Not that I actually understand any of this
 

Nothing speaks more to the current climate than the foreclosure scandal. We have wealthy sophisticated entities that: i) created tens of millions of legally invalid mortgages; ii)sold billions in securitized instruments not as warranted; iii) escaped financial catastrophe by off-loading large quantities of those obligations on the taxpayer and otherwiss obtaining government largess; iv) cheated local governments out of billions in recordation taxes; v) resorted to fraud, subornation, perjury, thuggery and intimidation to protect and further their interests; and vi) have created a legal and political landscape where the only thing that appears to stand in their way are a handful of judges sickened by the lies and illegality and sundry civil lawsuits by affected private parties and state level governments.
We are looking at one of the largest transfers of wealth in history to the wealthy, cheered on by an Administration, indifferent to what can only be described as organized crime.

—dcflaneur Read dcflaneur's other letters
Permalink

*cough*

I respectfully suggest that you *DO* understand it, likely all of it.

It is awful. It's the BIG LIE. So big I don't know how to even rail against it. I'm reminded of the image that an individual that steals some small thing gets a big punishment but an organization that steals enormous amounts is unpunishable.

My newest hero. :notworthy

The beauty of the rip-off is that what at the core was a simple crime has through the complexity of the methods created so much chaff that the criminals can be easily protected by sheer volume, Byzantine laws, the press, and complicit politicians. The best stings use regular peoples' greed to create blind spots. [OT]I hope we are not headed the same way with gas in PA.[/OT]

Is it true that "what goes around comes around" ?

I'm not into higher finance at all, but this article was a interesting read to me (I'm not a fan of BofA),
and it at least sounds like a serious problem for BofA.

Daily Finance article
Countrywide's Mortgage Document Errors May Doom Bank of America
By ABIGAIL FIELD Posted 1:30 PM 11/22/10

BofA agreed the testimony of Linda DiMartini was accurate
I've skipped through what was interesting to me...
the parts about what BoA tried to do before the trial to avoid/solve the problem,
and how the judge ruled against them in each of their arguments.
Judge: simple fact --- the documents were not transferred

I misplaced my sarcasm smiley. Yes, it is so big that it makes us feel powerless. My sole consolation these days is: Eventually, these people will die. No one lives forever and nothing they do will prevent the great equalizer from taking them down. It's their choice to be scum.

BAC has fucked me at ever turn about my credit card. You put up a short-cut to log on, then one day this no longer works. So you spend hours with online chat. Ha. Then the phone. punch one if you don't have a clue why you should have to hear Spanish and all the other crap. Then a few days later all works as before. But some asshole tells you to go somewhere and type in every number that you ever heard, then they loan you the amount that you tried to pay, plus late charges. A few days later the website works.
How damn much money did they make in that time????? I have a credit line of $14,400 and I owe the SOB's nothing.

I don't get any of this.

Well stated footx3. :thumb:

When someone offers you something for pennies on the dollar, maybe you should tread carefully.

Washington Post
Sari Horwitz and Danielle Douglas
10/19/13
JPMorgan Chase close to $13 billion deal with Justice Department over mortgage securities

That's good, but unfortunately they've got $2.5 trillion in assets, speaking of pennies on the dollar.

Corporations that large do not die.

I call plagiarism ... my signature line has not changed in many months.


;)