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Goldman Sachs Perverted the Markets

“To establish many of its short positions, the Senate report says, Goldman created new securities, backed them with its good name, and then strung together misleading statements to its customers about what it was actually doing. By shorting the way it did, the bank perverted the market instead of correcting it.”

Goldman’s techniques harmed the capital markets. Goldman brought something into the world that didn’t exist before. Instead of selling something — thereby decreasing the price or supply of it — and giving the market a signal that it was less desirable, Goldman did the opposite. The firm created more mortgage investments and gave the world the signal that there was more demand, for C.D.O.’s and for the mortgages that backed them.”

EDITOR’S COMMENT: The problem with these articles is that there is an assumption that the bond markets were the only thing corrupted by Goldman and the other megabanks. The fact that the mortgage bonds were devoid of any assets and thus worthless is seen as a bad thing. But the the logical extension of that simple fact is that the mortgages never made it into the pool.

So here is the current situation: Many if not not a majority of people who have passing knowledge of the housing crisis and the attendant credit crisis which has brought our economy to a crawl, assume that the mortgages were valid; they assume that somehow, as if my magic, the obligations, notes and mortgages are owned by pools that never received any documents of transfer, delivery, assignments or evidence of recording the instruments in the title records; they assume that the documents of transfer exist in recordable form when they don’t exist at all. They assume that the problem is fixable and just a paperwork mess when in fact there was NO DEAL, NO VALID NOTE and NO VALID MORTGAGE.

Investors advanced money on the premise that the mortgages already existed when they advanced the money. They were wrong. The investors assumed that the transfer documents existed. They were wrong. And they assumed that the law which requires the transfers be properly made and documented within 90 days would be followed. They were wrong. And most importantly, they assumed that they were buying valid performing loans when in fact the notes and mortgages describe a transaction that never took place and the real transaction went undocumented. Instead, the only documents for transfer are those involving loans that have been declared in default but which are not in default because the servicers are continuing to make payments to cover up the fraud at the inception of the false securitization scheme.

Thus the only thing the pools have are some documentation that was not and could not be accepted. The transfers are contrary to the two basic restrictions that one would expect in any such polling arrangements: that the mortgages were valid and properly transferred and that they were transferred in a timely manner. By transferring improperly documented and non-performing loans into the pools the investors were screwed. And still the logical extension of that fact has not been made; if the investors were screwed and the their deal was improperly documented and obtained by false pretense, then it follows that the same holds true for the only other real party in interest — the homeowner.

As long as we continue this myth the economy will drag along the ground, while the people who have capital and wealth — homeowners who do NOT have a mortgage encumbrance but think they do, or who have been evicted from their homes when they still owned those homes — are prevented from spending, capitalizing new businesses and all the other good things that would stimulate the economy and turn the markets a — all of them — in a 180 degree turn from bad to good.

 

Misdirection in Goldman Sachs’s Housing Short

By JESSE EISINGER
Evan Vucci/Associated PressLloyd C. Blankfein, chief executive of Goldman Sachs, with a Senate panel’s report on his firm, before testifying on April 27, 2010, at a Senate hearing on the financial crisis.

Goldman Sachs appears to be trying to clear its name.

The compelling Permanent Subcommittee on Investigations report on the financial crisis is wrong, the bank says. Goldman Sachs didn’t have a Big Short against the housing market.

But the size of Goldman’s short is irrelevant.

No one disputes that, by 2007, the firm had pivoted to reduce its exposure from mortgages and mortgage securities and had begun shorting the market on some scale. There’s nothing wrong with that. Don’t we want banks to reduce their risk when they see trouble ahead, as Goldman did in the mortgage markets?

Nor should shorting itself be seen as a bad thing. Putting money behind a bet that a stock (or bond or commodity or derivative) is overpriced is necessary for the efficient functioning of capital markets. Short-sellers can keep prices from getting out of whack and help deflate bubbles.

The problem isn’t that Goldman went short and reduced risk — it’s how.

To establish many of its short positions, the Senate report says, Goldman created new securities, backed them with its good name, and then strung together misleading statements to its customers about what it was actually doing. By shorting the way it did, the bank perverted the market instead of correcting it.

Take Hudson Mezzanine, a $2 billion collateralized debt obligation created by Goldman in 2006. In marketing material, the firm wrote that “Goldman Sachs has aligned incentives with the Hudson program.”

I suppose that was technically true: Goldman had made a small investment in the C.D.O. and therefore had an aligned incentive with the other investors. But the material failed to mention the firm’s much larger bet against the C.D.O. — a huge adverse incentive to its customers’ interests.

Goldman told investors that the Hudson assets had been “sourced from the Street,” which most investors would understand to mean that Goldman had purchased the assets from other broker-dealers. In fact, all the assets had come from Goldman’s own balance sheet, the Senate report found.

In his April 2010 testimony to the Senate, Goldman’s chief executive, Lloyd C. Blankfein, argued that Goldman was merely making a market in these securities and derivatives, matching willing and sophisticated buyers and sellers. But Goldman was acting like an underwriter, not a market maker.

As the underwriter, Goldman threw its marketing muscle behind Hudson Mezzanine and other C.D.O.’s. When the bank’s salespeople ran into trouble selling the securities, they begged for help from the executives who created them. One requested material to give to clients about “how great” the sector was. One needed the aid to get a client to invest, to be “THERE AND IN SIZE,” according to e-mails cited in the report.

Sometimes, Goldman took advantage of the opaque markets. According to the Senate report, Goldman executives had extensive concerns about the prices of its 2007 Timberwolf C.D.O. Goldman sold the C.D.O. securities anyway, often at higher prices than it had them recorded on its books. In summer 2007, Goldman marked some Timberwolf assets at 55 cents on the dollar, but sold similar securities to an Israeli bank at 78.25 cents at the same time, according to the report. Oh, well, tough luck!

