Posted on 10/05/2016 10:29:33 AM PDT by Lorianne
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REFERENCE The best book on the 2008-9 crisis was “The Sellout,” by Charles Gasparino. He traces several threads:
- How the investment banks (Merrill, Lehman, Bear Stearns) had leveraged themselves into near-death experiences before
- How US government policies virtually forced banks to make low-down payment mortgages to buyers with sub-standard credit, forcing up prices
- How securitization meant these sub-standard loans could be bundled up and sold far and wide (w/ great losses to the buyers)
- How the ratings agencies gave this crap AAA ratings
- How the sales incentives to create mortgage-backed securities led to incredible short term behavior on the part of investment bankers
- How AIG (insurance) screwed up by guaranteeing many of these in Credit Default Swaps....etc, etc, etc.
It took an unholy confluence of events—government policy, investment banker greed, and last, but not least, securitization to create the perfect storm.....and swamped taxpayers w/ billion dollar bailouts.
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POLS MAKE ZILLIONS IN PERPETUITY---by making insider deals w/ these bankers to issue education, transportation, and other municipal bonding deals.
Bonding is eternal taxation---taxpayers get stuck w/ huge tax bills.
Suddenly a lot of things are making sense.
Did Obama force Angela Merkel to take in millions of muslimbs in exchange for the bank bailout? Sort of like what Germany did to Greece.
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ONCE UPON A TIME, OBAMA'S COS EMANUEL HAD TWO JOBS Soon as they occupied the WH, Obama and the Chicago con artists (a) took control of the US Census; (b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury.
PAUSE TO REFLECT Remember Obama had tight control of Treasury; Obama calculatedly placed his then-COS Rahm Emanuel in a dual role.......in the WH and at Treasury. Obama had a stranglehold on Treasury via COS Rahm Emanuel's dual role
STROLL DOWN MEMORY LANE Soon as they occupied the WH, Obama and the Chi/cons (a) took control of the US Census; Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (including the conservative-suppressing IRS). Read on.
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THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.
When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09
More here: http://online.wsj.com/article/SB124113406528875137.html
Too Big to Fail = Too Politically Connected With Too Many Political Cronies and Politicians Making Millions of Dollars, To Fail.
Good info!
Lehman Brothers didn’t receive any bailout so twice of nothing is nothing. But I know we taxpayers did bail out foreign banks.
Very well put.
Obama/Holder/Dems are forcing taxpayers via DOJ litigation WRT bank settlements----into paying off these nefarious organizations.
DOJ went after CitiCorp and ordered them to pay $50 million to La Raza and NeighborWorks America as part of the settlement.
Another clause in the agreement makes it possible for La Raza and NeighborWorks America to rake in even larger amounts of money.
Of the remaining money the banks needed to pay in settlements, the banks were able to contribute additional money to La Raza and NeighborWorks America. For every dollar they contribute, it reduces their debt to the government by 2 dollars. That’s some mighty powerful incentive to give generously.
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House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and House Financial Services Chairman Jeb Hensarling have questioned why this money was sent to the ACORN clone and the blood-thirsty LaRaza----rather than to the alleged victims of the bank’s crime. The administration of course declined to answer.
Here's part of the Congressmen's letter to Holder: “It seems that the alleged victims are not the primary beneficiaries of these multi-billion dollar settlements. Instead, the terms in the Justice Department’s two latest settlements look less like consumer relief and more like a scheme to funnel money to politically favored special interest groups.”
“This makes donations to activist groups far more attractive to banks than providing direct relief to injured consumers. As a result, the settlements appear to serve as a vehicle for funding activist groups rather than as a means of securing relief for consumers actually harmed.”
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So now, with tons of money to fix the presidential election, the largest and most successful voter fraud campaign may alter the course of the elections not to mention the future of the United States.
NO WONDER HILLARY KEEPS SMILING.
Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a racial justice campaign that's looking more like a massive government extortion and shakedown operation
Obama's Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti- discrimination crusade against the industry in 2013. Several other banks are under active investigation. That's despite the fact that the CFPB had no actual complaints of racial discrimination--- it was all just based on half-baked statistics.
A 23-page internal report detailing CFPB's strategy for going after lenders shows why these companies are forking over millions of dollars in restitution and fines to the government despite denying any wrongdoing.
CFPB applied the screws to Ally, saying it had statistical evidence showing its participating dealers were œmarking up loan prices for blacks and Hispanics vs. whites (by an average of $3 a month). Ally fought back, insisting non-discriminatory factors, such as credit history, down payments, trade-ins, promotions and rate- shopping, explained differences in loan pricing. After conducting a preliminary regression analysis, the bank found these factors alone accounted for at least 70 percent of the “racial disparities†the government was claiming.
CFPB admits in the memo that it never considered these or other legitimate business aspects of the car deals it investigated
Also in its initial rebuttal, Ally complained CFPB's entire case was based on disparate impact statistics, not actual complaints by consumers, and that those estimates relied on guesswork about the race of the borrowers. (The auto industry does not report borrower race, so CFPB tried to ID race by last name and ZIP code, a so-called proxy method that is wildly inaccurate.)
(Excerpt) Read more at nypost.com ...
We have a criminal government. Did the deutsch bank get their $150,000,000,000+ of US taxpayers’ money delivered in unmarked, untraceable cash on pallets by unmarked planes?
We have a criminal government. Did the deutsch bank get their $354,000,000,000+ of US taxpayers’ money delivered in unmarked, untraceable cash on pallets by unmarked planes?
Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown.
The Japanese bank's U.S. unit won't give in to extortionist regulators protecting Fannie/Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis.
The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds already have shaken out of other banks who settled with the Federal Housing Finance Agency. Instead, it will make government prove it in court.
In opening arguments this week, the defendants argued Fannie and Freddie bought the mortgages knowing they were subprime and did so to meet "affordable housing" quotas of their political masters at HUD.
Unfortunately for Nomura, the game is rigged. The federal judge hearing the case — Clinton appointee Denise Cote — is a ringer for the administration. In recent filings, Cote has shown extreme prejudice in her decisions — virtually all rendered against Nomura.
Even though she concedes that, in buying subprime securities from Nomura, "Freddie Mac considered the extent to which underlying mortgage loans satisfied these housing goals," Cote claims such evidence is "immaterial" to the case. She argues the regulatory mandates, purchasing quotas and other political pressures heaped on Fannie and Freddie were merely "idiosyncratic" and therefore irrelevant.
Please. The HUD goals are highly relevant to this case. Internal documents from both HUD and Fannie and Freddie show the goals were driving them deeper into the subprime securities market and both complained about a growing risk of losses. So clearly, they understood the risks. (Excerpt) Read more at news.investors.com ...
Thank you for the details! FWIW, Deutsche Bank is not even mentioned there - though they’re probably involved in one of the many “scams” listed. Greedy bastards doing what greedy bastards do - and then trying to pass the buck on...
Because of the slick deals such as what you describe, I lost faith in our one party legislative system long ago.
Slick is a good name for these crooks.
That is a good take-—exchanging Muslims for money.
What gets me is that four years later when the ‘other’ party is complaining about it, nobody loses their chair or goes to jail. I guess that’s written into the sentencing code book somewhere.
- How securitization meant these sub-standard loans could be bundled up and sold far and wide (w/ great losses to the buyers)
- How the ratings agencies gave this crap AAA ratings
Thanks again, I forgot to mention that last bit in my previous post. Moody's, S&P et al. gave those turd sandwiches a clean bill of health...and they're not rotting in jail, why?
Why are WE bailing out the EU?
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