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Archive for April 21st, 2010
April 21st, 2010 | 
Author: Geithner and the NY Fed Accused of Willfully Ignoring Fraud and Covering Up Lehman's Bad Assets by Senior Regulator During the S&L Crisis
Inquiring minds are digging into a 27 page statement made by William Black before the Financial Services committee. Black is an Associate Professor of Economics and Law, at the University of Missouri.
Professor Black’s statements regarding the collapse of Lehman and the role the Fed played in that collapse are refreshingly candid.
Please consider “Public Policy Issues Raised by the Report of the Lehman Bankruptcy Examiner“. Emphasis, highlighting, and subtitles are mine.
I begin with a short description of my background that is relevant to your questions. My primary appointment is in economics. I have a joint appointment in law. I am a white-collar criminologist. My research specialization is financial fraud by elites and financial regulation. I was a senior regulator during the S&L debacle (and had the honor of testifying many times before this Committee).
Valukas Report Documents Three Major Deficiencies In Lehman Governance
The [Valukas] Report documents at least three major deficiencies in Lehman’s corporate governance that need to be addressed globally. First, it points out that Lehman, and many other Delaware corporations, have eliminated the fiduciary duty of “care.”
… Alan Greenspan has admitted that he had a similar view and that events have falsified this naïve account. It is insane to withdraw accountability for negligence. Doing so encourages negligence. Congress should mandate that corporate officers and directors be subject to the fiduciary duties of care and loyalty. They will still, of course, have the very substantial protection of the business judgment rule.
Second, the same individual should not serve as the CEO and Chair of the Board of Directors of a large corporation. The imperial CEO is a consistent problem in this and prior crises.
Third, Lehman ignored its stated risk “limits” and simply increased its limits retroactively to accommodate its violations of its risk limits. In plain English, that means it had no meaningful limits. ….
I have a different view than Mr. Valukas about the overall state of Lehman’s corporate governance. First, Lehman’s nominal corporate governance structure was a sham. Lehman was deliberately out of control with regard to “risk” in its dominant operation – making “liar’s loans.” Lehman did not “manage” the risk of making liar’s loans. It engaged in massive, fraudulent transactions that were “sure things”.
The Valukas Report bears witness to the consequences of these transactions. The Report provides further evidence of the accuracy of Akerlof’s and Romer’s famous article – “Looting: Bankruptcy for Profit.”
Lehman’s principal source of (fictional) income and real losses was making (and selling) what the trade accurately called “liar’s loans” through its subsidiary, Aurora. (The bland euphemism for liar’s loans was “Alt-A.”) Liar’s loans are “criminogenic” (they create epidemics of mortgage fraud) because they create strong incentives to provide false information on loan applications.
The FBI began warning publicly about the epidemic of mortgage fraud in 2004 (CNN). Liar’s loans also produce intense “adverse selection” – even the borrowers who are not fraudulent will tend to be the least creditworthy. The combination of these two perverse incentives means that liar’s loans, in economics jargon, have a deeply “negative expected value” to the lender. In English, that means that the average dollar lent on a liar’s loan creates a loss ranging from 50 – 85 cents.
That loss, however, may not be recognized for many years – particularly if the liar’s loans become so large that they help hyper-inflate a financial bubble. In the near-term, making massive amounts of liar’s losses loans creates a mathematical guarantee of producing record (albeit fictional) accounting income. (As long as the bubble inflates, the liar’s loans can be refinanced – creating additional fictional income and delaying (but increasing) the eventual loss. The industry saying for this during the S&L debacle was: “a rolling loan gathers no loss.”
Lehman Hid Its Insolvency
Lehman’s underlying problem that doomed it was that it was insolvent because it made so many bad loans and investments. It hid its insolvency through the traditional means – it refused to recognize its losses honestly. It could not resolve its liquidity crisis because it was insolvent and its primary source of fictional accounting income collapsed with the collapse of the secondary market in nonprime loans. If Lehman sold its assets to get cash it would have to recognize these massive losses and report that it was insolvent. Investors knew that Lehman was grossly inflating its asset values, so they were generally unwilling buy stock in Lehman or acquire it.
