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Banks Are Despicable Looting Entities

by thunderbird
80 replies
  • OFF TOPIC
    • |
Whistleblower facing foreclosure wins $18 million

"She blew the whistle, claiming that the country's four largest mortgage services had defrauded the federal government by creating fake documents to replace lost or nonexistent ones in order to receive government-funded payments."
  • Profile picture of the author HeySal
    We could use a few more whistleblowers - everywhere. Not just for banks either. Problem in the US is that it's hard to find a regulatory or judiciary body that's not too corrupt to prosecute the corruption.
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  • Profile picture of the author KimW
    This should also be posted in my BOA stealing homes thread, though I think I may have already posted it there,since it is from March. I've got a folder on my computer where I am compiling all the similar articles like this I find,so either way,it will be added to it.
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  • Profile picture of the author devonm
    AGREED! "HOLE-HARTED-LY" I am in debt 40 dollars to pay back my bank. once that it is paid off, the cycle begins again.
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    • Profile picture of the author Joseph Robinson
      Banned
      Originally Posted by HeySal View Post

      We could use a few more whistleblowers - everywhere.
      My government class stated that the media would take on that role! *Flips through news stations and websites* Well f***, we screwed the pooch on that one.

      Originally Posted by devonm View Post

      AGREED! "HOLE-HARTED-LY" I am in debt 40 dollars to pay back my bank. once that it is paid off, the cycle begins again.
      Ooh, when I was 18 and out on my ass for the first time, I played that cycle for a long time. On a Burger King salary, it messes you up. It's part of the reason I turned to IM in the first place.
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  • Profile picture of the author Lori Kelly
    I'll need to watch what I say here because I don't want to be responsible for having a (another) thread closed.

    If you want to know more about the corruption, take a look at my forum beingmiddleclass.org -- I've had it for close to three years and there is enough information there to make your head spin. And you think you despite the corrupt banks now? Without a doubt you'll feel a hatred you haven't felt in some time. Not plugging my forum. I don't use it much any more. It's too depressing.

    In my opinion, the too big to fail are too big to exist.

    I was surprised when I learned of a recent survey that showed people believed that the company they sent their mortgage payment to owned their loans.

    The majority of the home loans are not owned by the banksters. BOA, Chase, and many others are merely debt collectors.

    Yes, banks are despicable looting entities.

    It's pretty bad when there is solid evidence that the banks defrauded the government, yet there are no prosecutions. No grand juries convened. Nothing. No arrests. Nothing.

    Jamie Dimon recently appeared before a senate committee hearing.

    A buddy politician didn't feel that swearing in Dimon would be necessary.

    Why?

    There would not be any future potential perjury charges (think Eric Holder).

    How convenient.

    The banks loaned money to anyone with a pulse.
    There is evidence that loan applications were altered.
    Appraisals were inflated.

    The good: housing boom.
    The bad: the banksters knew the loans would default and bet against them.
    The ugly: the banksters knew that Fannie (that would be me and you, the US taxpayer) guaranteed the loans against loss.

    So while the banks were giving out home loans as fast as possible, they also

    - bundled the loans and put them into a trust (securitization)

    - sold them to investors all over the world (knowing they were ****ty loans but telling investors they were awesome deals - rated no to low risk - BTW thanks Moody's -- your ass should be hung from the highest tree)

    - took out additional insurance (AIG) knowing the loans would fail.

    -defrauded the government by getting Fannie to guarantee the loans.


    Nice.

    Okay, I stayed away from the political aspect.
    Started out to be just a small post but as usual blah blah blah.
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  • Profile picture of the author KimW
    Lori,
    You said:
    "It's pretty bad when there is solid evidence that the banks defrauded the government, yet there are no prosecutions. No grand juries convened. Nothing. No arrests. Nothing. "

    That's because the government is in on it. Plain and simple.
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  • Profile picture of the author Lori Kelly
    That is true Kim.

    It's a shame that there have been no criminal prosecutions with the biggest scam in US history. Yet the S&L scandal resulted in thousands of arrests.

