Sheila Bair Paints Picture of President concerned with borrowers vs Team Concerned with Banks

Editor’s Note: Sheila Bair might have been thrown under the bus but she is still alive. Get her book if you really want to know about Obama and his team — it was a war in the White House. When Obama gets a second term I think we are going to see a large shakeout of old economic advisers who care about banks and new economic advisers who care about the country the people who live in it.

Sheila Bair Bashes Obama’s Economic Team — Here’s What She Has To Say About The President
http://www.businessinsider.com/sheila-bair-on-barack-obama-2012-9

Minnesota AG Backs NY AG: No Amnesty For Banks

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POLITICIANS SMELL BLOOD: RUN AGAINST THE BANKS

“Every single American has paid a very heavy price for the behavior of the financial industry. Ordinary people have lost homes, jobs, income, and financial security because of the actions of this industry,” Swanson said in a statement emailed to The Huffington Post by a spokesman. “I welcome and embrace all efforts to investigate the banks and their executives and to hold them accountable for unlawful activity.”

Minnesota Attorney General Backs New York’s Eric Schneiderman In National Foreclosure Settlement Talks

Minnesota Lori Swanson

First Posted: 9/13/11 12:24 PM ET Updated: 9/13/11 01:40 PM

NEW YORK — As government officials work to settle claims that the nation’s biggest banks illegally foreclosed on American homeowners, Minnesota Attorney General Lori Swanson has joined a group of law enforcers pushing for a narrow deal that would leave banks exposed to potential legal action in the future.

In a letter obtained by The Huffington Post, Swanson said any settlement with the group of banks over mortgage practices should exclude a release from claims over the creation of mortgage-linked securities. Swanson’s support for a narrow settlement unites her with New York Attorney General Eric Schneiderman and attorneys general from three other states, who have said the banks’ alleged wrongdoing hasn’t been investigated thoroughly enough to merit a broader release from legal liability.

“[T]he banks should not be released from liability for conduct that has not been investigated and is not appropriately remedied in any settlement,” she said in a Friday letter addressed to Schneiderman, Iowa Attorney General Tom Miller and Associate United States Attorney General Thomas Perrelli. “For example, a settlement that focuses on mortgage servicing standards should not release the banks or their officers from liability for securities claims or conduct arising out of the securitization of mortgages.”

“[A]ny settlement between government regulators and the mortgage industry should have ‘teeth’ — holding the banks accountable for their wrongful conduct, enjoining future unlawful activity, and helping injured homeowners,” she continued.

The federal government, along with attorneys general from all 50 states, launched an investigation into big banks’ mortgage and foreclosure practices after it emerged last fall that mortgage companies employed so-called “robo-signers,” who signed thousands of foreclosure documents without reading them. Banks temporarily halted foreclosures last October, saying they would review documents for errors.

Settlement talks, which began in the spring, seemed to be moving toward a conclusion during the summer months, even though government officials had initiated only a limited investigation into the banks’ alleged wrongdoing, The Huffington Post reported in July. Elizabeth Warren, a staunch consumer advocate and recently a senior Obama Administration adviser, told a congressional panel that claims of illegal foreclosures may not have been fully investigated.

The banks, which include Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial, have pushed for a speedy resolution, as uncertainty over a legal penalty that could reach $20 billion has contributed to persistent slumps in their stock. “When we get that call we’ll be on an airplane, we’ll be down there, we’ll be signing up,” JPMorgan chief executive Jamie Dimon said during a conference call in July.

Schneiderman, who has firmly supported a narrow deal, was last month kicked off the committee leading the 50-state talks at the behest of Iowa’s Miller, who is leading the state group, The Huffington Post reported. That news broke a day after the New York Times editorial board voiced support for New York’s attorney general, saying Schneiderman “should stand his ground in not supporting the deal.”

The skirmish among government officials highlights divisions that have emerged, as federal officials and some state attorneys general advocate for a quick resolution, while others are urging the parties not to settle unless there has been a more thorough investigation. Some attorneys general, including Schneiderman, are also pursuing their own investigations.

Law enforcers recently proposed a deal that would effectively release banks from legal liability for securitization practices, the Financial Times reported earlier this month. The banks, which want the broadest possible immunity, called the latest proposal a “non-starter,” according to the FT.

In addition to Swanson and Schneiderman, the attorneys general from Delaware, Massachusetts and Nevada have also raised concerns about a broad release of legal liability for the banks.

“We have received Attorney General Swanson’s letter and agree that any agreement must not prevent attorneys general investigating the mortgage crisis from following the facts wherever they lead,” Danny Kanner, spokesman for the New York attorney general, said in an emailed statement.

