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Bank of America

Crown Prince of The Thieves Guild - Bank of America Hindered Federal Investigation

Via the Huffington Post,

NEW YORK -- Bank of America, the largest U.S. bank by assets, "significantly hindered" a federal investigation into the firm's faulty foreclosure practices on potentially billions of dollars worth of taxpayer-backed loans, a federal auditor told an Arizona court.

The bank withheld key documents and data, prevented investigators from interviewing bank employees or asking certain questions, and was slow to provide information, according to a June 1 declaration by William W. Nixon, a fraud examiner and assistant regional inspector general for audit for the U.S. Department of Housing and Urban Development inspector general's office.

Read the full story by Shahien Nasiripour.

The Bank of America has been playing a significant role in mortgage foreclosure fraud and obstructing investigations into their role in the whole mess.

They've become too big, and serve as a double-edged example of what happens when deregulation permits "too big to fail" behemoths to drive roughshod over our economic foundations.

Take your business elsewhere, if you can, when you can. Avoid servicing any members of the Thieves Guild, and call for re-regulating Wall Street and the banks.

Let's get our financial house in order by bringing order - and justice, accountability and due diligence - back to the forefront.

 

Hat-tip to lordrag of Delphi Forums for the heads-up.

 

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Schadenfreude: Foreclosing on the Foreclosers - Biting Bank of America in the Assets

For anyone wondering what a good example of schadenfreude may be: this is. From the Daily Kos diary by Unit Zero, which first brought the story to my attention:

Warren and Maureen Nyerges purchased a house from Bank of America for cash, never getting nor needing a Mortgage. BoA in its infinite wisdom screwed up and issued a foreclosure through their attorney. The Nyerges fought and sued the bank, finally winning a judgment after a year and a half of legal wrangling. The Collier County Judge ordered the bank to pay the Nyerges legal fees of $2,534 for the "error". Five months later the bank had still not paid the judgment, so the Nyerges had their attorney do what the bank would have done, seize their assets.

This is one of the few times that one might interchange the term "schadenfreude" with "justice."

 

Bank of America, one of the crown princes of the Thieves Guild, has a habit of foreclosing on the wrong properties.

 

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Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?

Michael Collins


Gretchen Morgenson of the New York Times just published one of the few feel good stories in months following the 2008 financial crisis. She describes a possible day of reckoning for the perpetrators of the 2008 crisis and much of the pain that has followed.

The newly elected New York attorney general, Eric Schneiderman (D), wants information from Goldman Sachs, Bank of America, and Morgan Stanley. Among other things, the information concerns mortgage pooling and bundling. This may well include information on collateralized debt obligations (CDO's) and mortgage backed securities (MBS). New York state officials told Morgenson:

"The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses." New York Investigates Banks’ Role in Financial Crisis New York Times, May 16

 

Ask Eliot Spitzer...

This is precisely what happens:

Spitzer Whacked For Warning Of Financial Crisis, Bush Fed Targets Taxpayers As Bagholders

Roger Stone is the longtime dirty-trickster who knocked the socks off of Eliot Spitzer in a scandal of high-priced trysts that forced resignation of the NY Governor earlier this year. With a Republican pedigree stretching to Watergate, Stone needed little inducement more than Spitzer's capital "D" affiliation.

But, as the nation's taxpayers await the terms of our extortion by the Bush Administration's 'exempt from oversight' bankers' club under a plan -- including full immunity -- led by Henry Paulson, it's time to consider the political assassination of another White House enemy for the SOP it was.

Sure, Spitzer should have de-socked before his career-ending indiscretion. But we should revisit the prophetic message that was lost to the tsunami of Spitzer's scandalization two weeks later.

Julian Assange take note - This is what happens when you threaten the Banks of Amer, err, the United States of America:

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Open Thread - Leaky Wiki Edition

Drip:

‎"We Have Not Seen Anything Yet": Guardian Editor Says Most Startling WikiLeaks Cables Still To Be Released

www.democracynow.org

‎"In the coming days, we are going to see some quite startling disclosures about Russia, the nature of the Russian state, and about bribery and corruption in other countries, particularly in Central Asia," says Investigations Executive Editor David Leigh...