For decades, Goldman’s famous mantra was to be “long-term greedy” and a central element of that was putting customers first. In these C.D.O.’s, the bank’s customers were “only first in the same way that on Thanksgiving, the turkey is first,” a former C.D.O. professional told me.

Goldman declined to address these specific disclosures from the report. A spokesman maintained the firm fulfilled its obligations to buyers of these kinds of C.D.O.’s, which were made up of derivatives. The customers were large and sophisticated investors who knew that one side had to be long while the other was short. And they knew, or should have known, that Goldman might be on the other side.

“It was fully disclosed and well known to investors that banks that arranged synthetic C.D.O.’s took the initial short position,” a spokesman wrote in an e-mail.

True, but few thought that the bank that had created and hawked the C.D.O.’s expected them to fail.

Goldman’s techniques harmed the capital markets. Goldman brought something into the world that didn’t exist before. Instead of selling something — thereby decreasing the price or supply of it — and giving the market a signal that it was less desirable, Goldman did the opposite. The firm created more mortgage investments and gave the world the signal that there was more demand, for C.D.O.’s and for the mortgages that backed them.

By shorting C.D.O.’s, Goldman also distorted the pricing of the underlying assets. The bank could have taken the securities it owned and sold them en masse in a fairly negotiated sale, though it likely would have gotten less for them than it was able to make by shorting the C.D.O.’s it created.

Because of Goldman’s actions, the financial system took greater losses than there otherwise would have been. Goldman’s form of shorting prolonged the boom and made the crisis that followed much worse.

Goldman executives surely hope to change the subject from the firm’s specific actions to a more general discussion of how much and when it shorted. We shouldn’t let them.


Jesse Eisinger is a reporter for ProPublica, an independent, nonprofit newsroom that produces investigative journalism in the public interest. Email: jesse@propublica.org. Follow him on Twitter (@Eisingerj).

13 Responses

  1. Hello again, I am pro se and could use some help. I currently as of April 5th 2011 have a case against my old mortgage lender in Western Washington District Court. The banks attorney has a motion to dismiss in. You can read the docket on Pacer case no 2:11-cv-00578

  2. […] GOLDMAN SACHS KEEPS LYING MOST POPULAR ARTICLES DISCOUNT FOR EARLY BIRD REGISTRATION RUNS OUT ON JUNE 22 CLICK HERE TO REGISTER FOR 2 DAY GARFIELD CONTINUUM CLE SEMINAR GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE Goldman Sachs Perverted the Markets “To establish many of its short positions, the Senate report says, Goldman created new securities, backed them […] […]

  3. enlightening article:
    Source: Dean Henderson – BlacklistedNews.com

    (Part one of a four-part series)

    The Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP Amoco and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.

    According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation. [1]

    So who then are the stockholders in these money center banks?

    This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe.

    One important repository for the wealth of the global oligarchy that owns these bank holding companies is US Trust Corporation – founded in 1853 and now owned by Bank of America. A recent US Trust Corporate Director and Honorary Trustee was Walter Rothschild. Other directors included Daniel Davison of JP Morgan Chase, Richard Tucker of Exxon Mobil, Daniel Roberts of Citigroup and Marshall Schwartz of Morgan Stanley. [2]

    J. W. McCallister, an oil industry insider with House of Saud connections, wrote in The Grim Reaper that information he acquired from Saudi bankers cited 80% ownership of the New York Federal Reserve Bank- by far the most powerful Fed branch- by just eight families, four of which reside in the US. They are the Goldman Sachs, Rockefellers, Lehmans and Kuhn Loebs of New York; the Rothschilds of Paris and London; the Warburgs of Hamburg; the Lazards of Paris; and the Israel Moses Seifs of Rome.

    CPA Thomas D. Schauf corroborates McCallister’s claims, adding that ten banks control all twelve Federal Reserve Bank branches. He names N.M. Rothschild of London, Rothschild Bank of Berlin, Warburg Bank of Hamburg, Warburg Bank of Amsterdam, Lehman Brothers of New York, Lazard Brothers of Paris, Kuhn Loeb Bank of New York, Israel Moses Seif Bank of Italy, Goldman Sachs of New York and JP Morgan Chase Bank of New York. Schauf lists William Rockefeller, Paul Warburg, Jacob Schiff and James Stillman as individuals who own large shares of the Fed. [3] The Schiffs are insiders at Kuhn Loeb. The Stillmans are Citigroup insiders, who married into the Rockefeller clan at the turn of the century.

    Eustace Mullins came to the same conclusions in his book The Secrets of the Federal Reserve, in which he displays charts connecting the Fed and its member banks to the families of Rothschild, Warburg, Rockefeller and the others. [4]

    The control that these banking families exert over the global economy cannot be overstated and is quite intentionally shrouded in secrecy. Their corporate media arm is quick to discredit any information exposing this private central banking cartel as “conspiracy theory”. Yet the facts remain.

    The House of Morgan

    The Federal Reserve Bank was born in 1913, the same year US banking scion J. Pierpont Morgan died and the Rockefeller Foundation was formed. The House of Morgan presided over American finance from the corner of Wall Street and Broad, acting as quasi-US central bank since 1838, when George Peabody founded it in London.

    Peabody was a business associate of the Rothschilds. In 1952 Fed researcher Eustace Mullins put forth the supposition that the Morgans were nothing more than Rothschild agents. Mullins wrote that the Rothschilds, “…preferred to operate anonymously in the US behind the facade of J.P. Morgan & Company”. [5]

    Author Gabriel Kolko stated, “Morgan’s activities in 1895-1896 in selling US gold bonds in Europe were based on an alliance with the House of Rothschild.” [6]

    The Morgan financial octopus wrapped its tentacles quickly around the globe. Morgan Grenfell operated in London. Morgan et Ce ruled Paris. The Rothschild’s Lambert cousins set up Drexel & Company in Philadelphia.

    The House of Morgan catered to the Astors, DuPonts, Guggenheims, Vanderbilts and Rockefellers. It financed the launch of AT&T, General Motors, General Electric and DuPont. Like the London-based Rothschild and Barings banks, Morgan became part of the power structure in many countries.