    Madoff is in jail. He deserves to be. As you probably know, there was a whistleblower who told the SEC for years what Madoff was doing but they turned a blind eye. And we know who runs the SEC.
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  • Profile picture of the author EnzoBlaque
    Originally Posted by thunderbird View Post

    Whistleblower facing foreclosure wins $18 million

    "She blew the whistle, claiming that the country's four largest mortgage services had defrauded the federal government by creating fake documents to replace lost or nonexistent ones in order to receive government-funded payments."
    This is common practice all over the world.. It's just a shame that people choose to cover it up
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  • Profile picture of the author MoneyMagnetMagnate
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    • Profile picture of the author Lori Kelly
      Originally Posted by MoneyMagnetMagnate View Post


      Nice, another layer of corruption. Matt Taibbi is awesome. He's not afraid to report the truth. He's a great writer. Love his style.

      I had no idea the banksters were messing with Libor.

      They talked about what I have often said - the housing collapse devastated this country and caused the worst crisis since the Great Depression. Yet Americans are not outraged. Why is that?

      Just like they talked about on this video - they're more concerned about Tom Cruise's divorce.
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      • Profile picture of the author Joseph Robinson
        Banned
        Originally Posted by Lori Kelly View Post

        Tom Cruise's divorce.
        If Tom and Katie can't make it, what chance does any of us have?
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        • Profile picture of the author thunderbird
          Originally Posted by Joe Robinson View Post

          If Tom and Katie can't make it, what chance does any of us have?
          I saw ominous storm clouds on the horizon the moment they got together. As for what chance the rest of us have in marriage? The average is 50% for the general population, but much lower for Hollywood actors.
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          • Profile picture of the author Joseph Robinson
            Banned
            Originally Posted by thunderbird View Post

            I saw ominous storm clouds on the horizon the moment they got together. As for what chance the rest of us have in marriage? The average is 50% for the general population, but much lower for Hollywood actors.
            *Wooooosh*
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            • Profile picture of the author thunderbird
              Originally Posted by Joe Robinson View Post

              *Wooooosh*
              Yeah, well, I'm better at getting my own jokes than other people's. I get only about 63% of other people's jokes (provided they're said in English), but at least 82% of my own jokes.
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        • Profile picture of the author johnnys229
          Originally Posted by Joe Robinson View Post

          If Tom and Katie can't make it, what chance does any of us have?
          That's true, but Cruise takes it a bit too far with his religion and stuff...so in that sense it's not surprising.
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          • Profile picture of the author ]Mike[
            IMO the Bankers, Mortgage Companies, RE Appraisers, RE Agents, Elected Officials

            of Both Gangs in Power, that precipitated the lowering of lending standards

            in America that resulted in the RE Bubble, and subsequent Carnage

            that destroyed so much wealth, and property, have one problem....they are still
            breathing!


            The Best Deterrent against this ever happening again would be swift trials, with severe punishment.
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  • Profile picture of the author Dennis Gaskill
    Things like this make wonder sometimes if . . . well, nevermind. No sense in being morbid.
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    • Profile picture of the author Joseph Robinson
      Banned
      Originally Posted by Dennis Gaskill View Post

      Things like this make wonder sometimes if . . . well, nevermind. No sense in being morbid.
      Well leading statements like that aren't very nice! Now you have to indulge us .
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      • Profile picture of the author Dennis Gaskill
        Originally Posted by Joe Robinson View Post

        Well leading statements like that aren't very nice! Now you have to indulge us .
        Leading statements like that have a purpose, but it isn't to indulge. Sorry Joe, you'll have to ponder this one on your own or settle for being unindulged.

        Hey, cool, it isn't often a person gets to use "unindulged" in a sentence. :p
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  • Profile picture of the author Lori Kelly
    I guess we don't have a chance. We should all file for divorce now.
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  • Profile picture of the author MoneyMagnetMagnate
    I don't have any more on TomKat...but here's more LIBOR -

    (LiBor...it's like getting kicked in the groin by Jet Li - followed by 'sexy-time' with Borat )

    Libor: The Crime of the Century | The Nation
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  • Profile picture of the author seasoned
    OH, this is NOTHING!!!!!!!!! A MAJOR car company, who shall remain nameless. decided that there was a LOT of money to be made in providing loans for cars!

    They started ANOTHER company to do those loans. A legal problem turned THAT into a BIG bank! The bank was sold, and they bought back the little company that started the whole mess.