There is no way to “manage” the “risk” of making massive amounts of liar’s loans. Lehman was the world leader in making liar’s loans. As the name makes clear, Lehman’s top managers knew that their principal source of income was making fraudulent loans. It was necessary, therefore, that Lehman not document that its liar’s loans were frequently fraudulent. Lehman, instead, classified its massively fraudulent liar’s loans as “prime” loans. Its disclosures did not identify how many of the “prime” loans it held were actually liar’s loans. As I will discuss in more detail in response to your final question, Lehman personnel that pointed out the fraudulent liar’s loans were attacked, even fired, by Lehman’s management. Honest managers, of course, would be delighted if employees identified frauds.
That same pattern of conscious managerial indifference to pervasive mortgage and accounting fraud was the norm at other nonprime mortgage participants that have been investigated. I refer to it as the financial “don’t ask; don’t tell” policy.
Making liar’s loans is not risky – it is suicidal. That is why every significant lender specializing in liar’s loans failed. The pervasive fraud cannot be admitted – for Lehman’s entire business model was premised on massive sales of liar’s loans to others.
Lehman’s senior managers consciously chose to take the unethical path because they viewed it as extraordinarily profitable. ….
Black Accuses Geithner and the NY Fed of Willfully Ignoring Fraud
It was a painful, as a former regulator, to read the Valukas report’s discussion of the FRBNY staff’s open disdain for working cooperatively with the SEC to protect the public. The Valukas report exposes the sick relationship between the country’s main regulatory bodies and the systemically dangerous institutions (SDIs) they are supposed to be policing. The FRBNY, led by President Geithner, had a clear statutory mission — promote the safety and soundness of the banking system and compliance with the law – stood by while Lehman deceived the public through a scheme that FRBNY officials likened to a “three card monte routine”. …
Translation: The FRBNY knew that Lehman was engaged in fraud designed to overstate its liquidity and, therefore, was unwilling to loan as much money to Lehman. The FRBNY did not, however, inform the SEC, the public, or the OTS (which regulated an S&L that Lehman owned) of the fraud.
The Fed official doesn’t even make a pretense that the Fed believes it is supposed to protect the public. The FRBNY remained willing to lend to a fraudulent systemically dangerous institution (SDI). This is an egregious violation of the public trust, and the regulatory perpetrators must be held accountable. ….
The FRBNY acted shamefully in covering up Lehman’s inflated asset values and liquidity. It constructed three, progressively weaker, stress tests – Lehman failed even the weakest test. The FRBNY then allowed Lehman to administer its own stress test. Surprise, it passed.
The Fed’s defense of its disgraceful refusal to protect the public is meritless. It argues that it was not there in its regulatory capacity and that it sent only a few staffers that laced the capacity or the leverage to accomplish any supervisory goals. This is either a deliberate obfuscation or a confession of a core failure.
Structural Problems at the Fed
The Fed has inherent problems even in safety & soundness regulation due to its structure. First, the regional FRBs have boards of directors dominated by the industry. Congress already made the policy decision, in removing all regulatory functions from the FHLBs in the 1989 FIRREA legislation, that this is an unacceptable conflict of interest.
Second, supervision is, at best, a tertiary activity at the Fed and regional banks. Monetary policy gets all the emphasis, the credit windows come second, and economic research and safety & soundness regulation vie for a distant third place. (Consumer regulation is a bastard step child at the Fed and most agencies.)
Third, the Fed is far too close to the systemically dangerous institutions. The SDIs are in an ideal position to exploit opportunities for regulatory “capture.”
Fourth, the Fed is dominated by neo-classical economists that have no theory of, experience with, or interest in the complex financial frauds that are the dominant cause of our recurring, intensifying financial crises. Bernanke appointed an economist, Patrick Parkinson, with no examination or supervision experience to head all Fed examination and supervision.
Fifth, the Fed is addicted to opaqueness and its senior ranks believe the bankers when they claim that the people must never be allowed to learn the truth about asset losses. One of the conflicts of interest that a banking regulator must never succumb to is the temptation to encourage or allow the regulated entity to lie about its financial condition for the purported purpose of preventing a run on the bank. Geithner, unfortunately, embraced that temptation and stated it openly to the Bankruptcy Examiner.
It is very easy, psychologically, to believe that you are letting a bank lie to the public for a noble reason – protecting the public. The bankers always tell the regulators that the world will end if the banks tell the truth – but that is a lie. Regulators’ greatest asset is their integrity.
The relevant issue was never: can Lehman be saved? The relevant issue, one that the SEC and the Fed appear never to have even asked, was: how can we stop Lehman from serving as a vector spreading the epidemic of liar’s loans? They should have asked themselves that question — and acted — no later than 2001.