    By 1890 the House of Morgan was lending to Egypt’s central bank, financing Russian railroads, floating Brazilian provincial government bonds and funding Argentine public works projects. A recession in 1893 enhanced Morgan’s power. That year Morgan saved the US government from a bank panic, forming a syndicate to prop up government reserves with a shipment of $62 million worth of Rothschild gold. [7]

    Morgan was the driving force behind Western expansion in the US, financing and controlling West-bound railroads through voting trusts. In 1879 Cornelius Vanderbilt’s Morgan-financed New York Central Railroad gave preferential shipping rates to John D. Rockefeller’s budding Standard Oil monopoly, cementing the Rockefeller/Morgan relationship.

    The House of Morgan now fell under Rothschild and Rockefeller family control. A New York Herald headline read, “Railroad Kings Form Gigantic Trust”. J. Pierpont Morgan, who once stated, “Competition is a sin”, now opined gleefully, “Think of it. All competing railroad traffic west of St. Louis placed in the control of about thirty men.”[8]

    Morgan and Edward Harriman’s banker Kuhn Loeb held a monopoly over the railroads, while banking dynasties Lehman, Goldman Sachs and Lazard joined the Rockefellers in controlling the US industrial base. [9]

    In 1903 Banker’s Trust was set up by the Eight Families. Benjamin Strong of Banker’s Trust was the first Governor of the New York Federal Reserve Bank. The 1913 creation of the Fed fused the power of the Eight Families to the military and diplomatic might of the US government. If their overseas loans went unpaid, the oligarchs could now deploy US Marines to collect the debts. Morgan, Chase and Citibank formed an international lending syndicate.

    The House of Morgan was cozy with the British House of Windsor and the Italian House of Savoy. The Kuhn Loebs, Warburgs, Lehmans, Lazards, Israel Moses Seifs and Goldman Sachs also had close ties to European royalty. By 1895 Morgan controlled the flow of gold in and out of the US. The first American wave of mergers was in its infancy and was being promoted by the bankers. In 1897 there were sixty-nine industrial mergers. By 1899 there were twelve-hundred. In 1904 John Moody – founder of Moody’s Investor Services – said it was impossible to talk of Rockefeller and Morgan interests as separate. [10]

    Public distrust of the combine spread. Many considered them traitors working for European old money. Rockefeller’s Standard Oil, Andrew Carnegie’s US Steel and Edward Harriman’s railroads were all financed by banker Jacob Schiff at Kuhn Loeb, who worked closely with the European Rothschilds.

    Several Western states banned the bankers. Populist preacher William Jennings Bryan was thrice the Democratic nominee for President from 1896 -1908. The central theme of his anti-imperialist campaign was that America was falling into a trap of “financial servitude to British capital”. Teddy Roosevelt defeated Bryan in 1908, but was forced by this spreading populist wildfire to enact the Sherman Anti-Trust Act. He then went after the Standard Oil Trust.

    In 1912 the Pujo hearings were held, addressing concentration of power on Wall Street. That same year Mrs. Edward Harriman sold her substantial shares in New York’s Guaranty Trust Bank to J.P. Morgan, creating Morgan Guaranty Trust. Judge Louis Brandeis convinced President Woodrow Wilson to call for an end to interlocking board directorates. In 1914 the Clayton Anti-Trust Act was passed.

    Jack Morgan – J. Pierpont’s son and successor – responded by calling on Morgan clients Remington and Winchester to increase arms production. He argued that the US needed to enter WWI. Goaded by the Carnegie Foundation and other oligarchy fronts, Wilson accommodated. As Charles Tansill wrote in America Goes to War, “Even before the clash of arms, the French firm of Rothschild Freres cabled to Morgan & Company in New York suggesting the flotation of a loan of $100 million, a substantial part of which was to be left in the US to pay for French purchases of American goods.”

    The House of Morgan financed half the US war effort, while receiving commissions for lining up contractors like GE, Du Pont, US Steel, Kennecott and ASARCO. All were Morgan clients. Morgan also financed the British Boer War in South Africa and the Franco-Prussian War. The 1919 Paris Peace Conference was presided over by Morgan, which led both German and Allied reconstruction efforts. [11]

    In the 1930’s populism resurfaced in America after Goldman Sachs, Lehman Bank and others profited from the Crash of 1929. [12] House Banking Committee Chairman Louis McFadden (D-NY) said of the Great Depression, “It was no accident. It was a carefully contrived occurrence…The international bankers sought to bring about a condition of despair here so they might emerge as rulers of us all”.

    Sen. Gerald Nye (D-ND) chaired a munitions investigation in 1936. Nye concluded that the House of Morgan had plunged the US into WWI to protect loans and create a booming arms industry. Nye later produced a document titled The Next War, which cynically referred to “the old goddess of democracy trick”, through which Japan could be used to lure the US into WWII.

    In 1937 Interior Secretary Harold Ickes warned of the influence of “America’s 60 Families”. Historian Ferdinand Lundberg later penned a book of the exact same title. Supreme Court Justice William O. Douglas decried, “Morgan influence…the most pernicious one in industry and finance today.”

    Jack Morgan responded by nudging the US towards WWII. Morgan had close relations with the Iwasaki and Dan families – Japan’s two wealthiest clans – who have owned Mitsubishi and Mitsui, respectively, since the companies emerged from 17th Century shogunates. When Japan invaded Manchuria, slaughtering Chinese peasants at Nanking, Morgan downplayed the incident. Morgan also had close relations with Italian fascist Benito Mussolini, while German Nazi Dr. Hjalmer Schacht was a Morgan Bank liaison during WWII. After the war Morgan representatives met with Schacht at the Bank of International Settlements (BIS) in Basel, Switzerland. [13]

    The House of Rockefeller

    BIS is the most powerful bank in the world, a global central bank for the Eight Families who control the private central banks of almost all Western and developing nations. The first President of BIS was Rockefeller banker Gates McGarrah- an official at Chase Manhattan and the Federal Reserve. McGarrah was the grandfather of former CIA director Richard Helms. The Rockefellers- like the Morgans- had close ties to London. David Icke writes in Children of the Matrix, that the Rockefellers and Morgans were just “gofers” for the European Rothschilds. [14]

    BIS is owned by the Federal Reserve, Bank of England, Bank of Italy, Bank of Canada, Swiss National Bank, Nederlandsche Bank, Bundesbank and Bank of France.

