Obama Is Wall Street

For those that think we should just vote in Obama for a second term, and either hold our noses or point out the old cliche of "who else is there," one really needs to read this, and take it ALL IN CAREFULLY.

The largest banks are larger than they were when Obama took office and are nearing the level of profits they were making before the depths of the financial crisis in 2008, according to government data.

Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 2¹ / ₂ years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show.

Please continue your support for Occupy Wall Street.

For more in-depth coverage of this issue, read Think Progress' take here.

Move Your Money

I don't have a bank account, and haven't in almost ten years. I won't give them the satisfaction of using my money. But for those of you that do, tomorrow is "Move Your Money" day. Just click on the link above for more information.

Tammy Baldwin, My New Hero

Finally, someone with "balls" ready to sock it to the banking industry that has fucked the 99%. H/T to AMERICAblog.

Baldwin's resolution states that any settlement should follow three guidelines: 1) Banks that engaged in fraudulent behavior "should not be granted criminal or civil immunity for potential wrongdoing related to illegal mortgage and foreclosure practices," 2) the federal government and state AGs should "proceed with full investigations into claims of fraudulent behavior by mortgage servicers" and 3) any monetary sum paid by the banks should "appropriately compensate for, and accurately reflect, the extent of harm to all victims."

"We have to do the best we can to make innocent victims whole. But secondly, especially in light of the taxpayer bailout of the biggest banks, we owe taxpayers a solemn effort to do everything we can do to uncover what went wrong and whether laws were broken," Baldwin said in an interview with The Huffington Post. "Part of that is to make certain this won't happen again. That, to me, is one of the most basic responsibilities we have."

More On AG Settlement With Banks

I first posted on this subject here on August 22, 2011. Here's a little tidbit from Matt Taibbi's blog about this, with a very interesting point.

California Attorney General Kamala Harris sent a letter to state and federal regulators explaining that she pulled out because the proposed settlement amount for banks guilty of bad securitization practices leading up to the mortgage crisis – said to be in the $20 billion range – was too small.

[snip]

I’m convinced that the deal will eventually go through, however, after some further concessions are made. Certainly the absence of both New York (whose Attorney General Eric Schneiderman gamely started this mess by refusing to sign on or abandon his own investigation into corrupt securitization practices) and California will make it difficult for the banks to do any kind of a deal. But there is such an awesome amount of political will to get this deal done in Washington that it almost has to happen before the presidential election season really gets going.

If it does get done, expect a great deal of public debate over whether or not the size of the settlement was sufficient. Did the banks pay enough? Should they have paid ten billion more? Twenty? Even I engaged in a little bit of that some weeks ago.

But if and when that debate takes place, it will actually obscure the real issue, because this settlement is not about getting money from the banks. The deal being contemplated is actually the opposite: a giant bailout.

In fact, any federal foreclosure settlement along the lines of what’s been proposed will amount to a last round of post-2008-crisis bailouts. I talked to one foreclosure activist over the weekend who put it this way: “[The AG settlement] will be a bigger bailout than TARP.”

Another bailout. More giveaways to the 1%. Nothing fair to the 99%. And media keeps asking what is the point of OWS? Open your eyes, stupid people!

Obama Administration Now Attempting To Run Interference With AG's And Investigations Of Bank Fraud, Etc.

Why am I not surprised? Why are many Democrats in America not surprised? Why are the American PEOPLE not surprised?

Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.

In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks.

Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities.

Well, DUH! If you haven't figured out by now that Obama is propped up by the financial industry (and the oil industry, and big pharma, etc.), and watches out for THEIR interests over the interests of the American people, then you simply have had your fingers in your ears and yelling out loud so as to NOT know these things about the president YOU elected to change things.

This is disturbing to me, because I first read about Mr. Schneiderman's efforts to stop the settlement of a paltry $20 billion because such settlement includes a bar against further investigations into the banking industry's other notorious practices. Uncovering wrong doing is supposed to be an AG's responsibility, and the fact that the president of the United States is taking an active role in curtailing such investigations, continues to strike me as proof positive Obama and the banks have their hands in each others' pockets.

I cannot tell you how many cases my office has where we are representing clients who have had their homes foreclosed upon, and the documents produced by the banks and lending institutions are all signed by a handful of these robo-signers! Seriously! We just "google" some of the notaries and other signers and the list of those that are under current investigation is remarkable. One such signer, who also signed off on many documents on a couple of our cases, said in a deposition (which is available on the internet) that she signed about 180,000 of these documents every month, never read them, and just did what the banks and lending institutions told her to do. One day she was an officer of Chase Bank, the next day she was an officer of Countrywide, etc. She was signing and or notarizing documents transferring title (generally AFTER the fact and not BEFORE the fact) where banks would then use these documents to prove they held the underlying loan on the property, hence they were entitled to foreclose. Many of these properties, as you have undoubtedly read time and time again, were never delinquent in the payment of the loans by the borrowers ... the "industry" as it were, simply was (and still is) stealing homes, many of them with equity and not "upside down" as the term is generally used when the value of the property is less than the mortgage attached to the property. Millions of people have lost their homes due to this unsavory practice, and the small settlement offered by the banking industry does not come even close to bringing satisfaction to those millions who have lost their homes. But all the president seems to care about is, once again, not prosecuting the bad guys, whether it is banks, Wall Street, or the Bush Administration.

