions of ordinary people are being driven into poverty and homelessness.
Education, health care, pensions are being gutted, wages are being slashed and more austerity is on the agenda because there is supposedly“no money.” Corporate profits and CEO pay, meanwhile, are setting new records.
This is an indictment not simply of Goldman Sachs, or even Wall Street alone, but rather the entire economic and political system. Every official institution—the White House, Congress, the courts, the media, the Democratic and Republican parties—is complicit.
Smith’s column was widely reported in the media. NBC Nightly News led its report Wednesday night with the story, interviewing a former chairman of the Securities and Exchange Commission who was brought on to deplore the type of practices described by the former Goldman executive. The ruling class is well aware that popular anger against Wall Street is rising and capitalism itself is becoming increasingly discredited in the eyes of millions of Americans—a process that found an initial expression in the Occupy Wall Street protests. It is concerned that Smith’s piece will further fuel this sentiment.
The practices to which Smith points—and worse—are well known to the Obama administration and the financial regulatory agencies. In April of last year, the Senate Permanent Subcommittee on Investigations published a 640-page report outlining in detail the fraudulent and illegal practices of major banks that contributed to the September 2008 crash. Fully 260 pages of that report were devoted to Goldman Sachs. They explained chapter and verse, giving dates and naming names, how the bank defrauded its clients by selling them mortgage securities while betting against the same investments, without telling them it was doing so.
The committee also documented the complicity of the credit rating firms and federal regulators in the colossal mortgage Ponzi scheme that collapsed in 2007-2008, setting off a new world depression. It cited securities laws that had been violated by Goldman and two other banks it examined, Washington Mutual and Deutsche Bank, and referred this information to the Obama administration’s Justice Department.
The response of the White House was to do absolutely nothing. Not a single senior bank executive has been criminally charged, let alone imprisoned, for crimes that have devastated the lives of countless millions of people in the US and around the world. Instead, the White House has shielded the corporate criminals.
One Wall Street firm after another—Goldman Sachs, Bank of America, Citigroup, Countrywide Financial—has been allowed to settle charges filed by the Securities and Exchange Commission out of court, paying token fines while admitting no wrongdoing.That this continues is seen in the filing Monday in federal court of the sweetheart settlement between five major banks and the state and federal governments of charges arising from the banks’ illegal processing of foreclosures. The banks have merely to pay a combined fine of $5 billion for illegally throwing thousands of families out of their homes, with no admission of wrongdoing. In return, they get the quashing of state investigations that threatened to result in tens of billions in damages and fines.
Not only does the Obama administration protect the Wall Street criminals, it includes their representatives among its top personnel. To cite some examples:
* Mark Patterson, a former Goldman Sachs lobbyist, is the chief of staff to Treasury Secretary Timothy Geithner.
* Dianna Farrell, former financial analyst at Goldman Sachs, is deputy director of the National Economic Council.
* Jacob Lew, Obama’s chief of staff, was a top executive at Citigroup. He follows two other bankers chosen by Obama to head his White House operations—former JPMorgan executive William Daley and former Chicago investment banker Rahm Emanuel.
The criminalization of the American corporate-financial elite cannot be separated from the capitalist system itself. It is the product of a decades-long process of crisis and decay, in which the ruling elite has increasingly separated its wealth-making from the production of real value.
Manufacturing and the productive infrastructure have been decimated, while financial manipulation and speculation have come to dominate economic life. The working class has suffered a catastrophic decline in its social position at the same time that a parasitic financial aristocracy has come to exercise a de facto dictatorship over the political system.
Like all aristocracies, the American financial elite will not accept any infringement of its wealth and power. The working class must break its grip by mobilizing its strength in opposition to both parties of Wall Street and fighting for the establishment of a workers’ government and socialist policies, beginning with the nationalization of the banks and corporations and their transformation into public enterprises under the democratic control of the working people.