    When the US started bailing out banks, that company didn't qualify so the big car company changed it back into a bank. They took the funding even though they were NOT affected and didn't exist before hand!

    UNREAL!

    How about the fact that glas steagle FORBID banks doing insurance, but a major insurance company is now a BANK AS WELL!!!!!!! Did I mention that in the mid 1990s, they went to court to get out of insurance obligations stating they would bankrupt the company?

    I'm telling you! Over 80% of the factors that made the depression as bad as it was are now in place even though like HALF of those were made ILLEGAL over 70 years ago!

    Just wait though! They will probably get rid of licensing. It IS a joke, and some requirements are now "illegal". They will probably decrease the maintenance needed on the margin. They have ALREADY increased the risk, and made it easy to borrow any amount needed.

    Steve
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  • Profile picture of the author KimW
    Sounds like GMAC.
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    • Profile picture of the author seasoned
      Originally Posted by KimW View Post

      Sounds like GMAC.
      *****BINGO!!!!*****
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  • Profile picture of the author MoneyMagnetMagnate
    Wall Street got everything it wanted. What did we get?

    How The Hell Did Wall Street Get An Extra $16 Trillion? Bernie Sanders Explains.
    https://www.upworthy.com/how-the-hel...nders-explains
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    • Profile picture of the author kindsvater
      She settled??? OK, the government settled for relative peanuts and she got a huge check. Which is too bad, because if I was on a jury I wouldn't have any problem unloading an 11-figure punitive damages award.

      Here's another crime: banks have a license to be dishonest through the use of single claimant arbitration terms that (1) prevent citizens from sitting in judgment through the jury system, and (2) avoid class actions.

      .
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      • Profile picture of the author KimW
        Originally Posted by kindsvater View Post

        She settled??? OK, the government settled for relative peanuts and she got a huge check. Which is too bad, because if I was on a jury I wouldn't have any problem unloading an 11-figure punitive damages award.

        Here's another crime: banks have a license to be dishonest through the use of single claimant arbitration terms that (1) prevent citizens from sitting in judgment through the jury system, and (2) avoid class actions.

        .
        Is there anyway for us as citizens to work to get this changed?
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        • Profile picture of the author seasoned
          Originally Posted by KimW View Post

          Is there anyway for us as citizens to work to get this changed?
          Apparently most lawyers can NOT defend their case. They ALSO want to get paid ASAP! So they use their BIGGEST weapon. THREATS! And MANY defendants SETTLE! The lawyers RUN the court system all the way up to the US supreme court, so they can do this in EVERY court, have special agreements, and always get paid FIRST! Their special agreements often contain a threat of retaliation if you try subsequent litigation or even state specifics of the settlement.

          That is how they got ME to pay them $4,000 because they owed ME $12,000!!!!!! I had to:

          1. Rely on long distance phone calls to relay even visual info, that was impossible, and present info, that I did NOT have in that state, risk my job and customer relations, and possibly have to pay MORE than they said I should.
          2. Quit my job.
          3. or SETTLE.

          Actually, I am not even supposed to talk about it. Gee, I would have LOVED to present the info about how they opened up their stores in like all 50 states before their first one became profitable, or how they bought EXPENSIVE stuff NOBODY would buy, or how they had a gimic to hide the fact that they were throttling services, and blamed it on the phone company, or that the head guy stole all the customers and sold them to a major competitor which he then became an executive at, or how they NEVER told me about the bankruptcy, etc.... TO THIS DAY I haven't gotten any valid notice. I heard rumors, and other workers have since told me, and were named in the suit that I was told about THREE YEARS AFTER THE FACT, but they NEVER told me.

          In short, they basically PLANED to go bankrupt, and committed FRAUD!

          I am now GUN SHY about things like changing minutia, especially in contracts. in retrospect, the tiny changes make a LOT of sense! They did it NOT because of any need they had, or because of ANY business reason. It made the transition of those customers to the other ISP, and the sale of them, smoother. So they had me do work they never intended to pay me for.

          Steve
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      • Profile picture of the author Lori Kelly
        Originally Posted by kindsvater View Post

        She settled??? OK, the government settled for relative peanuts and she got a huge check. Which is too bad, because if I was on a jury I wouldn't have any problem unloading an 11-figure punitive damages award.