I love this quote from the article, which concerns an argument Mr. Schneiderman had with Kathryn S. Wylde, a "member of the board of the Federal Reserve Bank of New York who represents the public."

Characterizing her conversation with Mr. Schneiderman that day as “not unpleasant,” Ms. Wylde said in an interview on Thursday that she had told the attorney general “it is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. Wall Street is our Main Street — love ’em or hate ’em. They are important and we have to make sure we are doing everything we can to support them unless they are doing something indefensible.”[my emphasis]

But Ms. Wylde, they ARE doing indefensible things, and HAVE been doing said indefensible things for quite some time now.

I shudder as I continue to watch this president devolve into a greedy politician.

Obama Administration Not In Line With Moratorium On Foreclosures

What a stupid, pompous and Bush like stance, coming out of the White House.

White House senior adviser David Axelrod signaled Sunday that the Obama administration is opposed to a national moratorium on foreclosures, even as pressure from Congress, labor unions and consumer groups mounts for the federal government to take action.

Calling the growing evidence that lenders have used inaccurately prepared and even fraudulent documents to foreclose on homes a "serious problem," Axelrod said it had already "thrown a lot of uncertainty into the housing market that is already fragile."

"I'm not sure about a national moratorium, because there are, in fact, valid foreclosures that probably should go forward, and where the documentation and paperwork is proper," Axelrod said Sunday on CBS' "Face the Nation."

Tell me again, why I should support this administration and vote this election?

[cricket sounds]

Even with the mounting evidence of bank fraud in foreclosures, and with several banks (BofA for one) completely putting a hold on all foreclosures in all 50 states, THIS ADMINISTRATION "is not sure" that is the best way to go? For whom? The banks, of course. This is an administration, to be sure, that has NOT GOT IT'S PRIORITIES set to help the people. Please, please, don't be caught up in the orations of the President. Don't get fooled because he can talk in complete sentences and Bush couldn't. Their goals are one and the same, and these past two years shows that ... in fact, it shows the Obama Administration taking Bush's position to the extreme. Government transparency? Check. Health care for all (with public option)? Check. I have repeated this shit over and over, so no need to go into the record again. We all know Obama and friends ain't all that.

UPDATE: From the great Glenn Greenwald:

"...there is no shortage of Democrats and progressives who hurled all sorts of accusatory rhetoric at Bush and Cheney for -- as Hayden put it -- "state secrets, targeted killings, indefinite detention, renditions, the opposition to extending the right of habeas corpus to prisoners," etc., yet now either turn a blind eye to or actively defend Obama as he does exactly the same thing, and sometimes worse."

Long piece, but precisely what is in my head that I can't bang out on the computer any better.

I Thought This County Abolished "Debotr's Prison" In 19th Century? What's Up With This?

It's not a crime to owe money, and debtors' prisons were abolished in the United States in the 19th century. But people are routinely being thrown in jail for failing to pay debts. In Minnesota, which has some of the most creditor-friendly laws in the country, the use of arrest warrants against debtors has jumped 60 percent over the past four years, with 845 cases in 2009, a Star Tribune analysis of state court data has found.

Not every warrant results in an arrest, but in Minnesota many debtors spend up to 48 hours in cells with criminals. Consumer attorneys say such arrests are increasing in many states, including Arkansas, Arizona and Washington, driven by a bad economy, high consumer debt and a growing industry that buys bad debts and employs every means available to collect.

H/T to AMERICAblog.

Just another sad commentary on the state of the union.

Ken Lewis Ousted

I've been rather silent about the bank bailouts, having already expressed my opinion that the American taxpayers should not have been forced by the government to pay for their foolishness. It pissed me off when the banks refused to tell congress how they spent the money they got, and it ticks me off that there's been no oversight.

Finally, though, the shareholders (as in taxpayers) had enough.

Mr. Lewis, who helped build Bank of America into the nation’s largest bank, was stripped of his chairman’s title — a stinging blow that leaves his stewardship and legacy in doubt. At a contentious annual general meeting, angry investors held him accountable for what they view as a series of missteps that forced the once-mighty bank to accept not one but two government bailouts.

H/T to AMERICAblog that pointed out over 90,000 taxpayer proxy cards were delivered to the shareholders' meeting yesterday.