Category Archives: financial meltdown

Bank of America Forgot to Bribe Obama

Bank of America has agreed to a $335 million settlement over charges of racial bias. Two memes can be put to rest: one, minorities did not cause the meltdown — they were its foremost victims. Two, the president isn’t holding … Continue reading

Posted in financial crisis, financial meltdown, financial regulation | Leave a comment

Bank Of America Enters The Bunker

After the Forbes Assange interview, Bank Of America set out to prepare for the damage. NYT: Since then, a team of 15 to 20 top Bank of America officials, led by the chief risk officer, Bruce R. Thompson, has been … Continue reading

Posted in Banks, financial meltdown, WikiLeaks | 1,070 Comments

Wiki Cables Were Chaff; Target BOA; Is MERS On Deck?

I was right, the US diplomatic cables were timed to the Forbes article — and Assange has Bank of America in his sights. Wikileaks often runs into problems concerning how to present material and how to make it easier to … Continue reading

Posted in financial crisis, financial meltdown, open source intelligence | 522 Comments

Morning Awful: Who Owns My Mortgage?

In order to create the 2008 financial crisis and credit meltdown, a gigantic machine for making money out of money out of money first had to be invented and constructed, invisible to theĀ  naked eyes of media and government. That … Continue reading

Posted in credit crunch, financial crisis, Financial Derivatives, financial meltdown, Morning Awful | Leave a comment

Where Bloggers Go Wrong, I Think

David Axelrod has been floating the idea that banks just need a little more time, is all, after banks spent the last 27 months avoiding responsibility for mortgage fraud, therefore a national foreclosure moratorium is not needed. See how that … Continue reading

Posted in financial crisis, financial meltdown, Financial Reform, firebaggers | Tagged | Leave a comment

Foreclosure Fever

The president used his “pocket veto” last Friday to strike down an ugly bill that would have let banks foreclose on homes with out-of-state notaries. This was the banks’ way of trying to deal with all the bad paperwork from … Continue reading

Posted in financial crisis, Financial Derivatives, financial meltdown, Financial Reform, financial regulation | Tagged , | 1 Comment

The Fannie Mae, Freddie Mac Firebreak

Can we just review one important fact about these two institutions before we have a Senate debate on them? They were both privatized in 1968 — a fact central to the story of the meltdown: In the schizoid reality of … Continue reading

Posted in financial crisis, Financial Derivatives, financial meltdown, Financial Reform, financial regulation | Leave a comment

Trembling Titans Of Wall Street?

It seems the banks are suddenly rethinking their approach to the mortgage crisis. BOA and Citigroup now agree that judges should be able to fix a mortgage in bankruptcy court. Nasiripour reports: In December, the House failed to pass an … Continue reading

Posted in fiasco, financial crisis, Financial Derivatives, financial meltdown, mortgage crisis | 1 Comment

Now Would Be A Good Moment For Tim Geithner to Crave More Time With His Family

The attempted rescue of Lehman Bros. apparently amounted to the Fed buying shit securities: “The Fed legally is forbidden from taking such assets. There’s a legal requirement that the Fed’s assets be investment grade,” Rep. Alan Grayson (D-Fla.) told HuffPost. … Continue reading

Posted in financial crisis, financial meltdown, Timothy Geithner | Leave a comment

Consumer Financial Protection Bureau

Yes, firebaggers, Dodd has killed the CFPA after all…and replaced it with a CFPB that has authority to rewrite all lending rules. Elizabeth Warren loves it, but I’m sure someone can explain to me how it’s still a sellout because … Continue reading

Posted in 11-Dimensional Chess, financial crisis, financial meltdown, Financial Reform, financial regulation | Leave a comment

Failure to Disclose

Via Shahien Nasiripour at HuffPo: The examiner in charge of investigating the bankruptcy of venerable Wall Street investment house Lehman Brothers, the most expensive bankruptcy in U.S. history, said in a report publicly released Thursday that senior officials failed to … Continue reading

Posted in financial crisis, financial meltdown, Financial Reform, financial regulation | Leave a comment