Andre Damon and Barry Grey
Documents in US foreclosure settlement highlight lawlessness of the banks
By Barry Grey
16 March 2012
On Monday, the settlement between five major banks and the federal and state governments of foreclosure-related fraud charges was filed in federal district court in Washington, DC. The agreement must be approved by the court to take effect.The settlement, reported to be worth $25 billion, was announced February 9 and hailed by President Obama as a serious rebuke to the banks and boon to distressed homeowners. (See: “Obama administration brokers pro-bank mortgage fraud settlement”).
It is nothing of the kind. It quashes investigations by 49 state attorneys general into wholesale fraud and illegality committed by the five biggest mortgage servicers in their rush to foreclose on homeowners and seize their houses. The abuses first surfaced in the fall of 2010, amid reports of “robo-signing” of foreclosure papers and court submissions.
It was revealed that bank employees and contractors routinely vouched for the accuracy of documents affirming the banks’ title to targeted homes without having ascertained the facts or having even read the documents they were signing. The process was rife with forgeries, fraudulent notarizations, inflated job descriptions of the signers and other violations of the law.
The federal complaint against the banks filed Monday as well as audit reports on the five institutions posted Tuesday by the Department of Housing and Urban Development (HUD) inspector general show that the illegal actions covered by the now-suppressed probes went well beyond the fraudulent processing of documents.
The government charged the banks with eight counts of violating federal and state foreclosure and lending laws, including levying improper fees on homeowners who fell behind on their payments, failing to provide proper documentation on foreclosures, losing paperwork after consumers asked for loan assistance, and wrongfully denying consumers who asked for help.
The complaint alleged that the five mortgage servicers’ malfeasance “resulted in the issuance of improper mortgages, premature and unauthorized foreclosures, violation of service members’ and other homeowners’ rights and protections, the use of false and deceptive affidavits and other documents, and the waste and abuse of taxpayer funds.”
The inspector general’s reports documented the fact that the “robo-signing” of foreclosure documents was ordered by top management at the banks. They also accused all five banks of impeding the government investigation into their practices.
Far from a blow to the banks—Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial—the settlement filed Monday is a whitewash designed to shield them from potentially tens of billions in fines and damages arising from the state investigations. The banks largely dictated the terms of the settlement in the course of 16 months of negotiations, during which the Obama administration pressured recalcitrant state governments, particularly California and New York, to sign onto the deal. Under the agreement, the banks do not admit to any wrongdoing.
In return for the ending of the state probes, the banks have merely to pay a combined fine of $5 billion. Of this, $1.5 billion is to be set aside to pay some 750,000 illegally foreclosed homeowners a token sum of $1,500 to $2,000 each. Not one of the families whose homes were effectively stolen by the banks will be made whole.
The remainder of the reported $25 billion in the agreement is in the form of relief to be provided by the banks to “underwater” homeowners—those who owe more on their mortgages than the market value of their homes. Of this, $10 billion will supposedly go to reducing the principal on home loans, $3 billion to lowering monthly interest rates, and the other $7 billion to short sales and other measures to allow delinquent borrowers to avoid foreclosure. The latter procedures are already being carried out by the banks, so they will receive $7 billion in credit for what they are already doing.
The Financial Times reported last month that the bulk of the cost of the settlement will be covered by taxpayer funds. At the insistence of the Obama administration, the banks will be allowed to make use of an existing federal program, the Home Affordable Modification Program (HAMP), which provides public funds to banks that agree to reduce the principal on troubled home loans. Nearly two-thirds of the value of any write-downs the five banks make will be recompensed with funds from this program, the Financial Times reported.
Even if all of these measures are carried out, less than 5 percent of the nation’s 11.1 million underwater homeowners will be eligible for aid, according to an analysis by Ted Gayer, co-director of economic studies at the Brookings Institution.
The HUD inspector general’s reports show the undisguised contempt of the banks for the government investigation. Bank of America, for example, refused to provide complete files and documents and refused to provide some of its foreclosure policies to HUD investigators. It failed to fully comply with subpoenas. It also limited employee interviews and ordered employees not to answer certain questions.
