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SEE 74051381-Judge-Rakoff-s-Ruling-in-S-E-C-v-Citigroup-Global-Markets




EDITORIAL COMMENT: Investors lost $700 million in one deal while Citi made $160 million. The loss to investors was intentional, knowing with full appreciation of the consequences. They weren’t acting as an intermediary bank or broker, they were just acting as a common grifter. The proposed settlement was $285 million with no admission of any of the facts supporting the case and no restitution — i.e., giving back the money they stole. Now multiply that deal 25,000 times and you get the full scale of the securitization scam that is ripping apart the economies of this nation and most nations of the world. The amount exceeds the gross national product of several countries combined including our own.

There is no greater threat to our national security than the power wielded by the Banks and what they are willing to do with that power. For many Americans the damage is already done — their lives destroyed by the exact same tactics deployed against “smarter” people who manage institutional investment funds. For the rest, the next waves are coming and those who thought they were immune from the crisis or affected only slightly are in for a rude awakening. The risk rises every day of an unruly explosion of anger unemployed and underemployed population that can’t afford to put a roof over their heads, eat decent food, and get proper medical care.

The answer from the SEC is that the Banks are too big to fight against. The Banks have greater resources. We have a trillion dollar military budget allegedly for national security but we have no money to assure domestic security and tranquility? The answer from the federal reserve is non-interest loans of $7 trillion to the same crooks that started the whole mess and stole the money, property and futures of every American and future generations. The answer from the U.S. Treasury has been direct infusion of money into the same institutions who cheated, lied, and stole money from the taxpayers, investors and homeowners.

In any ordinary case of fraud, restitution is the norm. Then come the penalties, civil and criminal. Let anyone of you do anything remotely similar to what the Banks did and you will end up in jail with most of your assets seized to make good on restitution. Look at Madoff and other cases where receivers and trustees were appointed to decide on how to divide the restitution payments and how to collect up the assets.

Changing the rules as a result of the size of the fraud is the rule of men, not the rule of law. If we are not a nation of laws then we are nothing more than a banana republic with dictators running the country. If the SEC is stating the policy of this country that it won’t enforce the laws against the Banks because they lack the resources to prosecute then the country has surrendered its sovereignty to the Banks. UBA, not USA.

Judge Rakoff is the lone voice in the wilderness of chicken-hearted Judges and lawyers who won’t go for the jugular to save their own country from banksters who have siphoned off the life-blood of the country and are now using our weakened condition against us. Look to history. This can only end up one way — a general strike or uprising of people who force change when they can’t eat anymore and can’t find a place to live. This isn’t a revisit to the Great Depression, it is a coup engineered by the Banks who have taken control of the country, its policies, and its direction.

President Obama needs to come out of his ivory tower and engage the Banks in a fight to the death, with or without the direct help of congress. There are enough laws, rules and regulations to enforce that will take care of the situation. The people know it, understand it and want it. If Obama won’t give the people what they want then he can kiss his second term good-bye.


“According to the S.E.C.’s Complaint, after Citigroup realized in early 2007 that the market for mortgage backed securities was beginning to weaken,    tigroup created a billion-dollar Fund (known as “Class v Funding IIIU) that allowed it to dump some dubious assets on misinformed investors. This was accomplished by Citigroup’s misrepresenting that the Fund’s assets were attractive investments rigorously selected by an independent investment adviser, whereas in fact    tigroup had arranged to include in the portfolio a substantial percentage of negative    projected assets and had then taken a short position in those very assets it had helped select….

“…Citigroup knew in advance that it would be difficult to sell the Fund if Citigroup disclosed its intention to use it as a vehicle to unload
hand-picked set of negatively projected assets, see Stoker Complaint…

“…this would appear to be tantamount to an allegation of knowing and fraudulent intent (“scienter,” in the lingo of securities law)…

“Finally, in any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth. In much of the world, propaganda reigns, and truth is confined to secretive, fearful whispers. Even in our nation, apologists for suppressing or obscuring the truth may always be found. But the S.E.C., of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if    fails to do so, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency’s contrivances.”