    Historian Carroll Quigley wrote in his epic book Tragedy and Hope that BIS was part of a plan, “to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole…to be controlled in a feudalistic fashion by the central banks of the world acting in concert by secret agreements.”

    The US government had a historical distrust of BIS, lobbying unsuccessfully for its demise at the 1944 post-WWII Bretton Woods Conference. Instead the Eight Families’ power was exacerbated, with the Bretton Woods creation of the IMF and the World Bank. The US Federal Reserve only took shares in BIS in September 1994. [15]

    BIS holds at least 10% of monetary reserves for at least 80 of the world’s central banks, the IMF and other multilateral institutions. It serves as financial agent for international agreements, collects information on the global economy and serves as lender of last resort to prevent global financial collapse.

    BIS promotes an agenda of monopoly capitalist fascism. It gave a bridge loan to Hungary in the 1990’s to ensure privatization of that country’s economy. It served as conduit for Eight Families funding of Adolf Hitler- led by the Warburg’s J. Henry Schroeder and Mendelsohn Bank of Amsterdam. Many researchers assert that BIS is at the nadir of global drug money laundering. [16]

    It is no coincidence that BIS is headquartered in Switzerland, favorite hiding place for the wealth of the global aristocracy and headquarters for the P-2 Italian Freemason’s Alpina Lodge and Nazi International. Other institutions which the Eight Families control include the World Economic Forum, the International Monetary Conference and the World Trade Organization.

    Bretton Woods was a boon to the Eight Families. The IMF and World Bank were central to this “new world order”. In 1944 the first World Bank bonds were floated by Morgan Stanley and First Boston. The French Lazard family became more involved in House of Morgan interests. Lazard Freres- France’s biggest investment bank- is owned by the Lazard and David-Weill families- old Genoese banking scions represented by Michelle Davive. A recent Chairman and CEO of Citigroup was Sanford Weill.

    In 1968 Morgan Guaranty launched Euro-Clear, a Brussels-based bank clearing system for Eurodollar securities. It was the first such automated endeavor. Some took to calling Euro-Clear “The Beast”. Brussels serves as headquarters for the new European Central Bank and for NATO. In 1973 Morgan officials met secretly in Bermuda to illegally resurrect the old House of Morgan, twenty years before Glass Steagal Act was repealed. Morgan and the Rockefellers provided the financial backing for Merrill Lynch, boosting it into the Big 5 of US investment banking. Merrill is now part of Bank of America.

    John D. Rockefeller used his oil wealth to acquire Equitable Trust, which had gobbled up several large banks and corporations by the 1920’s. The Great Depression helped consolidate Rockefeller’s power. His Chase Bank merged with Kuhn Loeb’s Manhattan Bank to form Chase Manhattan, cementing a long-time family relationship. The Kuhn-Loeb’s had financed – along with Rothschilds – Rockefeller’s quest to become king of the oil patch. National City Bank of Cleveland provided John D. with the money needed to embark upon his monopolization of the US oil industry. The bank was identified in Congressional hearings as being one of three Rothschild-owned banks in the US during the 1870’s, when Rockefeller first incorporated as Standard Oil of Ohio. [17]

    One Rockefeller Standard Oil partner was Edward Harkness, whose family came to control Chemical Bank. Another was James Stillman, whose family controlled Manufacturers Hanover Trust. Both banks have merged under the JP Morgan Chase umbrella. Two of James Stillman’s daughters married two of William Rockefeller’s sons. The two families control a big chunk of Citigroup as well. [18]

    In the insurance business, the Rockefellers control Metropolitan Life, Equitable Life, Prudential and New York Life. Rockefeller banks control 25% of all assets of the 50 largest US commercial banks and 30% of all assets of the 50 largest insurance companies. [19] Insurance companies- the first in the US was launched by Freemasons through their Woodman’s of America- play a key role in the Bermuda drug money shuffle.

    Companies under Rockefeller control include Exxon Mobil, Chevron Texaco, BP Amoco, Marathon Oil, Freeport McMoran, Quaker Oats, ASARCO, United, Delta, Northwest, ITT, International Harvester, Xerox, Boeing, Westinghouse, Hewlett-Packard, Honeywell, International Paper, Pfizer, Motorola, Monsanto, Union Carbide and General Foods.

    The Rockefeller Foundation has close financial ties to both Ford and Carnegie Foundations. Other family philanthropic endeavors include Rockefeller Brothers Fund, Rockefeller Institute for Medical Research, General Education Board, Rockefeller University and the University of Chicago- which churns out a steady stream of far right economists as apologists for international capital, including Milton Friedman.

    The family owns 30 Rockefeller Plaza, where the national Christmas tree is lighted every year, and Rockefeller Center. David Rockefeller was instrumental in the construction of the World Trade Center towers. The main Rockefeller family home is a hulking complex in upstate New York known as Pocantico Hills. They also own a 32-room 5th Avenue duplex in Manhattan, a mansion in Washington, DC, Monte Sacro Ranch in Venezuela, coffee plantations in Ecuador, several farms in Brazil, an estate at Seal Harbor, Maine and resorts in the Caribbean, Hawaii and Puerto Rico. [20]

    The Dulles and Rockefeller families are cousins. Allen Dulles created the CIA, assisted the Nazis, covered up the Kennedy hit from his Warren Commission perch and struck a deal with the Muslim Brotherhood to create mind-controlled assassins. [21]

    Brother John Foster Dulles presided over the phony Goldman Sachs trusts before the 1929 stock market crash and helped his brother overthrow governments in Iran and Guatemala. Both were Skull & Bones, Council on Foreign Relations (CFR) insiders and 33rd Degree Masons. [22]

    The Rockefellers were instrumental in forming the depopulation-oriented Club of Rome at their family estate in Bellagio, Italy. Their Pocantico Hills estate gave birth to the Trilateral Commission. The family is a major funder of the eugenics movement which spawned Hitler, human cloning and the current DNA obsession in US scientific circles.