That is a very damning appraisal of the competence of Ben Bernanke and the entire Fed.
It is also grounds for indictment of Tim Geithner and the board of directors at Lehman. Assuming Bernanke was a willing conspirator in the ongoing coverup of Lehman, he should be indicted for criminal fraud as well.
Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
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Posted in Banks, Corruption, Economic Crisis, Economy, Federal Reserve Bank of New York, Financial System, Fraud, Lehman Brothers, Timothy Geithner | 
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A Sober Warning To The GOP – And The Democrats
A Sober Warning To The GOP – And The Democrats
Posted by Karl Denninger
The political witch-hunt that is now being fomented related to the SEC’s charges against Goldman is a minefield that threatens to blow up the GOP for the next 20 years – if not permanently.
The full-court press by right-wing talking heads such as Limbaugh and Hannity, who appear to have not bothered to do a bit of research into the matter before spouting off absolute nonsense, are piling on in a fashion that will just do further damage to the Republican brand.
The premise here is that the SEC action was “concocted” in some fashion. Well, if that’s true, how come the key trader involved, Tourre, has been de-registered in London?
Fabrice Tourre – the bond trader at the heart of Goldman Sachs’ fraud case – was on Tuesday barred from working in the City of London in the first ‘victory’ for financial regulators on both sides of the Atlantic.
That’s not what you do if you did nothing wrong – or your employee did nothing wrong, conference call by Goldman with many “ahs” and “uhms” notwithstanding.
It may get much worse. Zerohedge is reporting that the infamous C-BASS, the company formed by MGIC and Radian (and over which their pending merger blew itself to bits a couple of years ago), may be intertwined in the Goldman mess. There may be a story here – or maybe not. We’ll see as time passes.
In the meantime there are a few Democrats that are not waiting around. Marcy Kaptur (D-OH), among others, sent a letter to Eric Holder, US Attorney General, in which she said:
If both global and domestic confidence in the integrity of the U.S. financial system is to be regained, there must be confidence that criminal acts will be vigorously pursued and perpetrators punished.
While the SEC lacks the authority to act beyond civil actions, the U.S. Department of Justice (DOJ) has the power to file criminal actions against those who commit financial fraud. We ask assurance from you that the U.S. Department of Justice is closely looking at this case and similar cases to further investigate and prosecute the criminals involved in this, and other financially fraudulent acts. …..
Exactly.
So precisely what are the Republicans trying to argue for here? That the sort of misconduct that is alleged to have occurred here beyond the boundaries of the law, and that which does not rise to a criminal standard of conduct but which is exploitive of Americans, should be permitted to slide – either “because it’s in the past” or for more sinister reasons – like permitting the same looting to continue and be expanded in the future?
Don’t feed me this crap about “expanding credit for Americans” – we’ve done that and it was a freaking DISASTER! Liar loans, 0 down, totally irresponsible HELOC and other lending policies, people tying small businesses to their houses and personal fortunes all so the bankers could skim off a huge piece of everything – and it all blew up.
Now “they’re back” and making billions in bonuses – but what are they doing to earn that money? Banking and finance generally is a parasitic function. It’s a necessary function, but only to a point. Yes, we need to match those with capital with those who want to borrow capital, and that’s what banks do – but we don’t need to feed an insatiable monster that “demands” products that are unsound, unsafe, and crooked at their inception, nor do we have to permit these same bankers to continue to lie about their asset valuations.
Yet we are.
Let me be clear: The system will not hold together on the path we are on now. It can’t. It is demanding to be fed with ever-greater interest payments and ever-larger slices of the economy siphoned off, and the real economy can’t withstand that sort of attack.
Look at consumer confidence – it came in at -50 today, just off record lows, .vs. projections of “improvement.” Improvement? Where? The real economy is choking to death under 29.9% interest rates as the bankster monster sits on it and plays vampire, sucking the blood from the economy.
And Mayor Bloomberg has the chutzpa to tell the NYC Congressional delegation that they have to “fight” for NY. Fight? For what? For the ability to steal even more?
Jefferson County Alabama funded NY’s fat-cat bankers and taxes – with a bribery scheme that sent several officials to prison. WHERE ARE THE INDICTMENTS OF THE BANKERS INVOLVED? The banks involved included in the swap deals that were both overpriced and may have been entered into in exchange for bribes include JP Morgan, Bear Stearns, Bank of America and Lehman Brothers. Two of the four are now dead, of course, but the other two are not.
