Tag: ek Politics

Too little, too late.

Why the Foreclosure Deal May Not Be So Hot After All

Matt Taibbi, Rolling Stone

POSTED: February 9, 12:58 PM ET

A few weeks back, I was optimistic about it – I had been worried that it was going to contain broad liability waivers for all sorts of activities, and I was pleasantly surprised when I heard that its scope had essentially been narrowed to robosigning offenses.

However, now that the settlement is finalized, and I’ve had time to think about it and talk to people who know far more than I do about this, I’m feeling pretty queasy.

…

So they settled the case in a way that reads in headlines like it’s a bite out of the banks, but in fact is barely even that. There will be little in the way of real compensation for stuggling homeowners, and there are serious issues in the area of the deal’s enforceability. In fact, about the only part of the deal we can be absolutely sure will be honored in full is the liability waiver for the robosigning offenses.

With the rest of it — collecting on the settlement, enforcement of the decrees, all the stuff put in there to balance the deal in the consumer’s direction — there will be an uphill battle from this point forward to get the banks to comply. The banks meanwhile have no such uphill battle. They will get the full benefit of the deal (a release from costly litigation) from the moment the ink is dry.

Really this looks like America’s public prosecutors just wilted before the prospect of a long, drawn-out conflict with an army of highly-paid, determined white-shoe banker lawyers. The message this sends is that if you commit crimes on a large enough scale, and have enough high-priced legal talent sitting at the negotiating table after you get caught, the government will ultimately back down, conceding the inferiority of its resources.

…

My mistake in looking at this deal a few weeks ago, when details of it first leaked out, was in focusing on how much worse it could have been, instead of thinking about how bad it still is. The only acceptable foreclosure deal had to bring about a complete end to robosigning and the other similar corrupt practices that grew up around it (like for instance gutter service, the practice of process servers simply signing affidavits saying they delivered summonses, instead of really doing it).

But this deal not only doesn’t end robosigning, it officially makes getting caught for it inexpensive. Shame on me for ever thinking that might be a good thing.

Alexander Hamilton

Obama’s Guiding Principle: Leave No One Accountable

By: Scarecrow, Firedog Lake

Thursday February 9, 2012 8:35 am

(W)hatever you thought or feared was going on in America, and whoever you believed had caused the collapse of America’s economy, caused millions to lose their jobs, their homes and their retirements and continued to loot the country, it’s time to look forward. Because everyone who matters – and that’s not you – now agrees, they say, to function in the public interest, even though it’s a bald face lie, since nothing has changed and the looters and their complicit overseers are still in charge.

Obama’s people have performed this function for America’s looters over and over again. They did it for Wall Street, the banks, the rich tax evaders, the insurance companies, the oil companies, the gas companies, the coal companies, the CIA, the DoD, and numerous torturers and their legal/policy enablers and associated war criminals in the previous administration.

Consistent with this strategy, Obama’s team must silence, neutralize or punish anyone who protests or blows the whistle on the massive criminality and corruption involved.  It must also emasculate the left and what’s left of the liberal wing of the Dem Party, using the argument that the Administration is not nearly as awful as the other Party’s people, who openly glorify looting and killing and vilifying the victims.

But of course, when we were ruled by the latter, everyone with any humanity was repulsed by the open looting and killing and indifference and was willing to say so.  When the Administration sanctions it, however, we are supposed to bite out tongues, because it could be worse.

Well, it’s worse, and it’s more insidious and corrupting of our souls than where we were four years ago.  It is evil.

You’ll have to forgive me if I’m not over excited by Matt Taibbi’s latest which I think entirely misses the point.

After all, this is a man who celebrated Schniederman’s appointment as a  victory instead of just another sell out which we are seeing right now in Obama’s cave on birth control is the only mode this administration knows.

Sophisticated snark?  Never bought that for an instant Matt.

