Posts under ‘Bank Handout’

Never have so few, done so little, and made so much, while screwing so many. “On the Forbes list of rich people, you will find hedge fund managers in droves, but no one who made his money as a hedge fund client.”

A detailed look of the banks deliberate promotion of the sub-prime lending fraud and other credit bubble blowing strategies that ultimately precipitated the housing crash and financial crisis we have today.

A discussion of the roles played by the Federal Reserve, Congress, the banking sector and others in the current crises. Essentially they new it would end badly yet deliberately promoted and fostered it.

What we got was a 27.2% plunge in existing home sales to the lowest figure since 1999, when the NAR started keeping records, as sales hit 3.83 million units annualized. A record drop to a record low as months supply hit a record high of 12.5.

Perhaps Mr. Cuomo should look into that as well because just like the AIG deal, their both dirty and quite probably involved the breaking of more than a few laws.

Bank holdings of municipal bonds have hit a 25-year high despite the steady deterioration of municipal finances and growing default risk, moral hazard in action, as its doubtful the muni bond insurers can cover this, too big to fail is history, meaning will end up bailing them out again.

The big banks use of Repo 105 transactions to make themselves look financially sound when in fact the are anything but. Follow a clear pattern of deliberate balance sheet manipulation as per the WSJ Piece that sources the Federal Reserve for the Repo 105 data.

Barofsky says the question of whether the New York Fed engaged in a coverup will result in some sort of action. “We’re either going to have criminal or civil charges against individuals or we’re going to have a report,” Barofsky says. “This is too important for us not to share our findings.”

Lehman’s nominal corporate governance structure was a sham. Lehman was deliberately out of control with regard to “risk” in its dominant operation – making “liar’s loans.” Lehman did not “manage” the risk of making liar’s loans. It engaged in massive, fraudulent transactions that were “sure things”.

Despite all of this the banks have the unmitigated bleeping gall to state that principal forgiveness is unfair, yet another shining example of their blatantly outrageous behavior that goes well beyond any sense of decency and or fairness.