Editor’s Note: One more thing (although there are many others that could be added here): Why is it so hard for America to accept that the investors were defrauded in the same scheme that sold bogus financial products to homeowners who are now evicted out of their homes. Why are we picking up one end of the stick and not the other. Why are we blaming the victims on one end of the stick and blaming the banks on the other? Where is the case for fraud in the execution, fraud in the inducement, damages and restitution for homeowners?

It is a fair bet that virtually 100% of those who signed mortgage papers had no inkling that they were issuers of paper that would be used as securities, valued as securities and treated as securities and that therefore they would be liable not only as Payors under the so-called notes, but as issuers in a fraudulent securities issuance scheme about which they had neither knowledge nor even access to knowledge.

If you track the 51 cases so far in which the SEC found this type of fraud, you see the same pattern over and over again. By what standard of conduct that will guide us in the future as to our behavior, will we be able to look into the face of homeowners who were tricked into signing papers in loan derivatives that burgeoned from a selection of 4-5 in 1974 to 450 possible loan products in 2003? How can we justify blaming them and expect anything other than chaos in the marketplace as a result?

In a world where victims are “deadbeats” (if they are individuals) and thieves are the center piece in the halls of power, there are no standards that we can depend upon — just the expectation that some small group of people might tell us that what we had we don’t have anymore because they said so. Nothing could undermine confidence in the commercial markets than that — and yet the media, the government and big business and Banks are pursuing exactly that policy with an obvious end result undermining the very structure of our government, our society and our morality. Money has now made its own morality and is the alter at which we now worship above all else. Do we submit?

23 Responses

  1. Maher, the prima Fascie is the note carrying an “endorsement in blank” added 2 years after the foreclosure was filed. nothing left BUT the house. Taking the house perpetuates the myth that IF YOU DON’T PAY, WE TAKE YOUR HOUSE!

    That MYTH has outlived it’s useful life.

    Thanks dude!

  2. Used Kar Dude –

    Fgn Natl Bank – Deutsche check at closing (Counter Party Transaction )

    Securties Admin- Wells note and mortgage (To cut off date – so? )

    Fgn Natl BankHSBC forecloses (Do not F/C I have prima fascia here )

    Non Bank – Credit Default Swap (Bear Stearns counterparty) at Maiden Lane 1

    [ Loan account on Wells books as an asset (even though it’s really a liability) People ….pay attention to what he said here -True and for claims – POWERFUL ]


    Roger – your challenging me ….I like it .

    I’m heading up the street- Mass shky choppers everywhere….City gave the civil rights attorneys the heads up for “go” . . .law enforcement movin in I write ; whats ahead for tonight…bad beating’s.

    re: Protestors LA . Its like a war zone over here – Some serious beatings about to take place…word is LAPD given the green light to go STRONG


  3. TMT, on November 29, 2011 at 8:43 pm said:
    USA stands for United Securitization of America….

    Whoever you are –

    I have yet to see or witness such a profound and absolute dead on statement – Your on it here …Your sitting on the answer to these foreclosure defenses – more than you will ever know….More than you will ever know. . . Dead on !


  4. […] SEE 74051381-Judge-Rakoff-s-Ruling-in-S-E-C-v-Citigroup-Global-Markets […]

  5. Check my earlier comments about No Banks Involved.

    This was not to discount the role of the Counterparties and Counter Party Bank . It was in regrds to the domestic banks and not foregn national banks. The FN Banks are particpants in counter party “swaps” with and / for securties holders and the security holder as well as the coupon holder .

    The securties holders and the security / coupon holder are Directors and related Bank entities using the subject defedant banks as a repository for deposits.


  6. Right on Neil. No we do not submit. We take them to task for the ruination. As you say there are enough laws on the books we just need the SEC, FBI and anyone of the officers of the law to step up and take them to task also.