He does make several points that I’ll repeat to save you the agony of plowing through the source–

Goldman’s numbers, to me, offer a hilarious counterpoint to Sherman’s piece. The bank’s earnings in total for last year were $4.4 billion, down some 65% off of last year’s numbers. Its revenues for the year were down 26%. Despite these bummerific numbers, Goldman reduced bonuses and compensation by only 21%, down to $12.2 billion, certainly a number to weep over. If the era of outsized bonuses is over, how come the biggest banks aren’t even cutting them to match revenues, much less profits? One could even interpret Goldman’s numbers as a major increase in the size of the bonus pool, relative to earnings.

But what about other banks? Well, Citigroup also saw a drop in revenues for the year (although its net income actually went up, from $10.6 billion to $11.3 billion). But what was most concerning was the bank’s crappy fourth quarter, when it suffered an 11% drop in earnings.

…

(N)ow Wall Street is being threatened with a return to those “quaint” days of loaning money and supervising bond issues and such.

…

Look, the financial services industry should be boring. It should be quaint. Let’s take the municipal debt business. For ages, it was a simple, dull, low-margin sort of industry, in which banks arranged municipal bond issues and made small but dependable profits as cities and towns financed improvements and construction projects.

That system worked seamlessly for decades, until people like Sherman’s interview subjects suddenly decided to make the business exciting. You know what happens when you make municipal debt exciting? Jefferson County Alabama happens. Or, on a macro level, Greece happens.

When making a few points on mere bond issues stops being enough, and you have to cook up crazy swap schemes and indices to bet against those schemes, ingenious scams allowing politicians to borrow billions of dollars that they will never in a million years be able to pay back, you might end up getting a few parks, schools, and subways in New York.

But what you get everywhere else is a giant clusterfuck that costs the rest of us years and even more billions of tax dollars to remedy.

This is what the protests are all about – it’s anger that Wall Street has been profiting from an imaginary economy that leaves bankers overpaid, but creates damage everywhere else. Sherman doesn’t get this.

Matt doesn’t seem to get it either.

Why are we supporting Republican policies again?  You’ll have to speak a little louder, I’m a mite deaf in that ear.

6 pm tomorrow.

Oh, so not the haircut you thought I was talking about.

How about this-

Banks Paying Homeowners to Avoid Foreclosures

By Prashant Gopal, Bloomberg News

Feb 7, 2012 12:00 AM ET

As lenders shift their focus to sales, they are finding that some borrowers would rather risk repossession while they wait for a loan modification, according to Guy Cecala, publisher of Inside Mortgage Finance, a trade journal. In a loan modification, the monthly payment, and sometimes principal, is reduced to help prevent seizure. Homeowners facing foreclosure may live rent-free for years before they are forced out.

“That’s why the banks have got to pay the big bucks,” Cecala said. “The real question is why is the bribe so big? Is that what it takes to get somebody out of their home?”

…

Cecala of Inside Mortgage Finance said he wonders whether lenders are making big payments on properties with underlying title problems. Evan Berlin, managing partner of Berlin Patten, a real estate law firm in Sarasota, Florida, said representatives of a large bank told him the incentives are primarily given to borrowers when it doesn’t have the proper paperwork needed to win its foreclosure case.

Because that’s where the money is-

Greece, Troika Work on Final Rescue Draft

By Marcus Bensasson, Maria Petrakis and Natalie Weeks, Bloomberg News

Feb 7, 2012 9:45 AM ET

Adding to pressure on Papademos and political leaders jostling ahead of the elections, the biggest public-sector and private-sector union groups, ADEDY and GSEE, held a 24-hour general strike today, shutting down government services, courts, schools and ferry services. Dockworkers and bank employees also walked off the job while a walkout by culture ministry workers forced the closure of museums and other tourist attractions.

“What is taking place isn’t a negotiation,” GSEE president Yannis Panagopoulos said in an e-mailed statement. “It’s raw, cynical blackmail against a whole people.”

…

The troika argues that lower wage costs is among reforms necessary to boost competitiveness in the country. Those opposed say the cuts would deepen the country’s recession, now in its fifth year.

Antonis Samaras, the head of the second-biggest party, New Democracy, has indicated he will oppose measures that will deepen the country’s downturn.

Guarantees from Greek political leaders such as Samaras, who leads in opinion polls, are key to securing the funds from the EU and IMF. International lenders want assurances that whoever wins the next election will stick to pledges made now to receive financing.