        Here's another crime: banks have a license to be dishonest through the use of single claimant arbitration terms that (1) prevent citizens from sitting in judgment through the jury system, and (2) avoid class actions.

        .
        This issue is a convoluted mess and getting people on a jury who understand it is nearly impossible. Although if I was on that jury, I too would be in favor of a huge punishment. Problem there - if the award is huge then there's the appeal. If the appeal doesn't go the banksters way, they'll simply file bankruptcy and emerge the next day as another company. (PennyMac)

        It's not just the banks who have included mandatory arbitration in agreements, it's most of the major credit card companies, title companies, etc. There are some situations where you can opt-out of the mandatory arbitration. Read the fine print.
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  • Profile picture of the author saunterer
    Bankruptcy is one way of dealing with debts you can't pay. Your assets can be used to pay your creditors (people you owe money to). You are subject to certain restrictions and discharged (freed) from your debts after a period of time.
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    • Profile picture of the author KimW
      Originally Posted by saunterer View Post

      Bankruptcy is one way of dealing with debts you can't pay. Your assets can be used to pay your creditors (people you owe money to). You are subject to certain restrictions and discharged (freed) from your debts after a period of time.
      This sounds like a very vanilla statement about bankruptcy.
      Its not as simple as you make it sound.
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  • Profile picture of the author MoneyMagnetMagnate
    Jon Stewart on the LIBOR Scandal
    International Banking Actuality Part 37 - The Daily Show with Jon Stewart - 07/18/12 - Video Clip | Comedy Central

    Rich Ricci behind the LIBOR Scandal?

    how prophetic...:rolleyes:
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  • Profile picture of the author thunderbird
    "Sorry, this video is unavailable from your location"

    They're prejudiced against Canadians, excluding us.
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  • Profile picture of the author MoneyMagnetMagnate
    HSBC, accused of financial dealings linked to terrorists and drug cartels, heads to Senate subcommittee - latimes.com

    HSBC Holdings, accused in a Senate report this week of exposing the U.S. financial system to illegal funds from Saudi Arabian terrorists, Mexican drug cartels and rogue regimes in North Korea and Cuba, will send a lineup of executives Tuesday to face a Senate subcommittee and apologize.

    In a statement, Europe's largest bank - which has a substantial presence in the U.S. - said it "will acknowledge that, in the past, we have sometimes failed to meet the standards that regulators and customers expect."
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    • Profile picture of the author Kay King
      "will acknowledge that, in the past, we have sometimes failed to meet the standards that regulators and customers expect."
      Ya think??? That statement is underwhelming.
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  • Profile picture of the author MoneyMagnetMagnate
    • Study estimates staggering size of offshore economy
    • Private banks help wealthiest to move cash into havens

    £13tn: hoard hidden from taxman by global elite | Business | The Observer

    A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.
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  • Profile picture of the author MoneyMagnetMagnate
    (Reuters) - U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal.
    Exclusive: Prosecutors, regulators close to making Libor arrests | Reuters
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    • Profile picture of the author thunderbird
      Originally Posted by MoneyMagnetMagnate View Post

      (Reuters) - U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal.
      Exclusive: Prosecutors, regulators close to making Libor arrests | Reuters
      Occasionally news comes in to warm the heart and bring some cheer.
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    • Profile picture of the author Doran Peck
      Originally Posted by MoneyMagnetMagnate View Post

      (Reuters) - U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal.
      Exclusive: Prosecutors, regulators close to making Libor arrests | Reuters
      The line "Barclays signed a non-prosecution agreement" caught my eye.

      I'll just sign me one of those and go down to my local grocery mart and take what I want for next weeks camping trip.
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  • Profile picture of the author MoneyMagnetMagnate
    BANKERS BEHIND BARS - Petition To Put Bankers In Jail Passes 350,000 Signatures In Two*Days - Home - The Daily Bail

    UPDATE - The online petition was started 2 weeks ago, already has more than 650,000 signatures, and is growing by 1,000 names every few hours.