  7. Note the date that Bill Black spoke… And nothing changed.
    Part 4 is the most interesting to listen.

    To rob a country, own a bank

  8. Maher:
    Deutsche check at closing
    Wells note and mortgage
    HSBC forecloses
    Credit Default Swap (Bear Stearns counterparty) at Maiden Lane 1
    Loan account on Wells books as an asset (even though it’s really a liability)

    CDS proves QSPE is GONE
    CDS proves loan paid off
    all that can remain is…..WHAT????
    The HOUSE (which is mine) and LIABILITY OF THE SPONSOR (Wells)
    The asset was used TO BORROW THE MONEY (multiple times)
    Government is foreclosing on me………
    The banks are out of the picture…….

    Is that the story being told here?
    Do I have it now? You said:
    “The argument is for a release of the lien by forfeiture and perhaps a stipulated right of claim for up to three years. The stipulation is for any and all parties of interest to bring a claim upon meeting the courts stringent criteria for demonstrating the rights held by the real holder in due course. But no worries here . . . .
    There is no alleged lender as alleged.

    giant sucking sound???????

  9. USA stands for United Securitization of America….

    Everything is securitized to become gamble and gets covered by the sinister government (politicians receiving contributions from lobbyists, regulators from the private entities, bureaucrats selected by the special interests group behind)… Corrupted Collaption

  10. Well correct — “If you think the banks are part of this your wrong.”

    But, certain banks were part of at the origination of a false mortgage/loan. Why? original debt buyer.

    Neil still not getting that security investors are not — and never were — the creditor.

    Securities for CURRENT cash pass-through only. That is what securities are.

    Derivative holders??? Not security pass-through investors.

    But, of course, never a valid security to begin with — thus, not a valid derivative (contract) either. .

  11. maybe this one—–

  12. Great Song Soliman———–

    Here it is————-crank the tunes

  13. Nora said: Kennedy signed a bill into law that would return a single power to print and coin money to congress, eliminating the Federal Reserve’s ability to control both the money supply and inflation. He paid for his bravery with his life

    I try to stay away from this stuff…and admire your thinking.

    Look at the links suggesting the JFK abolishment speech addressing “Secret Organizations” and timing of his death. It’s bizarre how HSBC Bank keeps getting thrown into the mess. In the movie Too Big to Fail…where did the producer get his information? The scene where the Korean Gov. says they want their money and the Bernknanke character says back – “Take the homes”.
    Why is a producer going after something that seems so trivial and yet makes a huge statement he is not likely aware of…

    I was in court with a poor, very poor woman . She did her best to bring a case for surviving another da in home. What I did was show up soley for support and asked her to recite somthing while she continued to try and find an attorney.

    The Judge was blowing out people right and left and it was getting ugly. When she got up to address the court the judge was moved with what she submitted.

    Duetsche Banks attoney was not Duetsche Bank at all. (If you think the banks are part of this your wrong) .

    The Judge embraced this petitoner and listened while DB attorneys ranted and raved objection objection….

    Judge said…thats it- I have had enough today!

    He turns off the mic and of course no one is listenening – But I was .
    He siad – you have stolen enough homes to day …

    Attorney – But your honor …

    Judge – Shut up!

    Judge – You have no note, no collateral …you have nothing to show for your argument …your not going to take any more today…leave my court …

    Attorney – Your honor your telling me to leave, but I object to ….

    Judge – Shut up …leave now…

    She kept her home another day …..

    – There’s something happening here
    What it is ain’t exactly clear
    There’s a man with a “badge” over there
    Telling me I got to beware

    There’s battle lines being drawn
    Nobody’s right if everybody’s wrong
    Young people speaking their minds
    Getting so much resistance from behind

    I think it’s time we stop, hey, what’s that sound
    Everybody look what’s going down
    Buffalo Springfield


  14. There are no Banks involved here. Understand. Please get the information right . There are NO Banks involved. Do an open source web scan and see the bank lawsuits claiming they never wanted this.

    How many more lawsuits are going to be filed with attorneys who already know. Herein is a constitutional question of eminant domain without the benefit of a right to be heard.

    Has the bar been tipped by the state department. The Courts ?