    John Rockefeller Jr. headed the Population Council until his death. [23] His namesake son is a Senator from West Virginia. Brother Winthrop Rockefeller was Lieutenant Governor of Arkansas and remains the most powerful man in that state. In an October 1975 interview with Playboy magazine, Vice-President Nelson Rockefeller- who was also Governor of New York- articulated his family’s patronizing worldview, “I am a great believer in planning- economic, social, political, military, total world planning.”

    But of all the Rockefeller brothers, it is Trilateral Commission (TC) founder and Chase Manhattan Chairman David who has spearheaded the family’s fascist agenda on a global scale. He defended the Shah of Iran, the South African apartheid regime and the Chilean Pinochet junta. He was the biggest financier of the CFR, the TC and (during the Vietnam War) the Committee for an Effective and Durable Peace in Asia- a contract bonanza for those who made their living off the conflict.

    Nixon asked him to be Secretary of Treasury, but Rockefeller declined the job, knowing his power was much greater at the helm of the Chase. Author Gary Allen writes in The Rockefeller File that in 1973, “David Rockefeller met with twenty-seven heads of state, including the rulers of Russia and Red China.”

    Following the 1975 Nugan Hand Bank/CIA coup against Australian Prime Minister Gough Whitlam, his British Crown-appointed successor Malcolm Fraser sped to the US, where he met with President Gerald Ford after conferring with David Rockefeller. [24]

  4. Today I had a basic realization, it was a “oh my God”, “I can’t believe it”

    I like to watch CNBC stock market guru’s and flip to Fox and flip to MSNBC while eating my lunch in the living room. I work from home, self employed, being foreclosed on shortly for a year now. I make a living.

    Anyways, while watching CNBC, stock guys, they were all talking about the Greek debt and defaults and what will become of it In and the EU banks, etc. In the background is live feed, I guess, of the riots. People fighting the cops, cops with armour, people with basically sticks and stones and bricks. Tear gas in the streets. People from the same Country, Greece, engaged in war, a protest. Some gruesome scenes, people really hurting each other. In the background while Maria B is talking to some fund manager or wall street dude.

    So get this, they are talking about how to make money on all this. Oh, you can short this stock, or hedge your bets by buying some calls or puts on this company involved, making short the greek bank, on and on. All the while people are engaged in a war in Greece in the background. It actually looked surreal

    Here we have a country at war, a civil war. And the money guys are just talking about “How to make Money” on the scene. Not once did Maria B or any fund manager or hedge fund guy or anybody show any CONCERN FOR THE SAFETY OF ANY HUMAN BEING.

    It’s like WOW, they just do not give a shit. It’s all about money. Pretty amazing. Not once is human life at stake mentioned, It’s just money. Which actually equals debt, that would be the consumer in debt, not these guys. Little bit of a difference there. Stay away from the banks.

    I wonder if Maria B and the Hedge Fund Guys and the Wall Street Guys and The Congress People In Washington and the Banking guys and the Federal Reserve guys were right down there, I mean right down there in the streets of Greece while the riots were occurring?

    If I had a transporter, I would put them right there.

    http://video.cnbc.com/gallery/?video=3000028019

    http://video.cnbc.com/gallery/?video=3000027933

  5. “That appears bad enough; but Goldman seems to have misled its clients as to how these CDO’s were constructed. In a classic case Goldman Sachs alchemy, they scraped the shit off their own boots, i.e., junk assets on their own books they could not otherwise find a buyers for. That is not what they had told buyers, however:”

    http://www.ritholtz.com/blog/2011/06/classic-goldman-sachs-alchemy/

  6. CONGRESS ignores source transactions and has instructed their federal administrative agencies to ignore individual transactions.

    What to do about it.

    P L E A S E (I beg of you) send your individual congressional representative and two senators copies of financial transactions as exhibits inside of your individual Petition to Redress Grievances (Complaint) for wrongs of GOVERNMENT and seek collectively all (535 members) obey their oath, duty, due diligence, protect the economy and welfare of the nation, prayerfully seek redress tort and punitive and return of the property taken unlawfully.

    Real transactions can’t be ignored can they?

    Foreign owners took control of the real estate industry and real estate of these United States.

    You were not safe yesterday, today or tomorrow. What will you do about it?

    Whimper out. Claim you don’t know who is the settlement agent or get an example of a letter and get a copy of who, what, when, where, why, to reveal how, Lehman Brothers, WFC HOLDINGS, own your Mortgage Loan Note because they did pay for it!

    Get copies of the financial transactions, checks, payoff of existing mortgages (remember Lehman Brothers Holdings Inc. could not move lawfully the ‘securities as stock as owner of the mortgage loans unless they were paid off) and that part controlled by the S3 form and S3A forms.

    The payoff of existing mortgages (endorsements without recourse) will reveal the lawyer/settlement agency/broker.

    Wire transfers, checks, financial transactions all are related to the takings by third parties possession of your property in larcenous manner.

    Anyone with a mortgage carried over into 21st century, that loan may have been placed as a paid off asset into pools the SPV’s of the banks free since 2000 to pay off the notes to own mortgage loans. Sell servicing rights and obligor’s third parties who retain control for owner of the securities ‘note paid’ and property holding the mortgage.

    Indeed Lehman Brothers is the owner of the asset — fat and happy – outside of the USA.

    Just because they use the ‘Bankruptcy’ word does not mean the entire corporation owners went belly-up! The owners are protected and own the stock securities in their name and the US Bankruptcy courts can’t get to those assets. The OWNERS never at risk!

