Tag Archives: Bank of America

At last, at long last

You may recall that the world-wide financial collapse four years ago was entirely the fault of irresponsible mortgage seekers who demanded houses they couldn’t afford. In other words, the little people did it. Remember that?

Since then – and while a whole passel of criminals who posed as investment bankers, ripped off their investors and made themselves obscenely rich, continued to enjoy their summers in The Hamptons – our Justice Department has been distressingly silent.

But lo, at last.

Federal prosecutors hit Bank of America with a $1 billion-plus civil mortgage fraud lawsuit Wednesday, accusing the banking giant of engineering a scheme that defrauded federally-backed agencies during the national financial crisis.

The complaint . . .  accuses the bank of using a loan-origination program called the “Hustle” to process mortgage applications at high speed with little financial checking  . . .

The result was defective mortgage loans that defaulted after Bank of America sold them to federal mortgage loan guarantors Fannie Mae and Freddie Mac, causing more than $1 billion in losses and thousands of foreclosures . . .

“Countrywide and Bank of America made disastrously bad loans and stuck taxpayers with the bill,” said Manhattan U.S. Attorney Preet Bharara . . . [they]  systematically removed every check in favor of its own balance – they cast aside underwriters, eliminated quality controls, incentivized unqualified personnel to cut corners and concealed the resulting defects,” said Bharara.

Yeah.

Weiner’s a fool but there’s more here than meets the eye

The bigotbasher at The Conservative Lie had a good post this week on the scandal-de-jour as it relates to other interesting events in our national life – he speculates about why Weiner’s predilection for adolescent sexual behavior came out at this time and what that might have to do with Justice Thomas and Obamacare and Citizens’ United and a recent letter Weiner wrote Thomas saying he should recuse himself on the Obamacare and charging him with a financial conflict of interest on Citizens’ United.

Speaking truth to power can have terrible consequences (power of course means the monied interests). For instance, I’ve always believed:

  • Elliot Spitzer’s fascination with prostitutes was known in political and financial circles, but it wasn’t till the old  Sheriff of Wall Street gained some regulatory power as Governor that it all hit the front pages.
  • Julian Assange’s transformation from internet bad boy to international criminal happened after he announced the pending release of damning documents relating to the practices of Bank of America.

Also, while looking for an image  to use here, I came across this story at NEWS ONE: For Black America.

For months, Rep. Weiner has prompted Thomas to disclose the money his wife, Virginia Thomas made working for Liberty Central, a political organization that has openly opposed President Obama’s health care reform agenda. According to Weiner, Mrs. Thomas’ political affiliations put the justice’s impartiality on the bench in question.

Details of Virginia Thomas’ salary and other payments were disclosed Friday night as the press and most Americans prepared for the Memorial Day weekend.

But guess what happened the next day and dominated the news cycle for the next week? Yup. Never really saw that Ginny Thomas story anywhere.

Here’s the letter Weiner wrote Thomas that precipitated the document release by Ginny Thomas.

The Honorable Justice Clarence Thomas
United States Supreme Court Building
1 First Street Northeast
Washington D.C., DC 20543
Dear Justice Thomas:

As an Associate Justice, you are entrusted with the responsibility to exercise the highest degree of discretion and impartiality when deciding a case. As Members Continue reading

Sunday funny: Sheriff cuffs Bank of America

Really. In Collier County Florida.

Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff’s deputies foreclose on the bank.

It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn’t owe a dime on their home.

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Bank of America – who’s your Daddy?

I wonder what happened to the Wikileaks expose of Bank of America.

You may recall that shortly after the Wikileaks’ dump of US Military files (Bradley Manning),  Julian Assange promised that documents were coming showing illegal practices at Bank of America. One day later it was breathlessly reported that Assange is a pervert and rapist. Now those documents are yesterday’s news. Nothing’s been released.

You may also remember what  happened to Elliot Spitzer after he became governor? As Attorney General, he was known as The Sheriff of Wall Street where he was feared and loathed. As Governor he had power to hurt them with exposure and regulation. Voila! Another sexual perversion surfaces.

In February, after Assange’s announcement of Wikileak’s planned release – and the subsequent personal smears – this story appeared at their site:

Bank of America using Private Intel Firms to Attack Wikileaks
2011-02-09

In a document titled “The WikiLeaks Threat” three data intelligence companies, Plantir Technologies, HBGary Federal and Berico Technologies, outline a plan to attack Wikileaks. They are acting upon request from Hunton and Williams, a law firm working for Bank of America. The Department of Justice recommended the law firm to Bank of America according to an article in The Tech Herald. The prosed attacks on WikiLeaks according to the slides include these actions:

  • Feed the fuel between the feuding groups. Disinformation. Create messages around actions of sabotage or discredit the opposing organizations. Submit fake documents and then call out the error.
  • Create concern over the security of the infrastructure. Create exposure stories. If the process is believed not to be secure they are done.
  • Cyber attacks against the infrastructure to get data on document submitters. This would kill the project. Since the servers are now in Sweden and France putting a team together to get access is more straightforward.
  • Media campaign to push the radial and reckless nature of WikiLeaks activities. Sustain pressure. Does nothing for the fanatics, but creates concern and doubt among moderates.
  • Search for leaks. Use social media to profile and identify risky behavior of employees.

And TPM has observed that:

. . . the Gitmo files could be Assange’s last hurrah. Wikileaks’ encrypted submission has been broken for more than a year now, which means no new juicy tidbits have been coming in.

It’s too easy.