JPMorgan would not provide certain records, while other records were incomplete. Wells Fargo did not allow the inspector general to interview some employees and failed to provide information in a “timely manner,” the inspector general reported. Ally Financial put up similar roadblocks, according to the inspector general’s report on that bank.
Despite these attempts at sabotage, the HUD reports document the systematic fraud carried out by the banks, providing damning examples. One notary reported his workload going from 60 to 200 documents per day to more than 20,000. Another employee reported signing 18-inch stacks of documents at a time.
Wells Fargo employees reported signing as many as 600 documents per day. When employees told upper-level management they could not handle the workload, the bank shortened the turnaround time for document signatures.
Citigroup’s mortgage unit “regularly signed foreclosure documents when not in the presence” of a notary public, as required by law, the inspector general said.
The report on Ally Financial said that an employee “routinely” signed 400 foreclosure affidavits per day and 10,000 a month without reviewing the supporting documentation.
JPMorgan Chase supervisors told HUD officials they often signed affidavits as an “assistant secretary” or “vice president,” when those were not their official titles. They had simply been given those titles by Chase to allow them to sign legal documents.
That the government rewarded the banks for breaking the law and then refusing to cooperate with investigators by giving them a sweetheart deal underscores the complete impunity with which the American financial aristocracy carries out its acts of social plunder. Like the French Ancien Regime, they are a law unto themselves and not subject to the rules that apply to the “mob.”
BY TIMOTHY P CARNEY
Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers. In Obamanomics, investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics.
Congressman Ron Paul says, “Every libertarian and free-market conservative needs to read Obamanomics.”And Johan Goldberg, columnist and bestselling author says, “Obamanomicsis conservative muckraking at its best and an indispensable field guide to the Obama years.”
If you’ve wondered what’s happening to America, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages,” this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
*
Obama Is Making You Poorer—But Who’s Getting Rich?
Goldman Sachs, GE, Pfizer, the United Auto Workers—the same “special interests” Barack Obama was supposed to chase from the temple—are profiting handsomely from Obama’s Big Government policies that crush taxpayers, small businesses, and consumers.
Investigative reporter Timothy P. Carney digs up the dirt the mainstream media ignores and the White House wishes you wouldn’t see. Rather than Hope and Change, Obama is delivering corporate socialism to America, all while claiming he’s battling corporate America. It’s corporate welfare and regulatory robbery—it’s Obamanomics. In this explosive book, Carney reveals:
* The Great Health Care Scam—Obama’s backroom deals with drug companies spell corporate profits and more government control
* The Global Warming Hoax—Obama has bought off industries with a pork-filled bill that will drain your wallet for Al Gore’s agenda
* Obama and Wall Street—“Change” means more bailouts and a heavy Goldman Sachs presence in the West Wing (including Rahm Emanuel)
* Stimulating K Street—The largest spending bill in history gave pork to the well-connected and created a feeding frenzy for lobbyists
* How the GOP needs to change its tune—drastically—to battle Obamanomics
* The Global Warming Hoax—Obama has bought off industries with a pork-filled bill that will drain your wallet for Al Gore’s agenda
* Obama and Wall Street—“Change” means more bailouts and a heavy Goldman Sachs presence in the West Wing (including Rahm Emanuel)
* Stimulating K Street—The largest spending bill in history gave pork to the well-connected and created a feeding frenzy for lobbyists
* How the GOP needs to change its tune—drastically—to battle Obamanomics
If you’ve wondered what’s happening to our country, as the federal government swallows up the financial sector, the auto industry, and healthcare, and enacts deficit exploding “stimulus packages” that create make-work government jobs, this book makes it all clear—it’s a big scam. Ultimately, Obamanomics boils down to this: every time government gets bigger, somebody’s getting rich, and those somebodies are friends of Barack. This book names the names—and it will make your blood boil.