Oh, Mr. Langford? He got 15 years. How many years have the bankers gotten?
NOT ONE DAMN DAY.
Oh, Bill Blount (who did the bribing) went to prison too – he pled guilty.
The bankers - and the banks themselves - that profited from this crooked set of deals? Not one penny has come back to the citizens of Birmingham, Alabama, nor has one bank executive been indicted. Never mind that Matt Taibbi has alleged that Goldman was effectively bribed to the tune of $3 million to stay out of the deals – by JP Morgan!
Oh, and before anyone tries to hide behind a claim that “they didn’t know”, you might want to read this:
Here you can see a trail that leads directly from a billion-dollar predatory swap deal cooked up at the highest levels of America’s biggest banks, across a vast fruited plain of bribes and felonies — “the price of doing business,” as one JP Morgan banker says on tape — all the way down to Lisa Pack’s sewer bill and the mass layoffs in Birmingham.
Didn’t know eh? That dog won’t hunt.
We can’t stop it? Like hell. Bill Black did stop it. Listen up:
The banksters threatened to kill him by the way. Literally.
To Congress and President Obama: Stop lying. You can put a stop to the scams – you’re refusing. You’re not unable, you’re unwilling. But this position you’ve adopted – the making of excuses and continued sponsorship of the scams and frauds of these “bastions of banking” has us moving ever-closer to the cliff, and once we go off it, there is no coming back.
Let me make this clear. I’m a man of peaceful protest and I’ve called for legal and legislative remedies. 100 years of hard time with Bubba in the slammer for these clowns will do just fine. In fact I prefer it to violence, in that hard felony prison time will both last longer and hurt more.
But I’m not the only one out here, and a lot of the people in this country are tired of the crap and within a hair of deciding that it’s time to roll up judge and jury into one, passing sentence personally. Howard Fineman, writing for Newsweek, sees the problem but as with most “pundits” refuse to identify the culprit, as pissing off half your advertisers (every big bank in the land) can impact tenure with the publication you write for.
The people are done with being robbed, looted, bent over the table and violated repeatedly, while our nation’s corporations – banks included – are fined with wrist-slaps instead of hard time or worse, their actions are IGNORED and they’re even bailed out! Witness Pfizer, who I’ve written about - in 2009 the firm pled guilty to a criminal felony and paid $2.3 billion as a fine. What did the various agencies say at the time?
“Today’s landmark settlement is an example of the Department of Justice’s ongoing and intensive efforts to protect the American public and recover funds for the federal treasury and the public from those who seek to earn a profit through fraud. It shows one of the many ways in which federal government, in partnership with its state and local allies, can help the American people at a time when budgets are tight and health care costs are increasing,” said Associate Attorney General Tom Perrelli. “This settlement is a testament to the type of broad, coordinated effort among federal agencies and with our state and local partners that is at the core of the Department of Justice’s approach to law enforcement.”
What did Pfizer do?
American pharmaceutical giant Pfizer Inc. and its subsidiary, Pharmacia & Upjohn Company Inc., have agreed to pay $2.3 billion, the largest health care fraud settlement in the history of the Department of Justice, to resolve criminal and civil liability arising from the illegal promotion of certain pharmaceutical products, the Justice Department announced today.
This was a first offense, right? The company did a bad thing, got caught, and had been a good corporate citizen. It was an “isolated incident”, yes?
A division of Pfizer Inc., the world’s largest drugmaker, has agreed to plead guilty to two felonies and pay $430 million in penalties to settle charges that it fraudulently promoted the drug Neurontin for a string of unapproved uses.
In an agreement announced by government prosecutors Thursday, Pfizer unit Warner-Lambert admitted that it aggressively marketed the epilepsy drug by illicit means for unrelated conditions including bipolar disorder, pain, migraine headaches, and drug and alcohol withdrawal.
Same offense, five years previous – in 2004.
There wasn’t anyone involved in both of these illegal acts, right? Different people that just happened to be in the same company?
Jeff Kindler, who became Pfizer’s general counsel in 2002, supervised the lawyers who made the promises to prosecutors. By 2004, Kindler increased the compliance budget 12-fold. He became chief executive officer in 2006. In Pfizer’s ethics guide, he says stories about misbehaving companies and executives abound.