    The owners stock protected in trust as stock outside USA!

    How many Congress representatives of the 535 were harmed by 21st Century diabolical economic disaster in less than 8 years! WOW!

    President O’Bama has Linda Green on Satisfaction of Mortgage, his title was obviously created by LPS employees of DOCX under FNF and his former title clouded. How did he sell his property? Who insured the transaction? What title agency looked the other way?

    Federal Administrative Agencies only review on the policies and procedures as vested powers by Congress to review clients’ procedures and to not look at source documents (cashier check payable to settlement agents in all 50 states and US Territories. WHY?

    I thought it was only young children who believed what they see can’t can’t hurt them.

    Can Congress be considered negligent for this defect and technicality of closing their eyes? Forgot to look at the transactions because they never saw the real transactions?

    Congress questions Goldman Sachs executives again. Are they gathering false statements in order to take them down?

    Will Congress continue to listen to the federal administrative agencies who are clients of Goldman Sachs and who don’t look at the actual transactions any consumer can look at?

    Intent of Owner of the Mortgage Loans (1) OWNER of each ‘entity’ omissions and non-disclosures (and missing from borrowers closing table) with intent by (sins of omissions) and substantive omissions of facts withheld by Agents, Brokers, Dealers, Distributors of the pipelines’ conduits’ SPV’s and affiliates for reward in collusion did benefit and did willfully take property by deceptive acts including alleged unlawful business acts.

    Is the only agency who can fix this mess the IRS?
    Can you take down Lehman for ‘owning the Mortgage Loan’ & ‘securities’ & ‘ ‘property’ and not the debt?

    Will CONGRESS allow the IRS to connect any unlawful acts (alleged unlawful business acts) be investigated for Lehman Brothers intentionally withholding disclosure from borrower at closing table. Lehman Brothers is the real owner of the mortgage loan and property but not the debt. So what unlawful act did they commit? Who instructed the ‘Members’ to not record the state and federal documents? Who is responsible for this mess?

    The source of the transactions harms the undisclosed Seller, Originator, and intended Owner of the Mortgage Loans whose name was not placed on the lien! By not placing the name of ‘owner’ on the mortgage loans until after the paid off notes were moved into the ‘S3’ and ‘S3/A’ related transactions, 5/31/2005 for 11/17/2004 (for example) that period’s ‘close date’

    What to do about this?
    Fictitious name of Issuing Entity, Registrant SPV pass through agency (only what was paid for and owned by Lehman was inside the ‘Issuing Entity’ ) all of the loans were paid for first, close date passes, then the other loans loaded into the issuing entity, certificates sold to investors who were harmed thereafter. … On and on over and over the successful model repeats in every transaction related to the S3 and S3A.

    Did Congress figure the IRS would bring up any important issues? like not getting taxes on all of the ‘Mortgage Loans’ ‘Notes’ ‘Owned by Lehman and WFC HOLDINGS, and JPM Holdings and Citi Holdings and BONY and HSBC and DB and Goldman and UBS AG and RBC and …. All who use SPV’s to pass thru currency, convert deposits into securities as stock using S3 and S3A forms?

    The Mortgage Loan Owner ‘Loophole’ does not take possession as owner until Close Date: 6 months rolling window via S3 and S3/A of SPV as Depositor of Seller who as Purchaser is owner. There is no mystery who really owns the Mortgage Loans. They just were not at the closing table. What to do about it?

    Don’t use generic term ‘straw man’ for we know who OWNER OF MORTAGE LOAN is/are/was and do nothing!

    We know from all of the consumer reports that we are not safe in life and property, we are denied due process of law using civil procedure when Plaintiff can lie and withhold evidence and force defense to file motion to dismiss on technicality and what can the judge rule over ‘hearsay’?

    EVIDENCE from Origination sits inside every Corporate Securities Treasury SASCO, WFASCO, NASCOR, who accepted the ‘deposits’ and are SPV’s of Lehman, JPM, WFC, BOA, CITI…

    EVIDENCE sits inside of every file folder of every settlement agency in the state the property located. And Title Corporation files (Temporary Lender) of the ‘Mortgage Loans’ purchased by the SEC MEMBER ‘Lehman Brothers Holdings Inc. or WFC HOLDINGS CORP for example.

    EVIDENCE sits inside of every borrower’s folder in every settlement agency.

    EVIDENCE sits inside of every Title Corporation who closed with LENDER during Origination.

    SELLER of ‘Mortgage Loans’ on ‘Closing date’ become ‘Owner of Mortgage Loan’ LOOPHOLE (those transactions related to S/3 created prior to consumer loan’ don’t take inside the ‘TRUST FUND’ the securities as owner of the Mortgage Loans and reason there is that delay of and conversion of collecting payments of servicer or purported delay. We are finding out the retail loans were never moved into the loan trusts and yet the OWNER of the Mortgage Loans is Lehman Brothers who paid for the ‘note’ and at the end of the day are the owners.

    Originations with FHMA, Fannie, Freddie, FDIC, OCC, OTS, FTC, FRB, FCC, HUD, … they did not protect consumer as individual. Transactions for benefit of US Government – Congress’s US TREASURY and now real estate owned by foreign owners. GREAT JOB!

    You know in the files of what once were the ‘good names’ of borrowers treated one day as Alt-A loans for the benefit at RETAIL of the ‘Lender’ and ‘Mortgage Loan Owner’ Lehman Brothers Holdings Inc., Bear Stearns Corp, WFC HOLDINGS, JPM Holdings, ….

    Who can we trust in ‘CONGRESS” of the 535 members? Is there one patriot? I don’t see one running for President do you? Each Congress since 2000, done much about anything to protect welfare of nation and concentrate on airing dirty laundry matters over sex, while it appears each benefit financially yesterday, today and tomorrow as a ‘superior consumer’ able to benefit from insider trading and all acts causing harms to consumers as individual residents harmed by acts committed outside the law.