“Every single American has paid a very heavy price for the behavior of the financial industry. Ordinary people have lost homes, jobs, income, and financial security because of the actions of this industry,” Swanson said in a statement emailed to The Huffington Post by a spokesman. “I welcome and embrace all efforts to investigate the banks and their executives and to hold them accountable for unlawful activity.”

America Is Not Broke

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“For us to admit that we have let a small group of men abscond with and hoard the bulk of the wealth that runs our economy, would mean that we’d have to accept the humiliating acknowledgment that we have indeed surrendered our precious Democracy to the moneyed elite. Wall Street, the banks and the Fortune 500 now run this Republic — and, until this past month, the rest of us have felt completely helpless, unable to find a way to do anything about it.” — Michael Moore

“400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer “bailout” of 2008, now have more loot, stock and property than the assets of 155 million Americans combined. If you can’t bring yourself to call that a financial coup d’état, then you are simply not being honest about what you know in your heart to be true.” — Michael Moore

EDITORIAL ANALYSIS: Michael Moore GETS IT! He understands that what happened was political, not economic. It was theft and a grab for power that worked. And he understands that “we the people” in the preamble of our great  Constitution of the United States of America together with the 9th Amendment to that great instrument of human rights, that we THE PEOPLE have the right to take back both the power and the money.

AND that is because, as Thomas Jefferson said, that when in the course of human events” it becomes necessary for the people to act to break the bonds of governance and reinstate the rule of law, we have the right to do it. And in this great country we have every right and obligation to do it without changing our form of government or even resorting to violent revolution. We need only the will to take the streets because we mean it and to start voting and acting like we are in charge, to give up fear as our prime motivator and replace it with hope.

Just because Wall Street has TAKEN the money and the power doesn’t mean we are required to let them keep it. The framers of our government meant for us to correct imbalances of power, high crimes, misdemeanors and other criminal acts and to enable people to get fresh starts and to deprive freedom to those who commit sins against our humanity and our society, committing them to imprisonment, fine and forfeiture —- just like any little guy.

Michael Moore
Oscar and Emmy-winning director

 

America Is Not Broke

Speech delivered at Wisconsin Capitol in Madison, March 5, 2011
America is not broke.

Contrary to what those in power would like you to believe so that you’ll give up your pension, cut your wages, and settle for the life your great-grandparents had, America is not broke. Not by a long shot. The country is awash in wealth and cash. It’s just that it’s not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.

Today just 400 Americans have more wealth than half of all Americans combined.

Let me say that again. 400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer “bailout” of 2008, now have more loot, stock and property than the assets of 155 million Americans combined. If you can’t bring yourself to call that a financial coup d’état, then you are simply not being honest about what you know in your heart to be true.

And I can see why. For us to admit that we have let a small group of men abscond with and hoard the bulk of the wealth that runs our economy, would mean that we’d have to accept the humiliating acknowledgment that we have indeed surrendered our precious Democracy to the moneyed elite. Wall Street, the banks and the Fortune 500 now run this Republic — and, until this past month, the rest of us have felt completely helpless, unable to find a way to do anything about it.

I have nothing more than a high school degree. But back when I was in school, every student had to take one semester of economics in order to graduate. And here’s what I learned: Money doesn’t grow on trees. It grows when we make things. It grows when we have good jobs with good wages that we use to buy the things we need and thus create more jobs. It grows when we provide an outstanding educational system that then grows a new generation of inventers, entrepreneurs, artists, scientists and thinkers who come up with the next great idea for the planet. And that new idea creates new jobs and that creates revenue for the state. But if those who have the most money don’t pay their fair share of taxes, the state can’t function. The schools can’t produce the best and the brightest who will go on to create those jobs. If the wealthy get to keep most of their money, we have seen what they will do with it: recklessly gamble it on crazy Wall Street schemes and crash our economy. The crash they created cost us millions of jobs.  That too caused a reduction in revenue. And the population ended up suffering because they reduced their taxes, reduced our jobs and took wealth out of the system, removing it from circulation.

The nation is not broke, my friends. Wisconsin is not broke. It’s part of the Big Lie. It’s one of the three biggest lies of the decade: America/Wisconsin is broke, Iraq has WMD, the Packers can’t win the Super Bowl without Brett Favre.

The truth is, there’s lots of money to go around. LOTS. It’s just that those in charge have diverted that wealth into a deep well that sits on their well-guarded estates. They know they have committed crimes to make this happen and they know that someday you may want to see some of that money that used to be yours. So they have bought and paid for hundreds of politicians across the country to do their bidding for them. But just in case that doesn’t work, they’ve got their gated communities, and the luxury jet is always fully fueled, the engines running, waiting for that day they hope never comes. To help prevent that day when the people demand their country back, the wealthy have done two very smart things:

1. They control the message. By owning most of the media they have expertly convinced many Americans of few means to buy their version of the American Dream and to vote for their politicians. Their version of the Dream says that you, too, might be rich some day ˆ this is America, where anything can happen if you just apply yourself! They have conveniently provided you with believable examples to show you how a poor boy can become a rich man, how the child of a single mother in Hawaii can become president, how a guy with a high school education can become a successful filmmaker. They will play these stories for you over and over again all day long so that the last thing you will want to do is upset the apple cart — because you — yes, you, too! — might be rich/president/an Oscar-winner some day! The message is clear: keep your head down, your nose to the grindstone, don’t rock the boat and be sure to vote for the party that protects the rich man that you might be some day.

