Posted on 11/07/2014 11:02:15 AM PST by Lorianne
Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.
Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.
Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her.
She was blocked at every turn: by asleep-on-the-job regulators like the Securities and Exchange Commission, by a court system that allowed Chase to use its billions to bury her evidence, and, finally, by officials like outgoing Attorney General Eric Holder, the chief architect of the crazily elaborate government policy of surrender, secrecy and cover-up. "Every time I had a chance to talk, something always got in the way," Fleischmann says.
This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts.
(Excerpt) Read more at rollingstone.com ...
” This was the Left’s concept of trickle down from start to finish.
Then when it played out, everyone was guilty but them. Isn’t that true in any Leftist enterprise.”
Of course.
” I just don’t like seeing Congress and the courts trash others for what it instigated.”
Neither do I.
” If someone wants to prosecute, for once I’d like to see the idiot who caused all this go to jail.”
2 idiots, Dodd & Frank.
” It isn’t Goldman Sachs IMO. I may be wrong as I can be”
Well, for once in 10 years, you are : )
GS, Citibank, and especially Countrywide Home Loans robbed us blind. Massive forgery, and altered documents all the way down the line. In fairness, you had to be inside to see
how this worked.
I expect in 2024, I will again find something to disagree with you on, and we only partially disagreed here : )
Where forged documents exist, I expect to see criminal complaints filed and people go to prison. At least that’s what I want to see.
As I defend these entities, it my expectation that folks will understand that I don’t condone criminality. I will defend them as long as they complied with the law.
If they didn’t, then they’ve sealed their own fate.
I appreciate you explaining where they did go wrong. As for others who think these entities have done wrong and deserve to be punished, in instances like this, we agree.
” man am I sick of watching the government feign abhorrence, when they know darn well where this problem originated from.”
Most(close to all) of the hypocrites in the gov who caused this are Democrats.
” Barney Frank (head of the banking committee), other Leftists, the courts... Even Republicans for not objecting loudly...”
There ya go.
With all due respect, Bush was on-board from the very beginning of his first term. IOW, he was for it before he was against it.
The bottom-line is that Bush comes from a long line of Wall Street banksters and everything he did WRT to changes in banking laws and real estate policy during his first term was to benefit them.
On February 16, 2001, just 3 weeks after his inauguration, President George W. Bush met with Mexican President Vicente Fox to discuss the terms of the Partnership for Prosperity Agreement (with Mexico). (See: Partnership for Prosperity Agreement (with Mexico))
In Bush's June 17, 2002 speech, he called on Fannie Mae and Freddie Mac to increase 'minority' spending by $440 billion to create 5.5 million new 'minority' homeowners.
In response to the mandate contained in the P4P agreement, the New Alliance Task Force was formed in May 2003. (See: New Alliance Task Force)
The NATF is a broad-based coalition of 62 members, including the FDIC, Mexican Consulate, 34 banks, community-based organizations, federal bank regulatory agencies, government agencies, and representatives from the secondary market and private mortgage insurance (PMI) companies.
Their goal was to open the Mexican illegal alien market to US banks and visa-versa using low-cost remittances as the bait. As Bush's 2002 speeches show he was talking about hundreds of billions of U.S. tax dollars going to directly benefit millions of Mexican illegal aliens.
The Congressional Republicans are just as guilty. In addition to calling on Fannie Mae and Freddie Mac to increase 'minority' spending, Bush also called for the creation of the American Dream Down Payment Fund.
And, the 108th Congress (2003-2005) responded with the American Dream Downpayment Act. The act was authorized to appropriate up to $200 million per year of US taxpayer funds between FY2004 through FY2007 to go to Bush's 'minorities'.
The sponsor and co-sponsors of this $800 million giveaway?
Sponsor: Sen. Wayne Allard [R-CO]
Co-sponsors:
Sen. Samuel Brownback [R-KS]
Sen. Conrad Burns [R-MT]
Sen. Ben Campbell [R-CO]
Sen. Michael Crapo [R-ID]
Sen. Michael Enzi [R-WY]
Sen. Charles Hagel [R-NE]
Sen. Lisa Murkowski [R-AK]
Sen. Richard Santorum [R-PA]
Sen. Jefferson Sessions [R-AL] Sen. Ben Campbell [R-CO]
But, the banksters got greedy and the real estate bubble inflated and burst during the last half of Bush's second term instead of crashing down onto Obolo's head.
We’re a lot closer on this than you think. I don’t honestly see any disagreement here.
The laws Goldman Sachs and other circumvented were laws that would have gotten them into trouble at any time.
I just don’t see the manipulating of a terrible situation for their own advantage to be a criminal act.
