As Yves Smith notes:As we have written, and as experts and foreclosure defense lawyers have reported in Congressional testimony, and as pending lawsuits by attorneys general in Arizona and Nevada allege, servicer abuses are a significant cause of for…
Posts Tagged ‘Yves Smith’
Congressman Miller Joins Economists and Financial Experts In Demanding a Stop to Mortgage Servicer Fraud — a Significant Cause of Foreclosures
December 22nd, 2010 |
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New York Sues Accounting Giant Ernst & Young for Fraud in Connection with Lehman’s Repo 105, But the ENTIRE American Economy is a Ponzi Scheme
December 20th, 2010 |
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New York attorney general Andrew Cuomo is about to charge Lehman’s accountants, Ernst & Young, with fraud for allowing Lehman to cook its books using the infamous “Repo 105″ shell game. This comes only weeks after a Lehman retirement fund sued Leh…
TODAY Congress Will Try – By Secret Vote – to Retroactively Legalize Foreclosure Fraud and Forgery By the Big Banks … Call Congress and Say NO
November 17th, 2010 |
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As I’ve previously noted, forgery of mortgage documents is systematic and widespread. See this, this, this, this and this.Yves Smith pointed out last month that congressional bill H.R. 3808 is an attempt to paper over rampant criminality by the big ba…
Does the Justice System Actually Dispense Justice … Or Does It Just Serve the Powers-That-Be, Like the Other Branches of Government?
November 15th, 2010 |
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In 2000, Supreme Court Justice Ruth Ginsburg did something unprecedented. In her dissenting opinion in the Bush v. Gore case (which threw the election to Bush), Ginsburg ended her opinion with the words “I dissent”.Believe it or not, this is a big d…
“At the Root of the Crisis We Find the Largest Financial Swindle in World History”, Where “Counterfeit” Mortgages Were “Laundered” by the Banks
October 13th, 2010 |
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A “false front” building from the Old West. Towns built false fronts to make the town look more substantial and prosperous than it really was.The tidal wave of evidence showing that the giant banks have engaged in fraudulent foreclosure practices is …
There is Only One Way Out of the Foreclosure Crisis
October 9th, 2010 |
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We’re the fish.The giant “too big to fail” banks are the bird. They’ve got their talons in the American consumer and the economy.The only way out for us – the fish – is if someone “shoots” the bird … or at least captures it and removes its talons …
Will the Basel III Bank Regulations Change Anything?
September 14th, 2010 |
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The much-trumpeted Basel III increase in capital requirements will not be fully phased in until 2019.Many are criticizing the slow pace of implementation, including Joseph Stiglitz:“While it’s understandable given the weaknesses and the failings of…
Quantitative Easing Won’t Help the Economy, But Will Just Create Another Wave of Mergers and Acquisitions
August 30th, 2010 |
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As I noted when the government started bailing out the big banks: [The] Treasury Department encouraged banks to use the bailout money to buy their competitors, and pushed through an amendment to the tax laws which rewards mergers in the banking ind…
BP Gives Unlimited Behind-the-Scenes Access to One Woman, Who Says BP’s Response is Fake: Clean-Up Equipment Taken Away as Soon as Officials Leave
June 26th, 2010 |
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Disclaimer: On July 8, 2010, I found a video which may impugn Arnesen’s credibility. See below for more.BP has been given unlimited access to all BP operations and meetings to a Louisiana shrimper’s wife named Kindra Arnesen.As Yves Smith notes:Arens…
The Giant Banks, Federal Reserve and Treasury Have All Blackmailed America
May 22nd, 2010 |
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As I wrote last October: Congressmen Brad Sherman and Paul Kanjorski and Senator James Inhofe all say that the government warned of martial law if Tarp wasn’t passed. And Rahm Emanuel famously said: Never let a serious crisis go to waste. What I…
The Second Leg of the Great Depression Was Caused by European Defaults
May 11th, 2010 |
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Many Americans know that the Great Depression was started by the bursting of the giant Wall Street bubble of the 1920′s (fueled by the use of bank deposits on speculative gambling, which is why Glass-Steagall was passed) , which in turn caused a run o…
The Fed Must Be Audited: The Fraudulent Practices of the Federal Reserve
May 4th, 2010 |
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In March 2004, when Alan Greenspan was Fed chairman, he suppressed the opinions of those Fed officials who knew that there was a housing bubble.Congressman Alan Grayson points out that – because the Fed unilaterally decided to hand out half a trillion …
Greek 2 Year Yields 20 Percent, Italy Up 6 Basis Points, Portugal Up 7 Basis Points, Spain Up 27 Basis Points
April 28th, 2010 |
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It’s not just Greece and Portugal.As Simon Johnson reports:This is not now about Greece (with 2 year yields reported around 20 percent today) or Portugal (up 7 basis points) or even Spain (2 year yields up 27 basis points; wake up please) or even Italy…
Economist James Galbraith: Economists Should Move into the Background, and “Criminologists to the Forefront”
April 22nd, 2010 |
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University of Texas economics professor James K. Galbraith previously said that fraud caused the financial crisis:
You had fraud in the origination of the mortgages, fraud in the underwriting, fraud in the ratings agencies. Senator Kaufman said la…
Goldman Sacked?
April 17th, 2010 |
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The Goldman fraud charge is obviously huge news.The Connecticut Attorney general wants to file criminal charges:
Visit msnbc.com for breaking news, world news, and news about the economyAnd New York might not be far behind.Germany and other European …
I’ll Believe It When I See It (In the Fine Print)
January 21st, 2010 |
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Obama has again pulled Volcker into his photo ops, and is talking tough about putting limits on the size of banks, restoring the “spirit” of Glass-Steagall, and curtailing the giant banks’ prop trading operations.I’ll believe it when I see it (in the f…