Drip, drip:

Noam Chomsky: WikiLeaks Cables Reveal "Profund Hatred for Democracy on the Part of our Poltical Leadership"

www.alternet.org

World-renowned political dissident and linguist Noam Chomsky discusses the release of more than 250,000 secret U.S. State Department cables by WikiLeaks.

Drip, drip, drip:

Wikileaks and Latin America: Same Old Imperious U.S. Diplomats | BuzzFlash.org

blog.buzzflash.com

As more and more documents become available from Wikileaks, the public has gotten a novel and close up view of U.S. diplomats and their operations abroad.

Drip, drip, drip, drip:

Julian Assange: Why the world needs WikiLeaks | Video on TED.com

www.ted.com

TED Talks The controversial website WikiLeaks collects and posts highly classified documents and video. Founder Julian Assange, who's reportedly being sought for questioning by US authorities, talks to TED's Chris Anderson about how the site operates, what it has accomplished -- and what drives him.

Drip, gush, drip, splash:

WikiLeaks on Latin America: Honduras coup 'illegal' | La Plaza | Los Angeles Times

latimesblogs.latimes.com

The June 2009 coup that ousted Honduran President Manuel Zelaya was rooted in an "illegal and unconstitutional" military and civilian plan, says one of the secret U.S. diplomatic cables published online by WikiLeaks.

And the next round of wikileaks may open up a floodgate of assault from the elite as it may expose the Kleptocrtic bank bailouts for what it was and still is:

If success breeds success...

What do you think this kind of crappy inbreeding results in?

(Bloomberg) -- American International Group Inc.
named Peter Hancock, described by a former employer as an
“architect” of the derivatives business, to oversee finance
and risk, including the insurer’s money-losing credit-default
swap unit.

Hancock spent 20 years at a predecessor to JPMorgan Chase &
Co., where he established the derivatives group and served as
chief financial officer, New York-based AIG said in a statement
today. Hancock, who most recently was vice chairman at KeyCorp
responsible for national banking, will report to AIG Chief
Executive Officer Robert Benmosche.

Hancock “is one of the people that basically developed the
credit-default swaps market at JPMorgan in the mid-1990s,” said
Ed Grebeck, CEO of Stamford, Connecticut-based debt-consulting
firm Tempus Advisors and an instructor at New York University on
derivatives. “Given that he was one of the pioneers, it’s
probably the first good appointment that any one of these
bailed-out firms has made.”

Those prankster shadow bank CEOs... They sure know where to put the right people to bury their body of crimes. What? You're not laughing??? You little people have no sense of humor. Maybe you'll like this joke a little more?

Cuomo Takes on The Money Party

Bank of America Looks Like  First of Many

Michael Collins

"This merger (Bank of America and Merrill Lynch) is a classic
example of how the actions of our nation’s largest financial
institutions led to the near-collapse of our financial system," said
Attorney General Cuomo. "Bank of America, through its top management,
engaged in a concerted effort to deceive shareholders and American
taxpayers at large. This was an arrogant scheme hatched by the bank’s
top executives who believed they could play by their own set of rules.
In the end, they committed an enormous fraud and American taxpayers
ended up paying billions for Bank of America’s misdeeds."
(Image)

New York State Attorney General Andrew Cuomo

Andrew Cuomo's complaint filed in the New York Supreme Court, County
of New York against the Bank of America and two former top executives
has the potential to push that too big to fail entity off the edge of a very steep cliff. The charges of massive fraud are based on a compelling and exhaustive filing on February 4.

A trial will likely involve testimony by the current Bank of America CEO and President Brian Moynihan against defendants Kenneth Lewis, the bank's former CEO and board chairman, former chief financial officer (CFO) Joseph L. Price, and the bank itself. Price is currently in charge of BofA's credit card division.

The complaint charges fraud before, during and after the bank's
merger with struggling brokerage firm Merrill Lynch in late 2008. The
fraud cost bank shareholders and citizens billions of dollars. This is
the first major case brought against our nation's largest financial institutions. These are the same financial institutions and executives that nearly destroyed the economy.

A karmatastic flushing out of bankster crap?