    All 535 representatives whether on or off committee since 1996 are a disgrace; neglected their duties and oath, do not act with due diligence to protect the economy, welfare of the nation, third element of our national security, and placed the nation in harm’s way and every consumer as individual yesterday, today and tomorrow unsafe in life and property, denied due process of law subject to unlawful seizures.

    All Consumers harmed 3/13/2000 forward when WFC & JPM & BOA, CITI, INDYMAC operating characteristics of financial holding companies blessed and approved by CONGRESS who created powers of OCC did with intent allow counterfeit mortgages to be placed and sold in the public domain as a commodity for the benefit of undisclosed third party not at the closing table! MERS was allowed. DTC was allowed. Electronic recordings of transactions. FCC allowed the wire transfers and cashier checks during origination to remain undisclosed from any complaints including mine.

    FTC allowed deceptive advertising to harm consumers while sanctioning entities. What good are sanctions as punishment when sanctions are more profitable for ‘business entity’ and no individual in danger of going to jail.

    OH Sarbanes Oxley what a joke! THE CEO and CFO do not sign the 10K’s of the SPV’s and cash moved through SPV’s every 90 days not recorded in entities name that the CEO & CFO of the holding companies do sign 10K where federal gross taxable income transactions are recorded and don’t include ‘short term 90 day or less transactions moved thru 1031 Exchanges, or ‘custodian deposits 90 days and under or …

    Congress 535 members benefit no matter what?
    Privileged given safe harbor from insider trading beneficiary for they make the deals that harmed the economy. What a Conundrum.
    .
    [PDF] The ABACUS 2007 AC-1 Deal Structure and Investment Incentives

    I’m sitting at home looking at source documents and agreements placed inside of Abacus 2007 AC-1 – entire ‘M9’ of 88 ‘trust funds?’ SASC 2006-WF3 a TRUST FUND that contains 88 Loan Trusts, how many of the ABACUS deals inside of ABACUS 2007 AC-1 alike? Many.

    One consumer mortgage loan purchased by a LENDER (SPV) of Lehman Brothers ‘currency’ converted into securities as stocks, in S 3 Form and S3/A Form allowed Lehman Brothers to be the ‘Mortgage Loan Owner’ and was not at the closing table, and subject to disclosure laws in the state, and …

    That same ‘mortgage loan’ may be part of the Loan Trust listed inside the 10K of the SASCO 2006-WF3 ‘Trust Fund’ which contains 88 Loan Trusts whose ‘M9’ (transactions) disappear. Did LaSalle Bank lawfully sell the ‘Mortgage Loans Owned by Lehman’ to Goldman thru LaSalle Bank NA?

    ABACUS 2007-AC-1 Deal Structure and Investment Incentives ….. SASC 2006- WF3 M9. Subprime. 22222222. 86361EAP6 …
    Above is a ‘Trust Fund’ 10K report blessed by our favorite trustee ‘Wells Fargo Bank NA’ who moves all monies for investors to the left, 25,836 transactions recorded over SEC alone using ‘filing agent’ who is non-existent as a legal entity.

    I remember hearing Congress ask Goldman way back why they did not include Wells Fargo ‘Timber’ Oh but they did! Why did Congress not look at the transactions? They will say their federal agencies did! OH THEY DID NOT! Take a looksee at real transactions! They consider process, statements, reports of federal administrative agencies, incestuous committees who benefitted, and are exempt from poor performance and negligence!

    Otherwise the OCC would have known a long, long time ago, that LPS a div of DOCX of FNF (merger of Certegy) was falsifying and rubber stamping documents for benefit of Mortgage Loan Owner and Securities Owner both one and the same.

    Why would a dumb consumer, borrower, resident, citizen like me consider how my refinance recommended by a national bank want to reveal how one transaction multiplied by how many millions of mortgages harmed my nation through loopholes that place us all in harm’s way, unsafe in life and property yesterday, today, and tomorrow? How could a consumer help as a patriot one transaction at a time.

    Structured Asset Securities Corp Loan Trust 2006-WF3 ‘M9’ and the other 88 Loan Trusts ‘M9’s’ disappeared into ABACUS deal via LaSalle Bank ? For SASC 2006-WF3 (Trust Fund) is one of 88 listing ‘M9’….got to do with 2007 -AC1?

    NRS 205.950 Unlawful receipt of fee, salary, deposit or money to obtain loan for another; penalties.

    1. It is unlawful for a person to receive an advance fee, salary, deposit or money to obtain a loan for another unless the person places the advance fee, salary, deposit or money in escrow pending completion of the loan or a commitment for the loan.

    2. Advance payments to cover reasonably estimated costs paid to third persons are excluded from the provisions of subsection 1 if the person making them first signs a written agreement which specifies the estimated costs by item and the estimated aggregate cost, and which recites that money advanced for costs will not be refunded. If an itemized service is not performed and the estimated cost thereof is not refunded, the recipient of the advance payment is subject to the penalties provided in subsection 3.

    3. A person who violates the provisions of this section:

    (a) Is guilty of a misdemeanor if the amount is less than $250;

    (b) Is guilty of a gross misdemeanor if the amount is $250 or more but less than $1,000; or

    (c) Is guilty of a category D felony if the amount is $1,000 or more and shall be punished as provided in NRS 193.130.

    (Added to NRS by 1977, 618; A 1979, 1396; 1989, 1439; 1991, 179; 1995, 1236; 1997, 519)

    NRS 205.960 Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty.

    1. It is unlawful for a person to enter into an agreement to act as a qualified intermediary, as defined in 26 C.F.R. § 1.1031(k)-1(g)(4), for a client whose relinquished property is located in this State unless:

    (a) The proceeds from the disposition of the relinquished property are deposited into a qualified escrow account or qualified trust as defined in 26 C.F.R. § 1.1031(k)-1(g)(3).