*
Praise for Obamanomics
Praise for Obamanomics
“The notion that ‘big business’ is on the side of the free market is one of progressivism’s most valuable myths. It allows them to demonize corporations by day and get in bed with them by night. Obamanomics is conservative muckraking at its best. It reveals how President Obama is exploiting the big business mythology to undermine the free market and stick it to entrepreneurs, taxpayers, and consumers. It’s an indispensable field guide to the Obama years
—Jonha Goldberg, LA Times columnist and best-selling author
—Jonha Goldberg, LA Times columnist and best-selling author
“‘Every time government gets bigger, somebody’s getting rich.’ With this astute observation, Tim Carney begins his task of laying bare the Obama administration’s corporatist governing strategy, hidden behind the president’s populist veneer. This meticulously researched book is a must-read for anyone who wants to understand how Washington really works.”
—David Freddoso, best-selling author of The Case Against Barack Obama
—David Freddoso, best-selling author of The Case Against Barack Obama
“Every libertarian and free-market conservative who still believes that large corporations are trusted allies in the battle for economic liberty needs to read this book, as does every well-meaning liberal who believes that expansions of the welfare-regulatory state are done to benefit the common people.”
—Congressman Ron Paul
—Congressman Ron Paul
“It’s understandable for critics to condemn President Obama for his ‘socialism.’ But as Tim Carney shows, the real situation is at once more subtle and more sinister. Obamanomics favors big business while disproportionately punishing everyone else. So-called progressives are too clueless to notice, as usual, which is why we have Tim Carney and this book.”
—Thomas E. Woods, Jr., best-selling author of Meltdown and The Politically Incorrect Guide™ to American History
—Thomas E. Woods, Jr., best-selling author of Meltdown and The Politically Incorrect Guide™ to American History
*
· Hardcover: 256 pages
· Publisher: Regnery Press (November 30, 2009)
· Language: English
· ISBN-10: 1596986123
· ISBN-13: 978-1596986121
*
ARE AMAZED AT HOW UTTERLY BRAZEN THESE CORPORATE OWNED POLITICIANS ARE?
GET THIS BOOK!
Culture of Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies
by Michelle Malkin
Editorial Reviews
In her shocking new book, Malkin digs deep into the records of President Obama's staff, revealing corrupt dealings, questionable pasts, and abuses of power throughout his administration.
From the Inside Flap
The era of hope and change is dead....and it only took six months in office to kill it.
Never has an administration taken office with more inflated expectations of turning Washington around. Never have a media-anointed American Idol and his entourage fallen so fast and hard. In her latest investigative tour de force, New York Times bestselling author Michelle Malkin delivers a powerful, damning, and comprehensive indictment of the culture of corruption that surrounds Team Obama's brazen tax evaders, Wall Street cronies, petty crooks, slum lords, and business-as-usual influence peddlers. In Culture of Corruption, Malkin reveals:
* Why nepotism beneficiaries First Lady Michelle Obama and Vice President Joe Biden are Team Obama's biggest liberal hypocrites--bashing the corporate world and influence-peddling industries from which they and their relatives have benefited mightily
* What secrets the ethics-deficient members of Obama's cabinet--including Hillary Clinton--are trying to hide
* Why the Obama White House has more power-hungry, unaccountable "czars" than any other administration
* How Team Obama's first one hundred days of appointments became a litany of embarrassments as would-be appointee after would-be appointee was exposed as a tax cheat or had to withdraw for other reasons
* How Obama's old ACORN and union cronies have squandered millions of taxpayer dollars and dues money to enrich themselves and expand their power
* How Obama's Wall Street money men and corporate lobbyists are ruining the economy and helping their friends In Culture of Corruption, Michelle Malkin lays bare the Obama administration's seamy underside that the liberal media would rather keep hidden.
• Publisher: Regnery Publishing (July 27, 2009)
• Language: English
• ISBN-10: 1596981091
• ISBN-13: 978-1596981096
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