2. They have created a poison pill that they know you will never want to take. It is their version of mutually assured destruction. And when they threatened to release this weapon of mass economic annihilation in September of 2008, we blinked. As the economy and the stock market went into a tailspin, and the banks were caught conducting a worldwide Ponzi scheme, Wall Street issued this threat: Either hand over trillions of dollars from the American taxpayers or we will crash this economy straight into the ground. Fork it over or it’s Goodbye savings accounts. Goodbye pensions. Goodbye United States Treasury. Goodbye jobs and homes and future. It was friggin’ awesome and it scared the shit out of everyone. “Here! Take our money! We don’t care. We’ll even print more for you! Just take it! But, please, leave our lives alone, PLEASE!”

The executives in the board rooms and hedge funds could not contain their laughter, their glee, and within three months they were writing each other huge bonus checks and marveling at how perfectly they had played a nation full of suckers. Millions lost their jobs anyway, and millions lost their homes. But there was no revolt (see #1).

Until now. On Wisconsin! Never has a Michigander been more happy to share a big, great lake with you! You have aroused the sleeping giant know as the working people of the United States of America. Right now the earth is shaking and the ground is shifting under the feet of those who are in charge. Your message has inspired people in all 50 states and that message is: WE HAVE HAD IT! We reject anyone tells us America is broke and broken. It’s just the opposite! We are rich with talent and ideas and hard work and, yes, love. Love and compassion toward those who have, through no fault of their own, ended up as the least among us. But they still crave what we all crave: Our country back! Our democracy back! Our good name back! The United States of America. NOT the Corporate States of America. The United States of America!

So how do we get this? Well, we do it with a little bit of Egypt here, a little bit of Madison there. And let us pause for a moment and remember that it was a poor man with a fruit stand in Tunisia who gave his life so that the world might focus its attention on how a government run by billionaires for billionaires is an affront to freedom and morality and humanity.

Thank you, Wisconsin. You have made people realize this was our last best chance to grab the final thread of what was left of who we are as Americans. For three weeks you have stood in the cold, slept on the floor, skipped out of town to Illinois — whatever it took, you have done it, and one thing is for certain: Madison is only the beginning. The smug rich have overplayed their hand. They couldn’t have just been content with the money they raided from the treasury. They couldn’t be satiated by simply removing millions of jobs and shipping them overseas to exploit the poor elsewhere. No, they had to have more ˆ something more than all the riches in the world. They had to have our soul. They had to strip us of our dignity. They had to shut us up and shut us down so that we could not even sit at a table with them and bargain about simple things like classroom size or bulletproof vests for everyone on the police force or letting a pilot just get a few extra hours sleep so he or she can do their job — their $19,000 a year job. That’s how much some rookie pilots on commuter airlines make, maybe even the rookie pilots flying people here to Madison. But he’s stopped trying to get better pay. All he asks is that he doesn’t have to sleep in his car between shifts at O’Hare airport. That’s how despicably low we have sunk. The wealthy couldn’t be content with just paying this man $19,000 a year. They wanted to take away his sleep. They wanted to demean and dehumanize him. After all, he’s just another slob.

And that, my friends, is Corporate America’s fatal mistake. But trying to destroy us they have given birth to a movement — a movement that is becoming a massive, nonviolent revolt across the country. We all knew there had to be a breaking point some day, and that point is upon us. Many people in the media don’t understand this. They say they were caught off guard about Egypt, never saw it coming. Now they act surprised and flummoxed about why so many hundreds of thousands have come to Madison over the last three weeks during brutal winter weather. “Why are they all standing out there in the cold? I mean there was that election in November and that was supposed to be that!

“There’s something happening here, and you don’t know what it is, do you…?”

America ain’t broke! The only thing that’s broke is the moral compass of the rulers. And we aim to fix that compass and steer the ship ourselves from now on. Never forget, as long as that Constitution of ours still stands, it’s one person, one vote, and it’s the thing the rich hate most about America — because even though they seem to hold all the money and all the cards, they begrudgingly know this one unshakeable basic fact: There are more of us than there are of them!

Madison, do not retreat.  We are with you. We will win together.

Follow Michael Moore on Twitter: MMFlint

 

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