    Though focused on criminal EU bankers, the signatures are global in origin.
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  • Profile picture of the author MoneyMagnetMagnate
    REPORT: ABC, NBC Evening News Shows Ignore Massive Banking Scandal For More Than A Month | Blog | Media Matters for America
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  • Profile picture of the author katie1234
    Today banking system has been broken down fully. It is fully dependent upon the public.
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  • Profile picture of the author Lori Kelly
    This sums it up:

    These same news outlets spent significantly more time on trivialities like shark sightings and the Tom Cruise/Katie Holmes divorce than on the banking scandal. For context, ABC, NBC, CBS, Fox News, MSNBC, and CNN spent 44 minutes combined on the LIBOR scandal during their evening programming from June 27 to July 28. By contrast, these same outlets devoted nearly 65 minutes to stories about sharks for only the first sixteen days of that period.



    Lame Stream Media.

    Lots of talk yesterday about the post office going broke. Big payment due today. Not one network I watched mentioned the truth of the matter: the post office is broke because of a law passed in 2006 requiring funding of retirement for people who are not even born yet.

    Instead I listened to people trying to sound intelligent saying ridiculous rhetoric like, "We don't need the post office anymore." "Hey, Bill, when's the last time you slapped a stamp on an envelope, yuck yuck yuck." Dumbasses.

    People in this country rely on the post office for many things. Sick people who cannot leave get the medications delivered by the post office. People still mail their bills because they don't trust or want to use the internet. Law firms and other companies use the mail because some laws require that method as proper service, etc.

    The talking heads are dismissive and say "no one uses mail anymore." Yet my friends who are carriers work six days a week and can't keep up with the volume of mail.
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    • Profile picture of the author MoneyMagnetMagnate
      Last week turned out to be a good one for Goldman Sachs. The Justice Department closed a criminal investigation of the firm and its chief executive, Lloyd C. Blankfein, and the firm disclosed that the Securities and Exchange Commission had decided not to pursue a civil fraud case related to a subprime mortgage deal.

      the Justice Department said that “based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution.”

      Is That It for Financial Crisis Cases? - NYTimes.com

      W - T - F -? (Of course, it always comes out better, when you get to write your own laws...)
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    • Profile picture of the author KimW
      Lori,
      Once again you are right on target.
      The government has been trying to close the post office down for decades.
      Why? Because it is technically an independent entity. It does not take government funds to operate,yet that doesn't stop the government from stealing the money made by the post office.

      When you go to a post Office now the first thing you see out front ,at least in where I am, is both FedEx and UPS drop off boxes...WTF is up with that??
      How many other businesses are forced to have their competitors equipment at their front door?

      Postal Management,and I use that term quite loosely, is the worst I have ever seen.
      One time I saw a mail carrier's supervisor stand behind him for hours every morning for a month.Finally the carrier turned around and asked what the hell was the guys problem? The supervisor had him esorted out of the building and fired.
      After 2 years he got his job back,but his life was basically destroyed by an egomaniacal person who had no business even being a supervisor.

      Sorry, after working for the postal service for 10 years and seeing the crap they subjected the employees to,and at the same time hearing the general public complain and complain about paying so many pennies to get a letter delivered across the country in a few days,I got tired and quit myself.
      There are some crappy employees but most I knew honestly tried to do a good job under extremely bad working conditions.




      Originally Posted by Lori Kelly View Post

      This sums it up:






      Lame Stream Media.

      Lots of talk yesterday about the post office going broke. Big payment due today. Not one network I watched mentioned the truth of the matter: the post office is broke because of a law passed in 2006 requiring funding of retirement for people who are not even born yet.

      Instead I listened to people trying to sound intelligent saying ridiculous rhetoric like, "We don't need the post office anymore." "Hey, Bill, when's the last time you slapped a stamp on an envelope, yuck yuck yuck." Dumbasses.

      People in this country rely on the post office for many things. Sick people who cannot leave get the medications delivered by the post office. People still mail their bills because they don't trust or want to use the internet. Law firms and other companies use the mail because some laws require that method as proper service, etc.

      The talking heads are dismissive and say "no one uses mail anymore." Yet my friends who are carriers work six days a week and can't keep up with the volume of mail.
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      • Profile picture of the author The 13th Warrior
        Originally Posted by KimW View Post


        Lori,
        Once again you are right on target.
        The government has been trying to close the post office down for decades.
        Why? Because it is technically an independent entity. It does not take government funds to operate,yet that doesn't stop the government from stealing the money made by the post office.