“Pfizer truly stands apart,” he says. “I am proud of our record.” On Oct. 1, Kindler was elected to the board of the Federal Reserve Bank of New York. Kindler declined to comment.
Not only was the same guy the general counsel in 2002 when the first offense happened he had been promoted to CEO when the second occurred.
Mr. Kindler’s “penalty” for being involved in not only one but two felony criminal violations of the law at Pfizer? He was elected (by the banks, of course) to the board of The Federal Reserve Bank of New York. Oh, and he’s “proud” of Pfizer’s record – a record he was responsible for.
Perhaps you can explain why the people should sit still while our government, which is supposed to enforce laws, allows not just one offense but corporate recidivism - with an offense that includes aggresisvely peddling drugs for unapproved uses. Out here in the real world we call that “drug dealing” and when the drug is heroin or PCP, and we catch them, we lock people involved up for life.
But when you run a big pharmaceutical company and in essence commit the same offense you get your hand slapped, get promoted for the first offense and then when you do it again you get elected to the board of the institution that executes monetary policy for the entire United States!
I keep brining up the Pfizer case – and the Jefferson County one – because they are outrageous in their impact on ordinary people and the brazen nature of what occurred. There’s also no doubt that criminal acts were involved, since in both cases the parties (or corporations) either were found or pled guilty.
That is, these felony aren’t allegations, they’re facts.
But in each case the prime actors go free. Nobody does hard time and nobody even loses a business license. Pfizer wasn’t shut down nor did it lose the ability to do business with the government. The banks involved in the Jefferson County Alabama swap deals were not prosecuted, they didn’t lose their banking licenses, they didn’t have to return any of the money they “made”, and the people of the county still got screwed. Then those very same banks jacked up half the nation’s credit card interest rates to 29.9% – while The Fed lent them our money at zero.
The latter is important, by the way. If I steal a car and then sell it to you, when you’re caught with the stolen car you don’t get to keep it. It doesn’t matter if you’re out lots of money as a consequence – you never had a right to the car in the first place, as it was the fruit of a poison tree. Why haven’t these banks been forced to disgorge every penny that Jefferson County paid them, since the funds they got were likewise the fruit of a felonious series of events?
Before the election.
WHAT CAME OF IT AND WHY HAVE THERE BEEN ZERO INDICTMENTS?
Nearly two years later, all we know is that there “was” an investigation… but we also know why the banks got involved in these slimy deals. Read it right here:
“Swap deals were more numerous and higher fees available,” Snell said in the interview. “In addition, swap transactions have much more flexibility for payment because there is no requirement, as there is in new money transactions, that the fees be disclosed.”
Hide the cost, hide the fees, don’t disclose any of it, and, in the case of Jefferson County, if some of the officials there get involved in a little bribery, well, it’s nothing that a higher fee won’t take care of covering!
Or shall we talk about book-cooking? Oh hell, why not, let’s do Wells Fargo, which has a grand-pappy popping $1.76 trillion freaking dollars in QSPEs off balance sheet! The alleged “maximum exposure to loss” (according to them)? A mere $43.5 billion – that is, the claim is made that a minuscule 2.4% could possibly – in the worst case – be lost, but not one penny more!
Oh, what’s in the black box? Well, we can start with a cool $1.1 trillion in “conforming” mortgages, including Ginnie-guaranteed paper. The latter, by the way, has an actual guarantee from the Federal Government – but note that the breakdown between the two is not specified. Why not, given that Fannie and Freddie paper is not legally guaranteed – even though it is currently “backstopped.” Given how little Ginnie did in originations prior to the FHA ramping up in the last couple of years why do I suspect that “conforming” might not even actually mean “wrapped by Fannie or Freddie”? After all, the legal term of art “conforming” in this case merely means it qualified to be sold to the GSEs – not that it was, or that it was wrapped by them!
Then there’s $251 billion in non-conforming mortgages. How many of those are Wachoiva “Pick-a-Pay” monstrosities that Wells swallowed? Hmmmm… Oh, and let’s add in $345 billion in commercial mortgage securitizations (not whole loans – securitizations!) which, if you remember, FITCH said 10% of the total outstanding would be in default by the end of the year.
If that’s not enough for you the unconsolidated VIEs are also in the mix off balance sheet, and in there we find $56 billion in CDOs (heh, how are those performing, and what sort of CDOs are these? Are there any synthetics in there?) and, of course, just to round things out, a cool $23.8 billion in CLOs (collateralized loan obligations.)