The rescue blueprint includes a loss of more than 70 percent for bondholders in a voluntary debt exchange that will slice 100 billion euros off 200 billion euros of privately-held Greek debt and loans that will probably exceed the 130 billion euros now on the table. A formal offer for the debt swap must be made by Feb. 13 to allow all procedures to be completed before the March 20 bond comes due.

Creditors are prepared to accept an average coupon of as low as 3.6 percent on new 30-year bonds in the exchange, said a person familiar with the talks, who declined to be identified because a final deal hasn’t been struck yet.

The End of Wall Street As They Knew It

By Gabriel Sherman, New York Magazine

Published Feb 5, 2012

To understand how radically Wall Street is changing, you have to first understand how modern Wall Street made its money. In the quaint old days, Wall Street tended to earn its profits rather boringly by loaning money, advising mergers, and supervising bond issues and IPOs. The leveraging of the American economy-and the supercharging of the financial industry-began in earnest in the early eighties. And banks have profited from a successive series of financial bubbles, each bigger and more violent than the one preceding it. “Wall Street did a really good job convincing people it was really complicated and they were the only ones who could do it and it justified paying them millions of dollars,” a former Lehman trader explained. Credit was the engine that powered the explosion in bank profits. From junk bonds in the eighties to the emerging-markets crisis in the nineties to the subprime mania of the aughts, Wall Street developed new ways to produce, package, and sell debt to willing investors. The alphabet soup of complex vehicles that defined the 2008 crash-CLO, CDO, CDS-had all been developed to sell more credit. “If you look at the past 25 years, the world economy was going through a process of leveraging,” a senior Citigroup executive said. “Debt has grown faster than economic growth. The banking industry was at the epicenter of facilitating the growth of credit creation. It drove every business.”

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After the big investment banks went public, the sense of restraint that sometimes could hold back private partnerships from taking on too much risk-it was their own money-was removed. Bank earnings and ever-rising asset values allowed them to borrow ever-larger amounts of money, which in turn juiced ever-greater profits. Banks, which had previously made their money advising corporations and underwriting securities, essentially became giant hedge funds (in 2007, Morgan Stanley held $1.05 trillion in assets supported by just $30 billion in equity). The triumph of the Wall Street system was the exploitation of the real-estate boom: Real estate enabled the biggest credit bubble ever conceived-and a bust of similar magnitude, which some shrewd traders also took advantage of. “The mortgage mess is the biggest financial mess we’ll see in our lifetime,” Jamie Dimon told me.

And without real estate to fuel growth, many on Wall Street know it’ll be a long time before there is ever a profit center like it again. “The number of houses being sold is 25 percent of what it was,” a former Lehman trader says. “You don’t have the mortgages behind it. Essentially the pump has stopped working. All the IPOs, the mergers-everything is slowing down. And the number of new homes will never jump back to what it was. If you look at history, the past 50 years have been incredible. Never has there been a period of time of so little disease and so few wars and such growth of such absurd wealth.”

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(R)ecently, hedge funds have fared just as poorly as the banks. The bad economy plays a role in this, of course. But just as important is the fact the hedge-fund industry is almost as overbuilt as the housing and credit markets that drove its profits. In 1990, there were 610 hedge funds in the world. In 2000, there were 3,873; in 2011, there were 9,553, according to a report by Hedge Fund Research. All these funds are chasing fewer surefire trades. “When markets are panicked and there’s global risk fear, the markets move in the same direction,” one analyst at a Manhattan hedge fund says. “It’s just a lot harder to make money.” The easy, obvious plays are oversubscribed, which shrinks margins.

…

“We used to rely on the public making dumb investing decisions,” one well-known Manhattan hedge-fund manager told me. “but with the advent of the public leaving the market, it’s just hedge funds trading against hedge funds. At the end of the day, it’s a zero-sum game.” Based on these numbers-too many funds with fewer dollars chasing too few trades-many have predicted a hedge-fund shakeout, and it seems to have started. Over 1,000 funds have closed in the past year and a half.