        When you go to a post Office now the first thing you see out front ,at least in where I am, is both FedEx and UPS drop off boxes...WTF is up with that??
        How many other businesses are forced to have their competitors equipment at their front door?

        Postal Management,and I use that term quite loosely, is the worst I have ever seen.
        One time I saw a mail carrier's supervisor stand behind him for hours every morning for a month.Finally the carrier turned around and asked what the hell was the guys problem? The supervisor had him esorted out of the building and fired.
        After 2 years he got his job back,but his life was basically destroyed by an egomaniacal person who had no business even being a supervisor.

        Sorry, after working for the postal service for 10 years and seeing the crap they subjected the employees to,and at the same time hearing the general public complain and complain about paying so many pennies to get a letter delivered across the country in a few days,I got tired and quit myself.
        There are some crappy employees but most I knew honestly tried to do a good job under extremely bad working conditions.



        They are most likely doing that to a lot of industries, almost like planned espionage.


        They want to destroy every last vestige of freedom and independence while talking about freedom and independence, but it is for the corporations only, they are NOT talking about regular citizens.

        Governments do the bidding and are owned more and more by the corporations, and corporations DESPISE freedom, choice and competition, it is simply not healthy from their stand point, in fact, they believe THEY know best whats good for a civilization...,what's BEST for the corporation IS what's best for the people.

        That way, the people have no tool or nowhere to turn except government/corporate bidding....., if you want your ration of food/credits for income/right to move about/permits/licences, etc., you WILL comply with the new system of slavery.

        Then, game over.


        The 13th Warrior
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    • Profile picture of the author TLTheLiberator
      Originally Posted by Lori Kelly View Post

      This sums it up:






      Lame Stream Media.

      Lots of talk yesterday about the post office going broke. Big payment due today. Not one network I watched mentioned the truth of the matter: the post office is broke because of a law passed in 2006 requiring funding of retirement for people who are not even born yet.

      Instead I listened to people trying to sound intelligent saying ridiculous rhetoric like, "We don't need the post office anymore." "Hey, Bill, when's the last time you slapped a stamp on an envelope, yuck yuck yuck." Dumbasses.

      People in this country rely on the post office for many things. Sick people who cannot leave get the medications delivered by the post office. People still mail their bills because they don't trust or want to use the internet. Law firms and other companies use the mail because some laws require that method as proper service, etc.

      The talking heads are dismissive and say "no one uses mail anymore." Yet my friends who are carriers work six days a week and can't keep up with the volume of mail.

      I wonder exactly who passed that legislation?



      TL
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  • Profile picture of the author KimW
    The legislation is only a portion of the reason the PO is going broke.
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  • Profile picture of the author MoneyMagnetMagnate
    Matt Taibbi: Goldman Case Shows Eric Holder 'Has No Balls'
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  • Profile picture of the author Lori Kelly
    This is scary.

    I don't understand how the Patriot Act passed. And it's still in place.

    All banks record transactions with a photo ID and fingerprints - sent to FBI and kept on record.

    I think the limit to withdraw money from an ATM is about $500. If a customer wants more than that, he has to go into the bank and get it. I've never heard what this article discusses - taking a customer aside and be questioned about why they want their own money out of the bank. This is BS.

    US - Banks Can Legally Steal Customer Funds From Private Checking Accounts | World News |Axisoflogic.com
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    • Profile picture of the author MoneyMagnetMagnate
      Originally Posted by Lori Kelly View Post

      This is scary.

      I don't understand how the Patriot Act passed. And it's still in place.

      All banks record transactions with a photo ID and fingerprints - sent to FBI and kept on record.

      I think the limit to withdraw money from an ATM is about $500. If a customer wants more than that, he has to go into the bank and get it. I've never heard what this article discusses - taking a customer aside and be questioned about why they want their own money out of the bank. This is BS.

      US - Banks Can Legally Steal Customer Funds From Private Checking Accounts | World News |Axisoflogic.com
      In federal court, John D. Tinder, US Circuit Court Judge ruled “that Sentinel failed to keep client funds properly segregated is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud’ its customers.”

      This means that once a banking customer deposits their money into an account with a bank, the funds become property of the bank. The customer, at the point of deposit, relinquishes all rights to that money regardless of any laws in place, legal assurances, claims or guarantees; and this extends from investments to private checking accounts.

