By Sydney Sullivan
You may not like this movie. Wolf of Wall Street may be too vulgar. But if you are still invested in Wall Street there must be some vulgar demon or wannabe rich guy inside you that is too delusional to get out.
It’s no wonder why homeowners can’t get a fair shake in court because it appears the delusional sit above, behind and on the bench.
“Mark Hanna: We don’t create shit, we don’t build anything.
Jordan Belfort: No.
Mark Hanna: So if you got a client who brought stock at eight, and it now sits at sixteen, and he’s all f**king happy, he wants to cash it and liquidate and take his f**king money and run home. You don’t let him do that.
Jordan Belfort: Okay.
Mark Hanna: Cause that would make it real.
Jordan Belfort: Right.
Mark Hanna: No, what do you do? You get another brilliant idea, a special idea. Another situation, another stock to reinvest his earnings and then some. And he will, every single time.
Jordan Belfort: Mm-hmm.
Mark Hanna: Cause they’re f**king addicted. And then you just keep doing this, again, and again, and again. Meanwhile, he thinks he’s getting shit rich, which he is, on paper. But you and me, the brokers?
Jordan Belfort: Right.
Mark Hanna: We’re taking home cold hard cash via commission, motherf**ker.
Jordan Belfort: Right! That’s incredible, sir. I’m…I can’t tell you how excited I am.
Mark Hanna: You should be.”
Let’s use Hawaii as an example, but rest assured this happens around the country. Homeowners are getting clobbered at the lower court level every day since this foreclosure crisis began.
Maui, Hawaii judges, which are appointed and not elected, have made some of the more egregious rulings costing those homeowners that can afford to appeal thousands of dollars, many to become homeless, and their investments and retirement dreams smashed. And for what earthly reason, when the judge has fraud and obviously forged documents sitting right in from of him?
Just like Baltimore, Wells Fargo is the real looter in Hawaii too. In case after case forged documents appear before foreclosure judges and even with Hawaii state statutes making it unlawful to proceed with fraudulent documents these judges turn a blind eye and rule for the bank. Just who benefits from these incredibly bad decisions and judgments? Who told these judges to ignore the fraud? It’s like they are reading from the same play book.
Remember, “follow the money”?? Exposing the truth is not half as hard as realizing that people making decisions and totally affecting your family and your life – are delusional nitwits. How could anyone, especially the judges who see the criminal forgeries and fraud in mass created by Wall Street, even think of investing in Wall Street stocks, mutual funds, bonds and/or securities… Wall Street – which is over $700 TRILLION in debt from the world’s largest rehypothecated ponzi and securities scam?! Ya really think its going to overcome this, your honor? You really need to watch the movie – it wasn’t fiction – it was real life… that’s why it’s incorporated in this post.
“Jordan Belfort: What are you pullin’? Fifty-sixty K, somethin’ like that? A year? Ball park?
FBI Agent Patrick Denham: Well…let’s put it this way. You get a free hand gun [gavel] when you sign up for the bureau [bench]. What do you do?
[they both laugh]
Jordan Belfort: No, but it f**king pisses me off. You know what I mean? When you think about the people that build this country, hard working people like you. You know, fire fighters, teachers, FBI Agents, [judges]. End of the day, you guys get f**king skinned alive financially. It f**king makes me angry.”
…And you don’t even know you are being ripped off …yet. That’s probably the most disturbing aspect of the judicial investment issue. We have delusional ding-bats ignoring statutes and re-making laws from the bench. Remember, Wolf of Wall Street is a REAL story – not fiction!
You may not like the vulgarities but the Judges need to understand that this is the language standard on Wall Street – this is reality. As Jordan said, as bad as he was the big banks are a lot worse.
In one case on Maui, Hawaii – Honorable Judge Peter T. Cahill, [DB], had a foreclosure case with Wells Fargo, U.S. Bank National Association, as Trustee and Morgan Stanley involved against a Hawaiian homeowner (who was originally just trying to get a modification). Judge Cahill ruled in favor of the bank after a lot of hoopla (maybe to ease his conscience). Anyway, when you review the public records of Judge Cahill’s Financial Disclosure Statement [CLICK HERE] – he has what appears to be [a recently paid off]
- Wells Fargo mortgage;
- an existing US. Bank mortgage;
- and his Wall Street investments are made through – (drum roll please…) …a Morgan Stanley portfolio.
On top of that tidbit of information, it appears the majority of Judge Cahill’s retirement fund through Morgan Stanley is set up through PIMCO which is heavily invested in mortgage-backed securities. * In December 2008, the Fed hired PIMCO, along with three other big Wall Street firms, to implement enormous purchases of agency MBS to keep interest rates low and spur the U.S. economy. * Over the next few years, Pimco repeatedly invested heavily in those same securities – far more than other big investors, even considering its size. And in 2014 the Managing Director leaves – does that not give you some pause? [See MORE]
And while all of this was a pretty cozy deal with the Fed – the present administration is on the way out and rumors of an imminent economic collapse loom over Wall Street like a dark cloud. Up today, gone tomorrow… IBG-YBG. The Fed’s biggest bubble yet! See Economic Collapse Headed for U.S. with Peter Schiff, one of the few non-biased investment advisors:
But the pièce de résistance is that this is Daneford Wright’s case where all 3 bank players appear by name on Judge Cahill’s Financial Disclosure Statement and it appears PIMCO held a piece of the alleged trust that sued Wright for foreclosure, SASCO, 2006-NC1. CUSIP number: 86360PAF4. Technically, it appears Judge Cahill could have been, was or is invested in the same trust that sued Wright in his court. SASCO, 2006-NC1:
Of course, this has the appearance of impropriety to the average layperson. But is it enough of an impropriety to violate the Hawaii Judicial Code of Conduct?
