Too bad Alan Grayson wasn’t there. Khuzami could’ve get quite a run for his money.

In the meantime, Congress and the White House (yes dear Obamabots…the Man himself is involved in this shit) continue their relentless assault on basic constitutional rights.

I’m telling ya: CPD is merely following the example coming from the top.

Tryin’ to remember.

A nickname given to Ezra Klein…who the hell gave this surname I’m lookin’ for?

[Scanning Internet]

Yves Smith?

Hmmm!

Bingo!

Ezra “Baghdad Bob” Klein.

LOL! Makes sense; explains why he became such a sought-after “punditofuckologist”

Donovan is such a tool!
OCC’s sole purpose is to blow job the big banks.

Enough said!

In less than two decades, the United States has been converted into a Banana Republic.

Like Glennzilla wrote: Liberty and Justice For Some. The rest of us are supposed to expect being shafted.

As for Mary Schapiro, she deserve the worst public humiliation possible. But no “media star” (read: the ditto head parroting the govermin script on teevee) will ever go Jake Tapper on an elite representative of High Finance.

The deterrent value is obvious: It deters the accused firm of passing over regulators who are dying to go work for a fat paycheck on Wall Street.

But…war is a bipartisan affair with so much money and jobs (not really but that’s the propaganda) flowing to the Congressfuckers’ districts; hence, its supreme importance in real politik

Cynical enough?

“Seriously how do you clean out a thoroughly corrupted “Justice” Dept.” The Egyptians did it confronting a system that is much worse than what we have.

Seriously, we should all Occupy next spring and summer. Alas, for that to happen, there will be a need for much more losses of wealth, future prospects and freedoms.

BTW, what David Atkins doesn’t say (or want to say) is that it is very possible the AGs had NO choice.

“How’s that?” you ask?

Let me start by answering with a question: Ever wondered why the rating agencies were never utterly punished for their criminal behavior that helped A LOT to foster the financial crisis?

Answer: Because they are VERY useful (and powerful) tools for the powers that be. Consider what S&P did to the state of Georgia:

In the early 2000s, several states attempted to rein in an increasingly obvious predatory mortgage lending wave. These laws, pushed by consumer advocates, would have threatened the highly profitable mortgage securitization pipeline.

S&P used its power to destroy this threat. Josh Rosner and Gretchen Morgenson told the story in Reckless Endangerment.

Standard & Poor’s was the most aggressive of the three agencies, however. And on January 16, 2003, four days after the Georgia General Assembly convened, it dropped a bombshell. Because of the state’s new Fair Lending Act, S&P said that it would no longer allow mortgage loans originated in Georgia to be placed in mortgage securities that it rated. Moody’s and Fitch soon followed with similar warnings.

In other words, these fuckers used their monopoly power on credit rating to blackmail Georgia General Assembly. “No more reasonably priced credit for you if you fuck with our money spigot…got that? Unless, of course, you’d like to tax your constituents a lot so you can pay-as-you-go for improvements.” Georgia politicians knew damn well CONgress would never help them, busy as they were to intervene in Iraq, in Terry Schiavo’s private affairs and so on and so forth.

It was a critical blow. S&P’s move meant Georgia lenders would have no access to the securitization money machine; they would either have to keep the loans they made on their own books, or sell them one by one to other institutions. In turn, they made it clear to the public that there would be fewer mortgages funded, dashing “the dream” of homeownership.

It was an untenable situation for the lenders who had grown addicted to the securitization money spigot. With S&P shutting it off to abusive lenders, it was only a matter of time before the Fair Lending Act was dead.

To Brennan and other consumer advocates, it was a shocking and devastating moment in the battle against predatory lending. “We were stunned when we saw the press release,” Brennan said. “We thought, where does this come from?”

Oh! This level of naivete is so touching, it’s be cryin’!

