Lucille
01-04-2011, 03:53 PM
Zerohedge: Fraudclosure Settlement Imminent (http://www.zerohedge.com/article/fraudclosure-settlement-imminent)
To all those who penned lengthy essays and activist missives to various law enforcement and judicial organizations in 2010 over the fraudclosure fiasco, we have one word: condolences. According to Bloomberg, which cited Iowa Attorney General Tom Miller, "The five largest mortgage loan servicers, including Bank of America Corp and JPMorgan Chase & Co may be the first to settle with 50 state attorneys general who are investigating foreclosure practices." It appears these attorneys general were all sequestered and advised of the now-traditional M.A.D. apocalypse that would follow if this latest iteration of Wall Street's corner cutting was pursued by the full extent of the law. In other words what many have claimed is the biggest fraud in MBS history is about to be swept under the rug in exchange for 30 pieces of silver wrtistslaps. In the meantime, disclosure such as that revealed by Allstate, which virtually proves that Bank of America was lying outright to investors about its portfolio quality, will be made irrelevant, and yet one more aspect of TBTF fraud will be institutionalized.
[...]
The only take home message for the peasants who follow the rules is that the greater the crime, the easier one gets off. But that should not really be news to anyone at this point.
Deninger: There Are No More Criminal Laws (http://market-ticker.org/post=176404)
So the standard is that if you're a bank, you can break the law.
Any law - and it's not criminal. At worst it's a civil matter. Maybe.
It's not criminal to break into someone's home when you have no right to be there (as has been documented in multiple cases) - if you're a bank, or employed by one. And it's not criminal to falsely swear before a court - if you're a bank, or employed by one.
This is sorta like how it wasn't criminal to launder drug money - if you're a bank, or wire money to a prohibited nation (for alleged terrorist uses) - if you're a bank, or to be involved in a massive bribery and other associated events scheme over a sewer system - if you're a bank, or to rig bids in the municipal debt markets - again, if you're a bank.
Well, it seems to me that if this is the standard for a bank, then the people are well within their rights to decide that the precise same standard shall apply to conduct directed at a bank.
That would be fair and just, right?
One would hope not. But hope is not a strategy, nor is it a reasonably expectation. Instead, we have the mealy-mouthed so-called "law enforcement" folks from our states who cannot in fact be bothered to..... enforce the law.
And here I thought our State AGs would actually perform their jobs and prosecute.
I guess not - after all, nobody has when it was drug money laundering, terrorist funding or ripping off state and local governments.
Why change the record now?
Vox: There is no law in America anymore (http://voxday.blogspot.com/2011/01/there-is-no-law-in-america-anymore.html)
So Crowley was right and do what thou wilt is now the whole of the law. And you wonder why I am so convinced that America is on the verge of collapse. The present US combines the worst of the aristocratic system with the worst of the democratic one. All that it really lacks is the worst of monarchical system. I have little doubt that will come along soon enough. It didn't take long for the American financial aristocrats to exempt themselves from the law, after all.
Yup, there are plenty of laws, but they're only for the little people.
I'd prefer to live in Swearengen's Deadwood myself, than this filthy Banksta Banana Republic.
http://www.youtube.com/watch?v=B909njPoX7k
http://www.youtube.com/watch?v=RfMSxf6P_AM
To all those who penned lengthy essays and activist missives to various law enforcement and judicial organizations in 2010 over the fraudclosure fiasco, we have one word: condolences. According to Bloomberg, which cited Iowa Attorney General Tom Miller, "The five largest mortgage loan servicers, including Bank of America Corp and JPMorgan Chase & Co may be the first to settle with 50 state attorneys general who are investigating foreclosure practices." It appears these attorneys general were all sequestered and advised of the now-traditional M.A.D. apocalypse that would follow if this latest iteration of Wall Street's corner cutting was pursued by the full extent of the law. In other words what many have claimed is the biggest fraud in MBS history is about to be swept under the rug in exchange for 30 pieces of silver wrtistslaps. In the meantime, disclosure such as that revealed by Allstate, which virtually proves that Bank of America was lying outright to investors about its portfolio quality, will be made irrelevant, and yet one more aspect of TBTF fraud will be institutionalized.
[...]
The only take home message for the peasants who follow the rules is that the greater the crime, the easier one gets off. But that should not really be news to anyone at this point.
Deninger: There Are No More Criminal Laws (http://market-ticker.org/post=176404)
So the standard is that if you're a bank, you can break the law.
Any law - and it's not criminal. At worst it's a civil matter. Maybe.
It's not criminal to break into someone's home when you have no right to be there (as has been documented in multiple cases) - if you're a bank, or employed by one. And it's not criminal to falsely swear before a court - if you're a bank, or employed by one.
This is sorta like how it wasn't criminal to launder drug money - if you're a bank, or wire money to a prohibited nation (for alleged terrorist uses) - if you're a bank, or to be involved in a massive bribery and other associated events scheme over a sewer system - if you're a bank, or to rig bids in the municipal debt markets - again, if you're a bank.
Well, it seems to me that if this is the standard for a bank, then the people are well within their rights to decide that the precise same standard shall apply to conduct directed at a bank.
That would be fair and just, right?
One would hope not. But hope is not a strategy, nor is it a reasonably expectation. Instead, we have the mealy-mouthed so-called "law enforcement" folks from our states who cannot in fact be bothered to..... enforce the law.
And here I thought our State AGs would actually perform their jobs and prosecute.
I guess not - after all, nobody has when it was drug money laundering, terrorist funding or ripping off state and local governments.
Why change the record now?
Vox: There is no law in America anymore (http://voxday.blogspot.com/2011/01/there-is-no-law-in-america-anymore.html)
So Crowley was right and do what thou wilt is now the whole of the law. And you wonder why I am so convinced that America is on the verge of collapse. The present US combines the worst of the aristocratic system with the worst of the democratic one. All that it really lacks is the worst of monarchical system. I have little doubt that will come along soon enough. It didn't take long for the American financial aristocrats to exempt themselves from the law, after all.
Yup, there are plenty of laws, but they're only for the little people.
I'd prefer to live in Swearengen's Deadwood myself, than this filthy Banksta Banana Republic.
http://www.youtube.com/watch?v=B909njPoX7k
http://www.youtube.com/watch?v=RfMSxf6P_AM