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 ...
” 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.”
I voted for him the first time, not the second. I saw the NWO seeping through. Just like his dad. Yes, he gave conservatism a very bad name, because he wasn’t one at all.
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.
*********************
Every foreclosure has forged documents ,, remember the “robosigning” scandal.. look at recent events ,, OCWEN created millions of forged backdated docs ... their stock price is down 50% this month because of it .. ALL the big banks have paid off the regulators with $Billions$ in fines to allow them to whitewash the crimes...
” So they knew they were talking half trillions if not downright trillions here.”
Like I told you, I spent the summer of 2006 trying to warn FReepers to get ready for the TRILLION dollar bloodbath, but they ridiculed me constantly, so I gave up. I wish I knew how
to pull up some of my old posts : )
” 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. “
Yes, and I blew a head gasket when this happened. Of course, the B of A, and Wells Fargo immediately started writing mortgages, and consumer loans to illegals. A whole industry for fraudulent Mexican ID’s opened up here virtually overnight.
” 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.”
Absolutely.
” 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. “
Thank you, Mr Jorge Bush.
” 99% of the subprime no-doc 100% fraudulent loans were in areas not covered by the CRA ...”
Correct, but most people don’t know this, or understand the thievery. It was monstrous!
” ALL the big banks have paid off the regulators with $Billions$ in fines to allow them to whitewash the crimes...”
Absolutely spot on. It was a bribe, or “payoff” to Holder, so that NO INDIVIDULAL BANKERS WOULD BE PROSECUTED.
Thanks for the comments Neidermeyer.
If there were no documents, then it would have been a crime sub-prime or not. I don’t support criminality.
If there were docs, and they were the same type of loans the government forced on lending institutions, then it wasn’t a crime.
If you want to really understand the emanations of sub prime, and the trillion dollar RIPOFF, Ol Dan has the most amazing, quality home page I have ever seen. He must have spent hundreds of hours compiling all of this data. Worth reading for sure. I salute you, Ol Dan!
I didn’t vote for him first time around, but I did the second. There is no way I could stand still for Kerry being president.
See post 66, then read OlDan’s home page. It will clear everything up vis a vis fraud and criminal sub-prime. He even names lender (crooks) Like Ameriquest, Washington Mutual, etc.
Thank you Neidermeyer. Look, where actual criminality took place, I have no problem with the government going after them. It still causes me a lot of questions, if regulators are in the banks, and yet all this stuff escapes them.
If they’re that blind, why go in in the first place.
I will also say, that fines from the government is no proof of wrong doing.
I had some friends invest in joint ventures in the oil industry in the 80s. They checked with their accountants who checked with the IRS to confirm certain write-offs. All was kosher, and all of it was later deemed NOT kosher by the IRS.
Large fines were levied, and they had to pay a lot of back taxes.
This was wrong, but there was nothing they could do about it. The IRS is god. So is the federal government and the courts. If they want your ass, they’ll get it.
SJB, the problem many of us have, is that there is a great little cottage industry out there that humps the ‘big crash is coming’ line for decades. After a while you just learn to ignore it.
It’s not that you can’t trust folks, because I think a lot of these people have done the leg-work and think they’ve got it pegged. And yet decades to by and no crash.
How do we select the right tree out of the forest?
That matricula consular card is amazing.
A foreign nation came in, created their own I.D. It documents nothing. Our government actually recognizes it.
What the hell?
We couldn’t do that for all the money in China!
The U. S. Citizen has been granted third world status from their government while others get premier service.
There’s no doubt about it.
Thank you for your comments on this guys.
Thank you. I’ll go over and check it out later today.
D, At the time(2006) I offered FReepers a way to do their own research. I made it easy to understand. I was a witness, first hand, to a handful of major lenders in Los Angeles who were writing hundreds of millions of fraudulent loans per MONTH. Anyone who was in the mortgage industry between 2002-2006 knew what I knew. It was an absolute joke with everyone in the business during this period of time. We all called them “NINJA” loans NO INCOME,NO JOB, APPLICANTS It drove the prices of California real estate through the roof, because anyone who could fog up a hand-held mirror, could get a mortgage.
Bad credit? No problem
No down payment? No problem
Can’t verify income? We don’t check. Put down whatever
income you want. (Stated Income).
Ghetto properties in Inglewood and Van Nuys, which previously sold for 150-170,000 were selling for 4-500,000. Craftsmen bungalows, in downtown L.A. were selling for 6-700,000. Small ranch homes in Pasadena to Woodland Hills, were selling for 6-800,000. It wasn’t rocket science.
You are most welcome.
Well, I know some of this was going on, because folks talked about it here. It was my take that the government opened the doors and everyone walked through. What the hey, they don’t care if we do this, so we do this.
If they documented the deals, wasn’t it legal? The courts said so.
Barack Obama himself was a party to one of the court cases. He was an attorney gopher or some such.
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