      Once the bank has physical possession of your money, they own it and can use it for any means they deem fit. The veil has been lifted on separation of customer and bank funds. They are now legally co-mingled.

      The bank could use it as collateral (as SMG did), to pay off debts, or place it on the stock market to bump up their trading with extra cash. And in the event that the customer allocated funds are lost, the bank does not owe the customer the money back.

      Essentially, once your deposit money in your bank account it is gone.
      So according to this ruling in the article, the FDIC is a lie and a scam? you are supposed to be covered up to 250K, yet the way that reads, you put your money in a bank and they lose it - sorry, you lose...they win?
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      • Profile picture of the author Lori Kelly
        Originally Posted by MoneyMagnetMagnate View Post

        So according to this ruling in the article, the FDIC is a lie and a scam? you are supposed to be covered up to 250K, yet the way that reads, you put your money in a bank and they lose it - sorry, you lose...they win?
        I have friends in Vegas who had close to that FDIC limit. When the banks were shut down, they got their money from the FDIC. So not sure about the FDIC but it's not good when we can't rely on a system put in place many years ago to encourage people to start using banks again.

        Seems like we're reverting back to the cash in the mattress days.
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        • Profile picture of the author seasoned
          Originally Posted by Lori Kelly View Post

          I have friends in Vegas who had close to that FDIC limit. When the banks were shut down, they got their money from the FDIC. So not sure about the FDIC but it's not good when we can't rely on a system put in place many years ago to encourage people to start using banks again.

          Seems like we're reverting back to the cash in the mattress days.
          Just for laughs, I asked a bank manager what the bank would do if the dollar collapsed. I mean Foreign banks would likely switch currencies, etc.... And SHE actually said that the FDIC insures fund up to like 100K(I forget the exact current amount now.)!!!!!!! And I said ****NO THEY DON'T**** They make sure you get the DOLLARS, and not the value they represent, much like the SIPC. I bet it's not unusual for them to "make good" AFTER the value plummets. They give you only the stock, not what you may have gotten when you sold it.

          As for debt forgiveness, I am all for it if the person is paying say 10% or more on a given loan. If it is much less, I think it is really hurting. Do you realize that the profit at maturity is like 100% for every 5%? If you buy a home now, and pay every payment, EXCLUDING the bogus PMI insurance payment, the loan will accrue almost 100%. Considering that there is practically no risk, etc.... ALSO, if the banks had less reward they would be more careful about risk. And the PMI is a joke. If they have LOW credit or a bad history, ok, but otherwise... You REALLY have to wonder where all that money goes. And the WASTE!?!?!?!? I am just in ONE little part but the waste I have seen? WOW! I'm talking millions to billions on a project.

          Steve
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  • Profile picture of the author KimW
    Well lets not forget if you deposit more that 10K at a time you are a suspected dope dealer.
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    • Profile picture of the author MoneyMagnetMagnate
      Originally Posted by KimW View Post

      Well lets not forget if you deposit more that 10K at a time you are a suspected dope dealer.
      It kind of sounds like you don't have to be a dealer...just a dope.
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  • Profile picture of the author RichBeck
    Fellow Warriors,

    For those interested in seeing how pervasive corruption is in the US financial sector, check out the documentary film Inside Job.

    It is truly amazing....

    God Bless,

    Rich Beck
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    • Profile picture of the author MoneyMagnetMagnate
      Originally Posted by RichBeck View Post

      Fellow Warriors,

      For those interested in seeing how pervasive corruption is in the US financial sector, check out the documentary film Inside Job.

      It is truly amazing....

      God Bless,

      Rich Beck
      I've seen it - I hid under my bed in a fetal position for a week...

      I was going to put it in the 'scary movie' thread...
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      • Profile picture of the author RichBeck
        Originally Posted by MoneyMagnetMagnate View Post

        I've seen it - I hid under my bed in a fetal position for week...

        I was going to put it in the 'scary movie' thread...
        MMM,

        I posted it in the 'scary movie' thread before I posted it here.....

        God Bless,

        Rich Beck
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  • Profile picture of the author Lori Kelly
    I watched the Inside Job a few times. Maybe the AGs should have watched before they gave their buddies a get out of jail free card.