Bank of america, JPMorgan Chase and co., UBS AG, Merril LynchFrom Bloomberg, Bank of America, JPMorgan Chase and Co. and UBS AG have assets frozen by Italy:

Italy’s financial police are seizing 73.3 million euros ($102
million) of assets from Bank of America Corp. and a unit of Dexia SA as
part of a probe into an alleged derivatives fraud in the region of
Apulia.

Police are investigating losses on derivatives linked to the sale of
870 million euros of bonds sold by the regional government in 2003 and
2004, according to an e-mail from the prosecutor’s office in Bari
today. The banks misled the municipality, located in the heel of Italy,
on the economic advantages of the transaction and concealed their fees,
the prosecutor said.

The region, also known as Puglia, joins more than 519 Italian
municipalities that face 990 million euros in derivatives losses,
according to data compiled by the Bank of Italy. In Milan,
prosecutors seized assets from four banks including JPMorgan Chase
& Co. and UBS AG in April and requested they stand trial for
alleged fraud. Hearings started this month.

And BoA owned Merril Lynch is in deep doodoo too.

If our American politicians have sold their souls to the financial sectors (As has our SCROTUS) it doesn't mean the rest of the world will turn a blind eye to theft on a trillion dollar scale.

From "Too Big To Fail" To "Too Good To Stop"

From StevenD at Booman Tribune we get this interesting observation:

What part of my citation from this story is dripping with irony? Take your time, but it should be easy to spot without too much hard work.

The president will announce a series of measures to cut down on excessive risk-taking as part of a revamp of the country's financial regulatory system, a senior Obama official said on Wednesday.

The move could also help the White House tap into public rage over Wall Street excess after Obama's Democratic Party was rebuffed by voters in Massachusetts, who elected Republican Scott Brown to the U.S. senate.

"The proposal will include size and complexity limits specifically on proprietary trading and the White House will work closely with the House and Senate to work this into legislation," the official said.

Did you see it? I'm sure you did, but being the incurable know-it-all that I am, let me point it out for you anyway:

"[T]he White House will work closely with the House and Senate to work this into legislation."

I hope this doesn't mean that they will go about this the same way they "worked closely with the House and Senate" to get a workable health care reform bill passed. Because if that's the case all I can see is another looming failure where certain Senators and Blue Dog Democrats hijack the process and turn the financial reforms the administration proposes into the same bowl of thin gruel that health care reform ended up as, thanks to people like Bart Stupak, Joe Lieberman, Olympia Snowe and Ben Nelson.

In what is completely and totally unrelated news that will never, NEVER EVER, have any impact on the information StevenD is talking about:

Thieves Guild: Bank of America Flubs Foreclosure, Seizes Wrong House -- AGAIN

Hat-tip Consumerist.

For some, the slogan "practice makes perfect" is a motto of encouragement to try again, try harder and achieve perfection. For Bank of America, it should be taken as a strong hint to try and do the right thing the first time, not to try and find a better way to seize the wrong house and then attempt to abstain from any recognizable responsibility.

It should be, but it's not.

BoA has apparently attempted to foreclose on the wrong house once again, according to an article by Laura Elder in the Galveston County Daily News:

Political Power of Just 6 Banks is the Problem

Last week ago, Institutional Risk Analytics interviewed Josh Rosner of Graham Fisher & Co and David Kotok of Cumberland Advisors, and the discussion is one of the most direct and revealing of the true political nature of the financial collapse I have yet seen.

What's next for Republic Windows & Doors Workers?

What happened at that Chicago manufacturing plant brought back alot of memories of how extremely talented workers fought for what they knew were their rights, decent wages for their labor, on the job safety, trading wages for benefits like health and welfare directly and much much more. Fights that shouldn't have really happened in a real model of capitalism where all should share directly in the quality and growth of their work and the companies they work for.

We need to return to that pride in company and product, quality products and customer service, correcting the defaults, and growth for all, owners, workers, and investors.

Updated Call For Action! Please sign this letter.

<Originially posted 2008-12-08 08:20:18 -0500. Bumped by carol to feature letter being circulated in support of workers.>

This letter is being circulated by True Majority action.:

Hundreds of laid-off workers at Republic Windows and Doors in Chicago have occupied their factory and are refusing to leave without receiving the benefits they rightly deserve -- they're staying in the office day and night in their quest for justice.

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