    Have faith in your government …but please. There are no banks to be held liable …

    For those who have tried to block my messages for years and alleged Im a fraud – your day in court is coming . You are the ones that need to ask for what purpose have you worked to obstruct the message that is coming . Problem is by then its too late for those who fell for your trash talk to save the home the title holder moved out of…

    I was there and I know what I am talking about . … securtization of a mortgage is a risk to the “Sponsor” that assumes a homeower benefits from discovery that the mortgage they own was lost to divestment of asset .

    Now comes the next round of underground economy seeking to profit from the trajedy …it never ends….Boot camps , Modification Abbyfication , Vicotomy nuerosis and kinky audits by web designers…WTF (Where art Thou Fed)

    To all my clients that have stuck with me – God Bless


  15. Yup, exactly so. Obama can kiss his second term goodbye either way. The two political parties are one in the same, controlled with hidden strings by the members of the elite ruling party. Voters haven’t elected a president since John F. Kennedy, who was assasinated after he stood up to the likes of the Rockefellers, Warburgs, and the de Rothchilds, and refused to do their bidding. Kennedy signed a bill into law that would return a single power to print and coin money to congress, eliminating the Federal Reserve’s ability to control both the money supply and inflation. He paid for his bravery with his life.This illustrates how depraved and evil those with their hidden agendas are. We must take drastic action against them, and take out the owners of the federal reserve banking cartel. They should be treated like the mafia they are, try-convict-sentence-lock them up. WE will be peeking out from razor-wire topped concentration camps and wishing we had, if we don’t take these people out of power. We need to elect Ron Paul and protect him, implement his plan to end the federal reserve and remove key government agencies that enable the ogliarchs to wreak havoc on this and other civilized nations. Cutting off the money through multiple revolts and boycots of their corporate whoring is the first step. Don’t use banks, don’t buy from Walmart, ExxonMobile, or GE. STOP SUPPORTING FINANCIAL TERRORISM. STOP VOTING FOR THEIR PUPPETS. VOTE CONSTITUTIONAL SUPREMACY.

  16. check out the article at Town Hall dot com, finance, with an interview of Patrick Pulatie regarding the PPIP deals being scarffed up by Soros, Paulson, and Dell (Dell computers). The people that went out of their way and berated Patrick as though he was some kind of criminal were very wrong, as all he ever did was talk “facts”. He is a very astute individual. And he no longer works with “homeowners” because of the nonsensical positions they take. That being said, I, too, and being robbed at the courthouse. My last stand is in BK court in a couple weeks. Wish me luck.

  17. foreclosuresurvivor,
    That’s because smart people don’t send stupid messages and the media likes to keep us dumb.

  18. I thank you so much for the information on these demonic banks. I’ve been trying to get a modification from Chase Bank. They are so evil with the tricks and lies they play on me. It’s sad in california, that we don’t have an advocate that will go at the bank’s throat. HOPE-HOTLINE is a joke. I believe they are secretly bribed by the banks. I believe that investigation story will come out soon to the public. The only way to get the banks to stop, is to hire a fearless attorney. I ran out of money dealing with chase. I can’t afford an attorney. I know that chase sold my loan and don’t have any legal paperwork on the investor. however, they refuse to work with me and still trying to foreclose on me. The banks are not interest in saving your home. Don’t believe them!!! The investment is to foreclose and make more profits. They made huge profits from the bail out money and huge profits on foreclosure. Win-Win situation!!! It’s totally an inside job. If you ask me where do demon’s worship? It’s not at the church of satan-it’s at the banks and wall street. That’s the real church of satan. There’s no real help in Los Angeles to help people against the evil banks. I’m forced to fight this on my own. I totally understand the Occupy Wall Street 99% protest.

  19. It’s so interesting that someone like Neil is not on CNN. Bogus Balloon Boy but not Neil.

  20. This is spot on especially about the people who are now going through what all of us have already had happen.You have to walk the walk and talk the talk.I would never wish this on anyone but you have to go through it before you can understand it.All of these people that are getting ready to go through this will now see that we are not crazy or this only happens to deadbeats.


  22. Hell no we don’t submit! We keep fighting! NEVER AGAIN!

  23. Right on, Neil.

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