BofA Joins Attack on Wikileaks

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

EDITOR’S NOTE: The effort to choke off payments to WikiLeaks is being defended by some as an act of patriotism, protecting the state secrets of our government. BOA wold no doubt say that it is merely cooperating with the government. But my guess is that the information coming out about BOA and the other megabanks has nothing to do with state secrets. My guess is that it will show government complicity in the continuing fraud created, enabled and promoted by the megabanks against homeowners, taxpayers and investors.

The sale of the bogus mortgage bonds was fraudulent because there was nothing to back them up and even if there were actual loans in the pool they did not conform to the conditions promised to the investors.

The servicing of the the alleged mortgages or stream of receivables was performed with the sole intent to grab as much of the money from the stream of payments from homeowners and third party insurers and guarantors without accounting to either the investors or the homeowners. The servicers faked events, fees, and costs to do it and they are succeeding even as this article is being written.

The modification and settlement schemes were sham operations creating the appearance of an attempt to help homeowners and right the wrongs committed by Wall Street and the securitization co-venturers. The “negotiations” were conducted by servicers lacking any authority or economic interest int eh loan, the property or the mortgage bond. Their only interest was to take all the money from payments, take all the money from sales of property and keep it.

The original obligations were in most cases fraudulently created with misrepresentations about the nature of the transaction, the value of the property and the viability of the the complex mortgage transaction they thought they were getting. In fact, it was more like an unregistered security whose purchase would produced promised passive returns arising from a continually rising housing market that “never goes down.”

The original notes signed by the homeowners were fatally defective because they neither identified the creditor nor disclosed the true nature of the transaction.

The original mortgages or deeds of trust were fatally defective because they were used a security for a fatally defective promissory note and did not secure the obligation, which was between the investors and the homeowners.

The foreclosure proceedings were fraudulent based upon fabricated, false and forged documents.

The auction sales were all fraudulent because non-creditors were allowed to “bid” on property without putting up one dime. Instead they submitted “credit bids” which were accepted illegally and wrongfully by the auctioneers, resulting in the issuance of title that corrupted the entire title system throughout the the country.

How much of this will be disclosed by WikiLeaks? I don’t know. But my guess is that at least some of the disclosures will show full knowledge by the government and complicity in the acts described above all done in the name of saving the finance system. It seems that nobody was minding the store when it came to considering saving our society. There is more than one way to right a wrong. Yes lying more will get you down the road a bit, but telling the truth will move you toward a fair and just resolution.

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Bank of America Suspends Payments to WikiLeaks

By NELSON D. SCHWARTZ

In a sign of the increasing tensions between WikiLeaks and the corporate world, Bank of America has said it will no longer help process payments for the organization, which released a huge cache of secret State Department cables in late November and has threatened to “take down” a major United States bank with another data dump.

“Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks,” the bank said in a statement issued on Friday. “This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments.”

In a Twitter post put up soon after Bank of America’s announcement, WikiLeaks called on supporters to boycott the bank, urging that “all people who love freedom close out their accounts at Bank of America.”

After MasterCard and PayPal, which is owned by eBay, announced they would no longer handle payments for WikiLeaks, the companies were attacked by online hackers who supported WikiLeaks.

Investors have worried that the founder of WikiLeaks, Julian Assange, was referring to Bank of America when he said in an interview with Forbes last month that he possessed a large cache of potentially embarrassing documents from a large American bank. In an interview with Computerworld in 2009, Mr. Assange said WikiLeaks held five gigabytes worth of information from the hard drive of a Bank of America executive.

Mr. Assange is free on bail in Britain in connection with accusations of sexual offenses he faces in Sweden. Swedish authorities are now seeking to extradite Mr. Assange, a request Mr. Assange has vowed to fight.

Mr. Assange has called the accusations of sexual misconduct a ”smear campaign.”

11 Responses

  1. Wikileaks is suspect. I’ve already warned them personally to stop using Twitter as it is a Government inspired social networking database that helps compile and maintain information about everyone, but they still use it. I think they may work for israel (the only country that didn’t get ‘leaked’) and are being used in a campaign to further clamp down on internet freedom.

  2. Hurry up and dump the goods on the net WikiLeaks. We need it aired sooner than later.

    Also, did everyone take note that NV and AZ attorney generals have both sued BofA over failure to comply with the ‘CA AG Stipulated Settlement’ agreement’ that CA AG Jerry Brown was crowing about last year? He took credit for the horrible settlement, then would not even enforce adherence to the blasted piece of garbage when you had one of the pieces of shit mods that Bend Over decided to BREACH. The BofA lackeys would tell you that ‘all of those mods “canceled”‘. Cute usage of the WRONG WORD. Bend Over BREACHED the settlement and all the mods issued under it.

    And if you don’t understand why other state AGs are suing, it was a NATIONAL agreement that was struck and file with the CA District court in LA.

