CONFISCATE THE PATENTS!

By Sydney Sullivan

confiscatedIf you really want to revive SAVE the economy… Either the Congressional legislature or the courts are going to have to confiscate the bank patents.

Those on the cutting edge of foreclosure defense realize that the “new” securitization system was completely patented from the cradle to the grave in the USPTO… as if to make it appear legal. From the very inception of securitization starting with the Fannie Mae 1003 loan application software to the Wells Fargo targeted sales system… to foreclosure, REO and beyond …each and every step has been developed by some sharp IT guy and likely the idea and eventual purpose, patent and use was created from an idea by the higher-ups.

If the fraudulent foreclosure scheme, a defunct economy and the lack of any meaningful indictments within the TBTF cabal is bothersome… even in lieu of the huge fines, penalties and settlements for fraudulent activities that would send the average individual to the hoosegow for 150 years (just ask Mr. Madoff), then think about this: Okay, you don’t want to indict them – then confiscate the patents that the banks are using to perpetrate the fraud… ’cause they are still operating business as usual. Continue reading

Isn’t it a Bitch When They Lie…

And then they get caught?! No sense of consequence.

Painter

Failing to be honest costs a lot of money… omitting the truth is just as bad as lying.

Government extracts $2 billion in fines from JPMorgan in Madoff case

By , Published: January 7 E-mail the writer

Years of high investment returns at Madoff Securities left bankers in the London office of JPMorgan Chase skeptical of the methods of company chief Bernard L. Madoff. While the bank reported its suspicions to British authorities in 2008, it never said a word to anyone in Washington, the Justice Department says.On Tuesday, Madoff’s primary banker agreed to pay federal prosecutors and regulators more than $2 billion to resolve criminal charges that it failed to alert the government about Madoff’s Ponzi scheme. [Read more HERE]

Stern Words for Wall Street’s Watchdogs, From a Judge

In the New York Times – By Published: December 16, 2013

NTBTGTJWASHINGTON — It used to be common for the federal government to prosecute prominent people responsible for debacles that rattled the financial system. Michael R. Milken, the junk bond artist, went to prison in 1991; Charles H. Keating Jr., the face of the savings-and-loan crisis, pleaded guilty to four counts of fraud in 1999; and it looks like Jeffrey K. Skilling, the former chief executive of Enron, will be in prison until 2017. Continue reading

Is Jamie Dimon Still the President’s Favorite Bankster?

ROLLING STONE – FEATURE:
Chase, Once Considered “The Good Bank,” Is About to Pay Another Massive Settlement
By POSTED: July 18, 12:20 PM ET

Jamie Dimon Libor SubpeonasDuring the financial crisis, while Dr. Evil-ish Wall Street villains like Goldman and Lehman Brothers were getting all the bad press, pundits continually referred to J.P. Morgan Chase as the “good bank.” The myth of Chase as the finance sector’s one upstanding rock of rectitude reached its zenith in July of 2009 with an embarrassingly hagiographic piece in the New York Times entitled, “In Washington, One Bank Chief Still Holds Sway.” In that one, the paper breathlessly praised Jamie Dimon for emerging from “the disgrace of his industry” to become Barack Obama’s “favorite banker.”

Continue reading

FDIC – Hide & Sneak …and Seal

The Federal Deposit Insurance Corporation (FDIC) chairman serves at the pleasure of the President of the United States. During the financial crisis of 2008, Sheila Bair was chairman of the FDIC and was a member of a very small club: competent crisis-era financial regulators. Bair was one of the primary policymakers in Washington, DC during the 2007–2009 financial force majeure.

company-doeIt was during that time many banks and pretender lenders failed, including IndyMac Bank, FSB and Washington Mutual aka “WaMu”. Deals were contrived between banks by the FDIC as it stepped in as receiver to peel off assets making Master Purchasing Agreements between parties.

In some cases, like IndyMac and WaMu, these deals were struck before a bank could seek reorganization under bankruptcy protection. These “deals” included sealing documents that it appears pertain to sale agreements and the operations of the banks that probably should have led to a Securities and Exchange Commission investigation – rather than covering up the potential for fraud under court seal of, as it appears, the “Unassigned Records” as in the case of IndyMac. Continue reading

Kathleen Furey v. SEC: Wow, Just Wow!

Posted by Larry Doyle, SENSE ON CENTS on May 16, 2013

CORRUPTION SOCFor those with an interest in learning how our financial regulators fail to perform in upholding both the law and their duty to protect investors, the SEC is “the gift that keeps on giving.

As if we did not already know that the SEC has all too often failed to protect investors, let’s navigate and learn about the case of current SEC employee Kathleen Furey. From a recent complaint brought by Ms. Furey against the SEC: Continue reading