Big Banks Sued Over Mortgage Failure / Fraud

JTP50 said:
Let´s see how Warren Buffet takes it.... Might see his multi billion dollar investment into the Bank Of America - one of the culprits to sue - see go down the legal drain now.
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Buffet gets a 6% return on his $5B + Capital appreciation.

Plus he got 10 year warrants for purchasing 700MM add'l shares (another $5B) - those are worth at a min. $3each = $2.1B ( (I know much more but the stock was only at $7)

Plus he is in bed with Obama and now this too big to fail bank.

Win-win-win for him.

The 6% alone is great in this rate environment. Its not so easy to always get 6% with $5B. I mean I can get you 20%-40% guaranteed by....... well thats secret unless you ave the money .... on $100MM. I can even get you 45% on $1MM fully secured. But $5B, with everything else on his hands, that gets more difficult. So why not park $5B into the plan?
 


What's the surprise here?

We're all fucking peasants.

They take your money, and give it to the banks. Then they use your money to sue the banks.

The banks don't actually make money, because they get to issue cash for free with fractional reserve lending under the Federal Reserve cartel.

If you don't understand fractional reserve banking, you really don't understand how badly you are being fucked.
 
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lukep said:
Bloomberg ran this too.

It will make the world lose even more confidence in the US than they already have somehow for the US government to Sue the very same banks we bailed out over this exact same issue.

It will also totally negate the bailout, causing these banks to likely go under.

Clearly this cannot come to pass. I'm really suprised bloomberg was allowed to report on it at all.
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It´s all over the news networks in Europe as well. No news broadcast without it right now.

I think this step might win a lot of votes back for the Obama administration. Many people are pretty fucking pleased to learn that some big bastards get finally held responsible and it is not the tax payers alone who pay for this fraudster bailout the Bush administration had pushed through up on Capitol Hill.
 
Deliguy said:
We're in the wrong business boys.

Huge billion dollar investment scandals, money laundering, mexican drug cartel lending, gold shortsellings etc. and the FTC barely blinks at it before they spend the rest of their day staring at testimonials on our websites.
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It's enough to make ya scream! RIDICULOUS! :error:
 
guerilla said:
What's the surprise here?

We're all fucking peasants.

They take your money, and give it to the banks. Then they use your money to sue the banks.

The banks don't actually make money, because they get to issue cash for free with fractional reserve lending under the Federal Reserve cartel.

If you don't understand fractional reserve banking, you really don't understand how badly you are being fucked.
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for those too lazy to read/more into watching stuff: khanacademy has a series on (fractional reserve) banking
 
The cost of fuel mostly goes up because it is denominated in dollars. That effect will hurt rail as well.
 
1- obvious move to get obama votes in 2012. wont win in court.
2-where are the criminal charges???

/
 
Yuckystuff said:
Think volume guerilla. The cost to transport via rail is far cheaper than truck.
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If that was true, rail would already be dominating.

Yuckystuff said:
This difference will be magnified as costs of fuel increase regardless of denomination.
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It's like you didn't even understand my point.

Knowing economics should be a minimum requirement to comment on the economy or business.
 
JTP50 said:
It´s all over the news networks in Europe as well. No news broadcast without it right now.

I think this step might win a lot of votes back for the Obama administration. Many people are pretty fucking pleased to learn that some big bastards get finally held responsible and it is not the tax payers alone who pay for this fraudster bailout the Bush administration had pushed through up on Capitol Hill.
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Ring a ding ding we have a winner.

Obama you're adminstration sucks balls... hmmm sue banks?

Nice thinking - the retard vote is an important vote.
 
One of the fraudster banks is Deutsche Bank which happens to be the biggest bank in Germany.... Looks like the FED had already sued them back in May over this.

Their scams have led to entire neighborhoods become so run down and desolate that people are not even able to live there anymore.

Guess who pays for the community´s efforts to restore them?

Yep, that´s us.... the tax payers
 
Yuckystuff said:
Buffet's investment in BofA was a sweet deal, just like his investment in Goldman Sachs. But what's really going to make Berkshire powerful (long after Buffet is dead) is BNSF which they bought outright last year, giving them control of half the nations rail system west of the Mississippi. As the cost of fuel continues to go up, you're going to see the nation become completely dependent on the rail system to get food from the heartland to the grocery stores. Controlling half that infrastructure will be worth more than anything else Berkshire owns by far.

BNSF%20System%20Map.jpg
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Actually Obama is trying to kill the coal industry. If he gets his way the rail system will die. All depends on who gets elected in 2012.
 
What I don't understand is, were the mortgage contracts all these "victims" signed misleading?

I understand the adjustable rate caught a lot of people, but even so, couldn't you just refinance into a fixed rate before things got hiked up? Why would anyone expect their interest rates to actually go down, and even worse, plan their livelihood around unrealistic "best case scenarios".

If they didn't understand the contract, that's the attorneys job. They have to have one anyways at closing, why not ask him a question or two?

When your obligating yourself to paying for something as huge as a home purchase, shouldn't it be top priority to make sure you understand every aspect of the obligation? It's *kind of* important.
 
You see, this shit happens every since millennium and somehow now only do we not learn from our past mistakes but keep digging a bigger hole. Well then again who can blame the greediness of these people, I know I would be greedy as hell.
 
Yuckystuff said:
You just got owned in our last debate, perhaps you shouldn't be so cocky.

Historically, the price of coal is cheaper and more stable than oil and gas. There is also a far bigger supply of coal than gas and oil. There is also the issue of where we get a lot of oil from vs coal, and the instability caused by those relationships. I could go on, but I won't.
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But you have to understand regulations are going to push the price way the fuck up. Obama set to cut like 6,000 some jobs from the coal industry. This will effect the power industry, the rail industry, mining industry and machine industry will just keep going down the line.

Hopefully his bullshit doesn't pass.

I fail to see how guerrilla got owned. I would say you got owned by your own ignorance and failure to open your mind.
 
Yuckystuff said:
No, I guess the 4 guys on this forum that still believe in Anarchy being viable wouldn't have seen it that way. Judging by the outpouring of PM's and +reps I got I'll claim victory.
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I'll bet you can guess which logical fallacy you've just stepped on (again). ;)

Y'know, one might say that historically, guerilla hasn't been owned in economic threads on WF. Ergo, such a thing must be impossible. I kid.
 
Yuckystuff said:
No, I guess the 4 guys on this forum that still believe in Anarchy being viable wouldn't have seen it that way. Judging by the outpouring of PM's and +reps I got I'll claim victory.
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because points on the internet matter. Just because a lot of people agree doesn't make it right. That's how kristallnacht happened.
 
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