    We KNOW why Jerry is not suing or working that hard on anything that REALLY had any TEETH: With sister Kathleen working for CountryWIde, then Bend Over and now Goldman-Sachs, he ‘gums’ any enforcement effort directed at the banks while sticking his dentures in when he goes after any business that would try to help the citizens fight an illegal foreclosure.

    I find it interesting that no one seems to have attempted to interview Jerry about the other states suing while he has left the CA residents with the same worthless mods just to use the paper they are printed on as paper airplanes.

    Hopefully Jerry won’t have any power to do anything in the Governor’s office.

    Can we start a recall BEFORE Jerry is sworn in?

    If he does not already have dentures, I can imagine some that would love to help him get them. Not a threat, just an observation.

  3. Aury,

    I presume you are checking the two boxes below the ‘submit’ button? Checking both will get all new posts and all comments on THIS post.

    You need to post a comment and check the ‘Notify me of follow-up comments via email’ box to each new post however.

  4. […] the original: BofA Joins Attack on Wikileaks   Tags: foreclosure, gtc | honor Posted in: […]

  5. Amen on your editor’s note NEIL.

  6. He who has nothing to hide, has nothing to fear, hmmmmmmmmmm, BoA a crook??? nawwwwwwww, really? i didn’t know that!

  7. BofA and its executives are so sure they will never be prosecuted for their crimes, that they throw caution to the wind and ask Wikileaks to stomp their asses. Unbelievable! Talk about arrogance mixed with stupidity–aaarrrggghhh! I wonder if we are going to get a big Christmas present from Wikileaks. I can’t wait. My fearless forecast is that other “Wikileaks-type” organizations are going to pop up. I have worked in the corporate world, and I know how they treat their employees–like s%&t. People do not have loyalty to big corporations and banks. Their time has come. The giant black hole is yawning wider. They are going down. http://www.challengingforeclosure.com Sirak@challengingforeclosure.com

  8. Who needs the Sunday comics when there are news items like this. Now….could this possibly be the same bank that has been laundering billions upon billions of dollars for the Mexican drug cartels? Allowing them to purchase brand new DC-9s for sreamlined drug delivery?

    Could this be the same bank that is 100% complicit in aiding in the drug battles ravaging our neighbors to the south, causing the deaths of over 22,000 people since 2006? Policeman, soldiers, journalists, just average citizens caught up in the crossfire that couldn’t possibly take place without the direct aid of the TBTF banksters due to the massive amounts of monies needing cleaning.

    Their sudden attack of religion reminds me of how every single prisoner facing life in prison or death row gets “saved” and seeks a pardon or a reduction in their sentence.

    These banks are so overdue their much needed demise. How long are we going to sit by allowing our politicians and their owners the banks to run roughshod over the entire planet? These institutions are evil and do nothing whatsoever except poison us all. Hail Jullian Assange! Death to Wall Street! Take B of A down Wikileaks!

    The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia Corp. and Bank of America Corp., Bloomberg Markets magazine reports in its August 2010 issue.

    Wachovia admitted it didn’t do enough to spot illicit funds in handling $378.4 billion for Mexican-currency-exchange houses from 2004 to 2007. That’s the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in U.S. history — a sum equal to one-third of Mexico’s current gross domestic product.

    “It’s the banks laundering money for the cartels that finances the tragedy,” says Martin Woods, director of Wachovia’s anti-money-laundering unit in London from 2006 to 2009. Woods says he quit the bank in disgust after executives ignored his documentation that drug dealers were funneling money through Wachovia’s branch network.

    “If you don’t see the correlation between the money laundering by banks and the 22,000 people killed in Mexico, you’re missing the point,” Woods says.

    The 1970 Bank Secrecy Act requires banks to report all cash transactions above $10,000 to regulators and to tell the government about other suspected money-laundering activity. Big banks employ hundreds of investigators and spend millions of dollars on software programs to scour accounts.

    No big U.S. bank — Wells Fargo included — has ever been indicted for violating the Bank Secrecy Act or any other federal law. Instead, the Justice Department settles criminal charges by using deferred-prosecution agreements, in which a bank pays a fine and promises not to break the law again.

    ‘No Capacity to Regulate’

    Large banks are protected from indictments by a variant of the too-big-to-fail theory.

    Indicting a big bank could trigger a mad dash by investors to dump shares and cause panic in financial markets, says Jack Blum, a U.S. Senate investigator for 14 years and a consultant to international banks and brokerage firms on money laundering.

    The theory is like a get-out-of-jail-free card for big banks, Blum says. “There’s no capacity to regulate or punish them because they’re too big to be threatened with failure,” Blum says. “They seem to be willing to do anything that improves their bottom line, until they’re caught.”

    http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html

  9. Please add me to your email list.

  10. Get out of Bend Over America BOA.

  11. I wonder what brings such an action from BOA? I would also encourage all people to take their money to a local credit union.

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