Standard & Poor’s said it was taking action because the new law created liability for any institution that participated in a securitization containing a loan that might be considered predatory. If a Wall Street firm purchased loans that ran afoul of the law and placed them in a mortgage pool, the firm could be liable under the law. Ditto for investors who bought into the pools.

“Transaction parties in securitizations, including depositors, issuers and servicers, might all be subject to penalties for violations under the Georgia Fair Lending Act,” S&P’s press release explained.

Translation: “D’ya think the Rule of Law is applicable to Us, The Financial Elites? Mbwahahahaha!”

It ended with a warning: “Standard & Poor’s will continue to monitor this and other pending predatory lending legislation.” In other words, any states that might have been considering strengthening their predatory lending laws as Georgia did should beware.

That press release is here. S&P was aggressively killing mortgage servicing regulation and rules to prevent fraudulent or predatory mortgage lending.

I’m willing to bet my last kwacha that Timmy Gangster and Ben BurntWinkie used this threat to coerce the recalcitrants. After all, the Fed has shown a disgusting willingness to play favorites and pick winners and losers in the financial sector. It’s not as if this was new and unpredictable behavior.

But I would advise that progressive wrath be focused where it belongs: on Holder, on the President, on the financial institutions and their executives (of course), and on the entire neoliberal ideology that enabled this situation to occur in the first place.

I sure can accept that! Alas, as someone aptly wrote on Twitter:

Unwavering obedience, assiduous practice of Doublethink and Crimestop is alive and well within US #progressive ranks. http://www.salon.com/2012/02/08/repulsive_progressive_hypocrisy/

Short of another economic Armageddon, Obama already won the presidential election and has absolutely nothing to fear from the sheeple called his base.

Soooooo, Megan Carpentier, Katha Pollit and all Obamabots!

How d’ya like it to witness this travesty of justice by Da Man? What do you think will happen to YOU, when this trashing of the Rule Of Law will be exercised on what you hold dear?

Stay tuned, because this government is not done yet.

As for the next GOP government that shall eventually come, get ready for exile.

Pick your poison!

While the foreclosure fraud settlement is not supposed to release MERS claims

Quid? Tu quoques fili?

Allow me to quote Santa Claus: “Oh! Oh! Oh!”

Have a look at this post and this follow up too, from Yves Smith, who truly knows the mortgage securitization market.

When it comes to financial fraud, it is imperative to remember that Obysmal will do whatever it takes to avoid inconveniencing the banks in any way, shape or form.

“Cry me a freaking river”

Not a chance since YOU shall cry one, and sooner than you think.

Somebody?
Try Geithner, Shaun Donovan, the OCC (those Yves Smith called the blow jobs dispensers to Wall Street) and…shall I continue?

All these incapable asshats truly believe that the recovery will be upon us the minute we will (Got your airbag at the ready?) “Look Forward, Not Back!” in housing.

If people like Pam Bondi really wanted to help Florida homeowners, the State could’ve done so financially, THEN turn around and mercilessly investigate and prosecute financial miscreants for complete restitution of the sums advanced to distressed homeowners AND jail time. Of course, compromised shills and criminal enablers like Pam Bondi do not really care about homeowners. Instead, the grade-AAA broad has an abundant history of siding with the bandits while letting others, and her own staff do the dirty deeds.

The depth of corruption of the States and federal government is reaching very worrisome proportions. Dick Durbin was right:”The Banks own the place!“

It’s only DISCLOSURE of what they’re doing

Disclosure has the same effect on these people than light on the cockroaches.

both Smith and House Judiciary Committee ranking member John Conyers (D-MI) sung its praises in a hearing last month.

The Totalitarian Temptation is alive and well in the Declining Empire, ain’t it?

http://www.techdirt.com/articles/20111208/08225217010/breaking-news-feds-falsely-censor-popular-blog-over-year-deny-all-due-process-hide-all-details.shtml

http://www.techdirt.com/articles/20111208/14521817014/mpaa-boss-if-chinese-censor-internet-without-problem-why-cant-us.shtml