    MMM - It does belong in the scary movie thread.
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  • Profile picture of the author MoneyMagnetMagnate
    I thought this would be an interesting take on the banking crisis...

    Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong - Washington's Blog

    ('course, Iceland is a very small country...but still, it's the thought that counts)
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  • Profile picture of the author KimW
    Actually there were a large group of us that felt that is what should have been done here in the states.
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  • Profile picture of the author MoneyMagnetMagnate
    A CASE FOR MORTGAGE DEBT FORGIVENESS: Norway Writes Down 90% Of Populations Mortgage Debt / When Debt Is Fraud / IMF: Debt Reduction Policies Work / Debt Jubilee - The Concept

    http://truedemocracyparty.net/2012/0...t-forgiveness/
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    • Profile picture of the author thunderbird
      Originally Posted by MoneyMagnetMagnate View Post

      A CASE FOR MORTGAGE DEBT FORGIVENESS: Norway Writes Down 90% Of Populations Mortgage Debt / When Debt Is Fraud / IMF: Debt Reduction Policies Work / Debt Jubilee - The Concept

      http://truedemocracyparty.net/2012/0...t-forgiveness/
      Interesting article. My strategy for mortgages is not to have any.
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      Project HERE.

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  • Profile picture of the author HeySal
    Mine, too, TB. For right now anyway since the Gov can come in and just take any property from you that they want to for no other reason than wanting to, I don't see the point in the purchase. Once they start guaranteeing that the property I buy is actually my own, and water, mineral, and forestry rights I buy will allow me to own what I bought, then I will think about buying it. Right now when people buy the rights, the money goes straight to paying off the debt that the land is collateral for - but the gov insists that even though YOU pay, the stuff is ultimately theirs. ******* bunch of raw crooks.
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    Sal
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  • Profile picture of the author MoneyMagnetMagnate
    Take a tip from Iceland - put bad Bankers on Ice...

    Daily Kos: Cenk: Iceland Arresting Bankers WORKS! Economy Growing Faster Than EU Now.
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  • Profile picture of the author KimW
    Bank Of America is pulling more crap. Sending the forclosure/modification program handling jobs overseas,is what I have heard.More to come.
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    • Profile picture of the author seasoned
      Originally Posted by KimW View Post

      Bank Of America is pulling more crap. Sending the forclosure/modification program handling jobs overseas,is what I have heard.More to come.
      That should be, and technically IS illegal! Their mindset is such that they are more likely to forgive needlessly. They have no LEGAL and ETHICAL way to investigate the property, credit, etc... BUT, without saying much, I can tell you I have inside info on lots of companies, and B of A DOES have a LOT of its business strewn through places like india. TOO much!

      Steve
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  • Profile picture of the author KimW
    Banks Steal Homes, and I have PROOF | Foreclosure Defense & Strategic Default
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  • Profile picture of the author MoneyMagnetMagnate
    Former Anglo chiefs sent for trial - The Irish Times - Mon, Oct 08, 2012

    Former Anglo executives Mr FitzPatrick, Mr McAteer and Mr Whelan have been charged under company law offences relating to providing unlawful financial assistance to 16 individuals in July 2008 as the banking crisis was worsening. They were charged, indicted and released on bail last July.

    They are the first individuals to be charged in the investigation into events leading to the collapse of Anglo in January 2009. The Government is injecting at least €29.3 billion into the nationalised bank to cover losses on its heavy lending to the property market.
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  • Profile picture of the author MoneyMagnetMagnate
    How the banking crash sparked a credit union boom | Ellie Mae O'Hagan | Comment is free | guardian.co.uk

    People are turning away from casino finance and towards a more democratic system that isn't just about money-making
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  • Profile picture of the author Merlina
    Thanks for posting this. Yeah, bankers are nothing but crooks and scam artists.
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  • Profile picture of the author MoneyMagnetMagnate
    Richard Zombeck: Below the Fold: Wells Fargo Thumbs its Nose at Judge and Evicts Anyway

    According to the Orange County Weekly, on the morning of October 10, Orange County deputies broke down Niko Black's door despite a court order taped to it forbidding them to do so, put a gun in her face and crumpled up the court order. They then carried her out of the home in her wheel chair and left her on the sidewalk while they locked up her home. The deputies locked her medication and medical equipment in the house as well, denying her access to it.
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