To put this all in perspective for the company to hold the “standard” 4 and 8% Tier Capital against this the bank would have to have almost $160 billion in Tier Capital (for the 8% standard) in addition to coverage for the formal, on-balance sheet debt that the company has – and this assumes that all those “carrying values” accurately reflect the actual value of these securities. Anyone care to bet on what the market price is on this box-chock-full-of-god-knows-what should they want to – or have to – sell it?
Of course Wells doesn’t have the capital behind that nor can we see what’s actually in the box, other than their “category list.” The “off balance sheet” games permit this sort of thing – a dandy arrangement right up until the belief that the maximum value at risk of $43 billion turns out to be a wild-eyed fantasy.
Then the taxpayer gets tapped on the shoulder and told that tanks will roll unless we fork up $700 billion tomorrow - again.
We learned exactly nothing from ENRON and MCI, or for that matter from Lehman and the 2008 debacle - did we?
Why did I pick on Wells? Besides the fact that they make it reasonably easy to find this crap in their financial statements, for no particular reason. The other banks aren’t quite as bad, but when we’re in the hundreds of billions off-balance sheet – does it matter?
No.
We desperately need politicians who will cut the crap and put a stop to all of this, right here and now. No more flim-flamming, no more off-balance-sheet crap, no more hidden fees, no more bribery and no more extortion. Do any of the above, go to prison – period.
If you need someone with experience in the matter, call Bill Black.
Will this “constrain credit”? Not among those who are truly qualified to borrow. Note that our local community banks didn’t pull any of this garbage – bribing people, holding a trillion in so-called “assets” off balance sheet and running complex derivative books intended to make price discovery and fair dealing impossible.
Force the big banks to stop all of it right here and now. If they can’t survive with everything they hold consolidated on their balance sheet, that’s too bad. We have thousands of community banks that would be happy to have the business, and that will make sound loans.
Demand that The Fed cut the “below zero” real interest rates. Get rid of the Clinton-era machinations in the CPI, and mandate that the short end of the rate curve be held above the true rate of inflation. Why? Because it must always cost something to borrow in real terms or you get monstrous malinvestment, bubbles and crashes. If Bernanke won’t put a stop to this garbage right here and now then The Fed’s charter must be revoked.
Why aren’t you doing this? Because you’re being bribed, that’s why:
Democrats and Republicans have held at least three dozen fund-raising events with Wall Street bankers and lobbyists for companies such as Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and Morgan Stanley.
Invitations to some of the fund-raisers highlight access to lawmakers. “This unique program provides benefits designed to give you quality time with Republican policy makers through small gatherings,” wrote Sen. John Cornyn (R., Texas) to Wall Street executives in an invitation to join a business council of the National Republican Senatorial Committee, which he heads.
The donation requested: $10,000. The group held discussions with GOP senators in February and March.
Democrats raising money from the financial-services industry include Senate Majority Leader Harry Reid of Nevada, who went to New York this year for a fund-raising event with several executives from Goldman Sachs.
Maybe Congress can explain why the 535 criminals in the District of Corruption shouldn’t all be in prison?
Time to choose ‘Dems – and ‘Pubs. No more obfuscation and no more lies. You’re either going to act on the fraud, or you’re not. November is coming and before you think you’ll skate on this one, I suggest you harken back to 2008, when everyone thought the same thing after Bear Stearns blew up.
How did that work out, exactly, and why do you think you can stop the next collapse when it comes?
If you don’t act, and soon, it most certainly will.
Posted in Banks, Corruption, Democrats, Economic Crisis, Economy, Financial System, Fraud, Republicans |
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FLASH: Mozilo Indictment?!
Darrell Issa just said on CNBC that there is a likely indictment coming (no, really? Gee, there’s a cop?)
Posted in Angelo Mozilo, Corruption, Countrywide, Economic Crisis, Financial System, Fraud, Mortgage Loans |
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These F@#king Guys – Goldman Sachs
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
| These F@#king Guys – Goldman Sachs | ||||
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Posted in Corruption, Economic Crisis, Economy, Financial System, Fraud, Goldman Sachs |
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proudly supports:
Bill Still For President
for Congress
Michigan 11th District
By Bill Still
There is only one answer for the world economic situation; monetary reform.
1. No More National Debt
2. No More Fractional Lending
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