A JUDGE SHALL UPHOLD AND PROMOTE THE INDEPENDENCE, INTEGRITY, AND IMPARTIALITY OF THE JUDICIARY AND SHALL AVOID IMPROPRIETY AND THE APPEARANCE OF IMPROPRIETY.
If you knew your retirement fund was heavily invested in mortgage-backed securities – to the unusual extent that PIMCO is, and you had a Wells Fargo mortgage that was is now zero… and a US Bank mortgage … and your investments are handled by Morgan Stanley – wouldn’t you recuse yourself from this case – sua sponte?
Who can homeowners complain to? Normally, you could send a letter to the Chief Justice and inform him of the impropriety. However, in Hawaii, where all judges are appointed, not elected – the Chief Justice himself has a whopping Wall Street investment package. Honorable Chief Justice Mark E. Recktenwald’s Financial Disclosure Statement includes (for starters) several companies heavily invested in “risky” MBS and/or financial industry investments:
- JPMorgan Mid Cap Value Fund
- Goldman Sachs Rising Dividend Growth Fund
- Columbia Select Large-Cap Value Fund
- Wells Fargo & Company
Could Chief Justice Recktenwald have an open mind to issues concerning judicial improprieties concerning Wall Street investments? And he certainly shouldn’t be sitting on cases or even weighing in on foreclosure cases – especially holding Wells Fargo stock (somewhat buried at #16 on the list).
And how do you even approach the subject when it is just so obviously crazy to maintain Wall Street stock these days… Okay, so maybe these judges don’t read as much as we do – or maybe they depend upon clerks to keep them updated… But Michael Lewis’ Flash Boys came out last year, along with Wolf of Wall Street, and Inside Job premiered in 2010 (and can be found on Netflix) – how can anyone stay in the delusional zone when they are supposed to be pillars of our society?
The following script is from “Rigged” which aired on 60 Minutes March 30, 2014. Steve Kroft is the correspondent. Draggan Mihailovich, producer.
“This month marks the fifth [sixth 2015] anniversary of the current bull market on Wall Street, making it one of the longest and strongest in history. Yet U.S. stock ownership is at a record low and less than half of Americans trust banks and financial services. And in the last two weeks, the New York attorney general and the Commodities Futures Trading Commission in Washington have both launched investigations into high-frequency computerized stock trading that now controls more than half the market.
The probes were announced just ahead of a much anticipated book on the subject by best-selling author Michael Lewis called “Flash Boys.” In it, Lewis argues that the stock market is now rigged to benefit a group of insiders that have made tens of billions of dollars exploiting computerized trading. The story is told through an unlikely cast of characters who figured out what was going on and have devised a plan to correct it.”
All of these judicial investments in mortgage-backed securities and other rehypothecated derivative debt is absurd. Whether or not it is sitting in a Mutual Fund (which are selected by design of the Judges) or an outright bank or financial-related stock – these judges certainly should not be hearing foreclosure or bank related cases. It’s as if the judiciary has delusionally and collectively decided, “we can control the outcome” so we’ll rule in favor of the banks to protect our investments and retirement. The “fix” is in. It’s like insider trading. It would appear this violates another Canon (or more):
Rule 3.11. FINANCIAL, BUSINESS, OR REMUNERATIVE ACTIVITIES
(c) A judge shall not engage in financial activities permitted under Rules 3.11(a) and (b) if they will:
(1) interfere with the proper performance of the duties of judicial office;
(2) lead to frequent disqualification or recusal of the judge;
Well, karma is a bitch. And you cannot control a crash that is the tsunami of $700+ TRILLION of debt. Just like millions of other Americans, Greeks, Spaniards, Icelanders… in the last crash… the next crash and haircut are going to wipe out those greedy investments.
Warren Buffet would be a much better role model for government investments than these risky toxic securities. Mr. Buffet has stayed away from these derivatives – because he is apparently smarter than the delusional guys on the bench.
Finally, state legislators are somewhat to blame as well. There should be tighter controls on government pension investments. Judges should be vetted annually and case inspection to see if there were any over-looked conflicts. Software programs should be developed to research judicial investments with CUSIP numbers of alleged trusts and stock holdings of or related to bank parties. Reports of conflicts should be taken seriously. Reports of failure to follow state statutes should cause, at the very least, suspension without pay. And frankly, no judge, attorney or other person that owns bank stock or has mutual funds in mortgage-backed securities should be a foreclosure judge, or preside over any bank-related case.
There is hope. Take the time to pull judicial Financial Disclosure Statements and let your legislators know when there appears to be conflicts. Now is also the time to demand that pension investments be devoid of MBS, ABS and ARS.