Acts outside the law, I sure do.
Interesting information Ol’ Dan Tucker.
I appreciate the post.
Certainly puts things into a different perspective doesn’t it.
So they knew they were talking half trillions if not downright trillions here.
I hadn’t realized this was going to illegal aliens also.
Once you circumvent the law, it just snowballs. Illegals shouldn’t be here. They have been too much of a drain already. Now this on top of it.
Just makes me even more upset on the topic.
Ol Dan is correct on this stuff. I had forgotten how many Repubs were in on this. I was about to post that Bush & Fox were in bed too. You know I despise Bush, and this is one of many reasons.
” I hadn’t realized this was going to illegal aliens also.”
BIG time!
I despise him too. He sucked all the oxygen out of the Conservative cause for eight years.
I could see this guy coming a long way off.
Body did he have a dedicated group of supporters here. Poor fools. I have had more than one of them say he was better than Reagan too.
This is just scratching the surface. There are many more details on my FR home page.
For instance, prior to 2001, it was against the law for banks to allow illegal aliens to obtain any type of credit in the US.
The USA PATRIOT Act of 2001 changed all this. In it was a provision to allow US banks to accept the Mexican Matricula Consular card as ID despite the fact that the bearer's true identity is untraceable.
It also changed the banking laws to allow banks who served this 'minority' market to receive CRA credit.
And, then there's the US Social Security Totalization Agreement (with Mexico --signed June 2004) that would have allowed illegal aliens to apply for, and receive US Social Security benefits for the time they worked illegally in the USA. Not only that, but it would have allowed the illegal aliens to apply for, and receive USSS benefits for the illegal alien's family back home in Mexico, even if they had never stepped foot in the USA.
Thankfully, even though Bush's SS Commissioner signed the agreement, he was too cowardly to send it to Congress for approval, so it never went into effect.
What this shows is that as far as the US taxpayers/citizens are concerned, Bush was a complete disaster who, for the long term, did far more harm than good.
None of Bush's policies have been changed or reversed, nor do I expect that they ever will, even if the GOP controls both houses of Congress and the White House.
Same here.
Depressing isn’t it.
It’s a full time job keeping track of these folks.
All this effort to help the illegals, and we can’t get jack out of them.
This is so frustrating.
I agree that none of his actions will be overturned. It is very dangerous when you get a Leftist Republican President and a Republican Congress. They have no natural enemies, and can pass whatever they like.
Honestly, this scares me more more than an Obama plus a Republican Congress. At least there are natural enemies there.
Banking laws, amnesty, US SS benefits, lax border security and non-existent immigration enforcement, etc. all point to one thing:
Efforts to form the North American Union are still proceeding apace.
Exactly! That’s what this is all about.
You can already see our southern border dissolving. They want internal borders between Canada, Mexico, and the U. S. to fade away, free passage of people, and a security border around the parameter of only the outer border of the three nations combined.
I guess the cartels get free passage then. Oops...d
Crony capitalism is the opposite of capitalism.
Thanks for all the background info.
Trillions stolen or lost, millions of people losing everything and as far as I know not a single ceo banker or any ceo’s crooks of wall street has gone to jail.
Here you have flat out proof and the ceo just gets a bigger bonus.
The Bush’s are long time open-borders advocates.
They have made no secret of it. Big supporters of the trans-American highway project too, which can only work within a framework of open borders. (Mexico only opposes it on their southern borders).
I’m always astonished that people were not aware of this, especially liberals.
I personally am for more open borders but ONLY if the rules for USA citizens are EXACTLY the same in Mexico and other countries w/r/t employment, owning property outright, owning businesses outright, tax repatriation etc ... which Mexico will not agree to ... so I am against one-way deals. There should be no advantage for Mexicans to becoming USA citizens and vise versa if a true two-way treaty were struck. No need for anyone to change citizenship and indeed with USA citizens going there and opening businesses and buying property, there would be little incentive for Mexican and central American citizens to move to N. America illegally or otherwise. They could be prosperous in their own countries.
Mexico doesn’t want true open borders (with equal terms for all citizens) because the way things are now they can offload their poorer citizens here without consequence and keep their corrupt elite sitting pretty. It’s a sweet deal for them.
I’m just waiting for the banker bootlickers to chime in and say all the problems are the fault of the CRA... Not a crumb of fraud in Wall Street...
********************************
48 minutes ...
You’ll never learn...
I’m saying that if the courts ruled against these institutions and forced them to make these loans, I’m having a hard time jumping on board the prosecution gravy train.
************************
99% of the subprime no-doc 100% fraudulent loans were in areas not covered by the CRA ...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.