Elizabeth Warren to Wall Street threats: It will not work

Deadly Clear:

You tell ‘em sister!

Originally posted on Justice League:


Sen. Elizabeth Warren (D-Mass.) has a blunt message for the big Wall Street banksthat may withhold campaign donations to Senate Democrats in hopes of quieting her calls to break up the banks.

“It will not work,” Warren said in a statement emailed to The Huffington Post.

Warren has been a vocal advocate for reining in big banks that she says wield too much power in Washington after their recklessness triggered the 2008 financial meltdown.

Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America have discussed ways to soften Warren’s strong tone, Reuters reports, and representatives of some have raised the idea of cutting campaign donations to Democrats. Only Citigroup — a frequent target of Warren’s criticism — so far is publicly withholding money from the Democratic Senatorial Campaign Committee.

Cutting donations, Warren said, won’t end her demands.

“They want a showy way to tell Democrats across the country to…

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Wall Street banks threaten to withhold campaign funds from Dems in tantrum against Elizabeth Warren

Wall Street banks threaten to withhold campaign funds from Dems
in tantrum against Elizabeth Warren.


Big Wall Street banks are so upset with Democratic Senator Elizabeth Warren’s call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in symbolic protest, sources familiar with the discussions said. Continue reading

FDIC Employee Quits and Goes Public With Complaint Against Chase, WAMU, Citi and two law firms

Deadly Clear:

The pot gets thicker…

Originally posted on Livinglies's Weblog:

For further information and assistance please call 954-495-9867 or 520-405-1688


See Eric Mains Federal Complaint

see Mains – Table of Contents.petition 2 transfer

On Monday Eric Mains resigned from his employment with the FDIC. He had just filed a lawsuit against Chase, Citi, WAMU-HE2 Trust, Cynthia Riley, LPS, WAMU, and two law firms. Since he felt he had a conflict of interest, he believed the best course of action was to resign effective immediately.

His lawsuit, told from the prospective of a true insider, reveals in astonishing detail the worst of the practices that have resulted in millions of illegal foreclosures. Some of his allegations cast a dark shadow over claims of Chase Bank on its balance sheet, as reported to the public and the SEC and the reporting of both Chase and Citi as to their potential liability for wrongful foreclosures. If he is right, and he proves…

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‘SOB’ bankers should be punished: Wall St watchers

Deadly Clear:

From your lips to God’s ears…

Originally posted on Justice League:


How do you improve the culture of Wall Street and restore faith in finance? Personally punish the industry’s bad apples, according to two longtime observers.

“I think we need to personalize the penalties for those who are sinners. It’s got to hurt them individually,” Charles Ellis, a prominent investment consultant and author, said at an event this week in New York on improving the financial industry.

Ellis, who founded institutional advisor Greenwich Associates, said that new laws after the financial crisis didn’t go far enough because companies—usually via public stock owners—still pay penalties for misbehavior, not people.

“We’ve got to get past the idea of sending it against shareholders and writing it off the balance sheet,” Ellis said.

John Rogers, former CEO of the CFA Institute and previously a topInvesco executive, agreed.

“Making senior management personally responsible resonates with me. That’s true for actors down inside the banks too…

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Ocwen fires back at “disingenuous” charges of negligence

Deadly Clear:

Somebody should tell BlackRock, MetLife, and PIMCO to shove it up their ass. Sorry to be so crude – but these guys knew exactly what was going happen – and it appears helped to devise the automated, patented system.

Originally posted on Justice League:

Ocwen Financial (OCN) is doubling down in its fight against a group of mortgage bond investors that accused the nonbank off ailing to properly collect payments on mortgage loans and breaching its bond covenants.

In January, a group of investors, which includes BlackRockMetLife, and PIMCO, said that Ocwen failed to perform its contractual obligations as a servicer by failing to properly collect payments on $82 billion of home loans. In a subsequent letter, cited in a report from Compass Point Research and Trading, the investors said that Ocwen’s failures as a mortgage servicer cost bond investors approximately $26 billion.

Read on.

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The statute of limitations expires this year for big bank mortgage frauds that crashed the economy in 2008, Leaving wall st lawless guarantees another, bigger, financial disaster!