    (b) The money is held in such a manner that it may not be withdrawn from the qualified escrow account or qualified trust without the written approval of the intermediary and the client.

    2. A person who violates the provisions of this section is guilty of a category D felony and shall be punished as provided in NRS 193.130.

    3. In addition to any other penalty imposed, the court shall order a person who violates subsection 1 to pay a civil penalty of not less than $10,000. The money so collected:

    (a) Must not be deducted from any penal fine imposed by the court;

    (b) Must be stated separately on the court’s docket; and

    (c) Must be remitted forthwith to the Commissioner of Financial Institutions.

    (Added to NRS by 1993, 2021; A 1995, 668, 1236; 2007, 3120)

    NRS 205.965 Unlawful possession, making, altering, forgery or counterfeiting of sales receipt or inventory pricing label; penalties.

    1. A person shall not, with the intent to cheat or defraud a retailer, possess, make, alter, forge or counterfeit any sales receipt or inventory pricing label.

    2. Unless a greater penalty is imposed by a specific statute and except as otherwise provided in subsection 3, a person who violates any provision of subsection 1 is guilty of a category E felony and shall be punished as provided in NRS 193.130.

    3. Unless a greater penalty is imposed by a specific statute, a person who violates any provision of subsection 1 and who possesses 15 or more fraudulent sales receipts or inventory pricing labels is guilty of a category D felony and shall be punished as provided in NRS 193.130.

    4. As used in this section, “inventory pricing label” includes, without limitation, any written or electronic record or label used by a retailer to identify, inventory or price any product or item it offers for sale.

    (Added to NRS by 2001, 833)

  7. Hello ya’all. If you are having problems with your mortgage this following addy will give you some possible REAL help. Worth a shot and luck. At least it lets the banks no they are now in OUR, the peoples crosshairs. And I say THAT is something to be concerned about. http://action.seiu.org/page/speakout/wheresthenote

  8. Did you catch the new FBI search rules announced this week?

    The New Powers the FBI Just Granted Itself

    Adam Martin – Mon Jun 13, 10:15 am ET
    The Federal Bureau of Investigations has rewritten its own operations manual, giving its agents more autonomy than ever to conduct low-level searches without a paper trail. As The New York Times reported today, there’s no court decision or change in privacy laws governing the bureau’s search techniques. Rather, the 2011 update to the 2008 Domestic Investigations and Operations Guide changes the bureau’s own guidelines. But some of the new powers trouble privacy activists even though they’re perfectly legal. Here’s what FBI agents will be allowed to do under the new guidelines:
    RELATED: Two Arrested in New York Terror Plot
    Undocumented database searches: Right now, agents can search commercial and law enforcement databases for any individual or organization they want, even without real evidence of wrongdoing, but they must officially open a so-called assessment inquiry. “Under the new rules, agents will be allowed to search such databases without making a record about their decision,” The Times reports. ACLU lawyer and former FBI agent Michael German said that would make it “harder to detect and deter inappropriate use of databases for personal purposes,” but Valerie Caproni, the FBI’s general counsel, “said it was too cumbersome to require agents to open formal inquiries before running quick checks.”
    RELATED: New York Terror Suspect Is a Fashion Model, ‘Good Kid,’ Says Father

    Lie-detector tests: Under the current rulebook, agents can’t administer a lie-detector test until they open a “preliminary investigation,” which requires a factual basis for suspected wrongdoing (unlike the assessment). The new rules will allow agents to use lie-detector tests not just on suspects, but on potential informants, in an investigation considered an assessment.
    RELATED: Does Speaking Zero Languages Make You the Perfect Criminal?

    Trash searches: Similar to the relaxed restriction on lie-detector tests, agents will be able to search the trash of a potential informant as part of an assessment. “Agents have asked for that power in part because they want the ability to use information found in a subject’s trash to put pressure on that person to assist the government in the investigation of others. But Ms. Caproni said information gathered that way could also be useful for other reasons, like determining whether the subject might pose a threat to agents.”
    RELATED: Firefighter Who Refused Giffords Call Says He’s ‘Misunderstood’

    Surveillance squads: The current guidelines stipulate that these highly trained squads can only be used on a target once during an assessment. The new rules would allow them to be used multiple times, but keep in place limits on the duration of physical surveillance. Caproni told The Times that overuse of the squads would be curbed because of tight resources at the Bureau.
    RELATED: How Seriously Should We Take the New ‘Most Dangerous Cities’ List?

    “Undisclosed participation” in organizations: The special rules governing agents’ and informants’ attendance of meetings and surreptitious participation in organizations on which they are gathering information haven’t been made public. But the new rules clearly state that agents or informants can freely attend five meetings of an organization before those rules apply.
    Authorizing informants at religious ceremonies: In this case, the FBI tightened its restrictions: “Currently, a special agent in charge of a field office can delegate the authority to approve sending an informant to a religious service. The new manual will require such officials to handle those decisions personally.”
    Investigating public officials: Some investigations, including those into public officials, are considered sensitive and call for additional oversight. Under the new rules, investigations into public officials, if the official is a victim or a witness rather than the target of an investigation, the additional oversight won’t be called for. “Also excluded from extra supervision will be investigations of low- and midlevel officials for activities unrelated to their position — like drug cases as opposed to corruption, for example.”
    Investigating scholars and members of the news media: Investigations into members of the press and academic scholars are also considered sensitive, and call for extra supervisions. The new rules make a distinction between bloggers as members of the press: “Prominent bloggers would count, but not people who have low-profile blogs,” but the details of that distinction are unclear. The new rules also “limit academic protections only to scholars who work for institutions based in the United States.”

  9. pam—I just read Weidners’ blog…sounds rather ominous…wonder what happened…? Sad.

  10. I suspect that it has something to do with new rules in FL governing atty advertising and websites

  11. Goldman Sachs

    Figures lie, and liars figure…

  12. Anyone know what is happening to Matt Weidner that he won’t be blogging anymore? It’s disturbing….

  13. […] Source: Livinglies’s Weblog […]

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