Deadly Clear:

Nothing more to say… Let’s everyone know – spread the word.

Originally posted on Justice League:

Investmentwatch blog:

This is the last chance to get the DOJ to act on Alayne Fleischmann’s evidence of felony mortgage securities fraud, which she witnessed when she was at JP Morgan Chase from 2006 – 2008.

She’s a securities lawyer by training, but worked as a deal manager there.

Her documentation of the fraud she witnessed, and tried to stop, as well as her depositions with the SEC and DOJ lead to the increase in the civil penalty (13 Billion) JPMorgan paid in November (9 Billion after their tax write offs !!)

I have a chase card. Prosecuting bank officers for fraud will not crash the institution. It will make it stronger, and the system as a whole.

We have 6 1/2 years of evidence that civil penalties offer no deterrence ……we’ve gone from securities fraud to money laundering, commodities rigging, international rate rigging etc……

Banks don’t commit fraud. Bank…

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U.S. judge refuses to toss Libor criminal complaint vs. Swiss UBS trader

Deadly Clear:

“Darin had no idea that submitting a false report could be construed as a crime in the United States. ” The way bankers lie, cheat and steal – why wouldn’t it appear legal? If it were one of us, the judge would sternly lean over the bench, squench his eyes and say, “you knew or should have known!”

Originally posted on Justice League:

There are so many interesting jurisdictional issues in the U.S. government’s prosecution of foreign bankers allegedly involved in the manipulation of benchmark London Interbank Offered Rates, calculated in London under the auspices of the British Bankers’ Association. Last December, Covington & Burlinglaid out at least three solid arguments for why U.S. courts shouldn’t hear the government’s criminal case against Roger Darin, a Swiss UBS interest-rate trader charged with one count of conspiracy to commit wire fraud by supposedly submitting false reports of UBS’ yen Libor, including the territorial limits of the U.S. wire fraud statute and Darin’s due process right not to be tried in U.S. courts for conduct that took place entirely outside of the United States.

But in an opinion issued Friday, U.S. Magistrate Judge James Francis of Manhattan made clear that Libor defendants aren’t going to be able to slough off U.S. criminal charges with jurisdictional…

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Up Next on the GOP’s To-Do List: Selling US National Forests

Deadly Clear:

Probably a necessity since they’ve allowed wall Street to gamble away everything else.

Originally posted on Justice League:


To prove a point, a conservation group held a mock auction for ownership of the Grand Canyon back in February. At the time, they were trying to provide an example of what would happen to public land if Congress stripped the president’s authority to identify and protect national monuments. While this scenario may seem a bit extreme at the outset, it could actually happen soon with public land – including national forests like Yellowstone, along with many others.

Several parties have drawn up a proposal for the House GOP budget resolution that calls for the seizure and sale of US national forests and public land. Rep. Rob Bishop (R-Utah), chair of the House Natural Resources Committee, believes that control over US public lands should be transferred to the state level. The real kicker is that he demands $50 million in taxpayer funds – yes, you’ll be the one…

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The End of Glass Steagal: Mr Weill Goes to Washington

Deadly Clear:

Thanks to Justice League we found this post!

Originally posted on Snap!:

Here’s an informative  account of Sandy Weill’s creation of the first full-service superbank, Citigroup, and the repeal of the Glass-Steagall Act that stood in his way .

This is from a report by Frontline that discusses the end of Glass Steagal and  interviews of former SEC Chairman Arthur Levitt, former Federal Reserve Board member Alan Blinder, New York State Attorney General Eliot Spitzer, financial historian Charles Geisst, the Precusor Group’s Scott Cleland, and Kenneth Guenther of the Independent Community Bankers of America.

Excerpt: Arthur Levitt,  SEC chairman  from 1993 to 2001:

 “It was apparent to me that the protections of Glass-Steagall had already largely eroded. But Congress, at several times, nearly passed a bill to do away with Glass-Steagall. It was clear that it was a question not of whether but when Glass-Steagall would go. Millions of dollars were pouring in the campaign coffers of senators…

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