…

On Wall Street, the misery index is as high as it’s been since brokers were on window ledges back in 1929. But sentiments like that, accompanied by a full orchestra of the world’s tiniest violins, are only part of the conversation in Wall Street offices and trading desks. Along with the complaint is something that might be called soul-searching-which is, in itself, a surprising development. Since the crash, and especially since the occupation of Zuccotti Park last September (which does appear to have rattled a lot of nerves), there has been a growing recognition on Wall Street that the system that had provided those million-dollar bonuses was built on a highly unstable foundation. Disagreeable as it may be, goes this thinking, bankers have to go back to first principles, assess their value in the economy, and take their part in its rebuilding. No one on Wall Street liked to be scapegoated either by the Obama administration or by the Occupiers. But many acknowledge that the bubble­-bust-bubble seesaw of the past decades isn’t the natural order of capitalism-and that the compensation arrangements just may have been a bit out of whack. “There’s no other industry where you could get paid so much for doing so little,” a former Lehman trader said. Paul Volcker, whose eponymous rule is at the core of the changes, echoes an idea that more bankers than you’d think would agree with. “Finance became a self-justification,” he told me recently. “They made a lot of money trading with each other with doubtful public benefit.”

Pobrecitos.  Que lastima.

Waiting for slaughter.

Today I’m going to pick on the National Council for La Raza which you may remember fondly as a Hispanic empowerment group on the forefront of Immigration Reform.

Having completely and totally failed at changing the Obama Administration’s worse than George W. Bush deportation policy (MSNBC, not exactly a hotbed of rumor and innuendo), La Raza has now attempted to gather the shreds of credibility that remain to sell out once again in defense of the Obama Bankster Bailout: Robo Signing Edition.

This did not escape my notice over at The Great Orange Satan-

Attorneys General: It’s Time to Close the Deal

by NCLR

Mon Jan 30, 2012 at 11:58 AM PST

Details of a $25 billion robosigning settlement have begun to emerge and if the reported details are accurate, there is much to celebrate.

…

Clearly, $25 billion is not enough to repair all of the damage done to our homes and the economy, but that is why the robosigning settlement is only part of the solution. One of the most important deals struck in the negotiation is on the releasing of future legal claims. This means that the AGs and the Department of Justice can continue to pursue civil rights, origination, and securitization claims. In fact, the financial crimes task force, investigations underway by AGs in California, Nevada, and Massachusetts, and the Department of Justice’s landmark settlement with Countrywide give us every reason to believe that the march toward accountability is off to a good start. The robosigning settlement should be the next step. It is time to deliver the first installment of relief for homeowners that have not a moment to lose.

Is this the policy of La Raza?

If so it’s remarkably short sighted nor does it seem to match the policy goals of your organization.

This is a ridiculously small amount of money to cover over $700 Billion in lost value and most of it comes not from banks, but from the same taxpayers that bailed them out.

This is a horrible settlement on every level.  Supporters should be ashamed.

by ek hornbeck on Mon Jan 30, 2012 at 01:50:53 PM PST

NCLR Policy on AG Settlement

NCLR’s policy goal is to maximize relief for families in the timeliest fashion possible.  As we noted in the blog post, we agree that $25 billion is will not meet demand or atone for all the harms caused by the financial crisis. However, it is an important first step at a time when we really need momentum. The deals preserves the ability of the Department of Justice and the state Attorneys General to continue pursuing financial criminals and holding them accountable.  It would be short-sighted, and quite frankly irresponsible, to walk away from $25 billion and drag out negotiations for another six months or a year, while millions of families continue to slip toward foreclosure.  The settlement is not perfect and advocates will have to remain vigilant.  NCLR will continue our drumbeat for justice and meaningful relief for the millions of Americans who have been victimized by improper lending practices.

by NCLR on Tue Jan 31, 2012 at 07:50:06 AM PST

Oddly enough it’s the very same Janis Bowdler that Yves Smith cites today-

(S)ome core constituencies aren’t buying what the Administration is selling:

Aides to President Barack Obama have in recent weeks courted civil rights groups and borrower advocacy organisations, scheduling meetings and calls in an attempt to gain support for the expected settlement and muffle criticism from key political allies… The meetings have occasionally served as a “gripe session”, as one participant called them, because many of Mr Obama’s most ardent supporters have criticised the pending deal’s terms for the degree of relief provided and the extent of the release from legal claims it provides for banks desperate to minimise mortgage-related liability… Janis Bowdler, a housing expert at the National Council of La Raza, the largest US Hispanic civil rights group, said the settlement would be a good start for the White House as it seeks to prove it is doing all it can for homeowners. “Wrapping up the settlement now is the right thing to do, but it’s only going to be a win for them politically if they follow up with the financial crimes task force,” Ms Bowdler said…”Otherwise, if this is it, and they’re satisfied with just $25bn, I don’t think that will be enough to convince voters that they were doing all they could to fix the housing market.”

Oh, they plan to do more: put some small and maybe even mid sized players in stocks in the town square, the closer to the elections, the better. As we know all too well, the Administration only wants to appease voters, not fix the problem. What it seems to fail to recognize is the the housing market is in such distress that token measures and gimmickry are unlikely to do the trick.

La Raza.  A sold out failure on every level.  Exactly as influential as Planned Parenthood.

DHinMI called me dangerous and edgy.  Well, I am.

Norton Anti-Virus is itself a virus that makes it impossible to maintain your computer without paying a yearly rent to Symantec and has only middling effectiveness at its purported purpose.

Don’t pay?  Your computer crashes and you have to wipe it and re-install the operating system.

pcAnywhere is malware that allows remote users to hijack your machine.

It was Symantec and their police handlers who introduced money into the equation.

I encourage you to download a torrent today and leave it to seed.  Free Download Manager is not only free, but superior.  It also offers a BitTorrent client that you can selectively turn off and on and resumable downloads and error correction.

Anonymous: Symantec Offered $50K for Stolen Code, Plus a Lie

By Mark Hachman, PC World

February 6, 2012 08:36pm EST

Members of the Anonymous network released an email thread on Monday that claims that Symantec offered $50,000 in return for the guaranteed destruction of code tied to its pcAnywhere and Norton Antivirus tools.

…

The group said later that the code would be released. Separately, Anonymous released emails from the legal team who represented Frank Wuterich, the staff sergeant who led an assault on the Iraqi city of Haditha that left 24 unarmed civilians dead.

According to the email chain, Sam Thomas, an employee of Symantec, began negotiations with “Yamatough,” a member of the Lords of Dharmaraja group using a Venezuelan email address, on or about Jan. 18. According to the emails, Symantec asked Yamatough and the group to lie about having accomplished an earlier 2006 hack, which obtained the code.

Hackers sought $50,000 from Symantec for anti-virus blueprint

By Frank Jack Daniel, Reuters

Tue Feb 7, 2012 3:46am EST

An email exchange released by the hacker, who is known as YamaTough and claims to be based in Mumbai, India, shows drawn-out negotiations with a purported Symantec employee starting on January 18.

…

“In exchange, you will make a public statement on behalf of your group that you lied about the hack.”

The hacker said he never intended to take the money and warned he would soon release the blueprints for Symantec’s pcAnywhere and Norton antivirus products.

“We tricked them into offering us a bribe so we could humiliate them,” YamaTough told Reuters.

Listen up you elitist cheese-eating surrender monkeys.  Chuck Murray (so much less elitist than Charles) of Bell Curve uhh… fame? has a quiz to determine if you are a real ‘murikan or not.

For the record I scored a dismal 59.  Questions in bold.  Scoring in plain type.  My feeble excuses in italic.

BASIC CABLE, NY – After a decades-long battle that spanned nearly two weeks, Stephen Colbert has wrested control of Colbert Super PAC from the clutches of his arch-nemesis and dear friend, Jon Stewart. Colbert then showed his deep commitment to transparency by disclosing the Super PAC’s financial information several hours before being legally required to.

“Colbert Super PAC has brought in a staggering $1,023,121.24, which my accountant explains to me that is a number far above ‘one,’ ‘two,’ ‘five,’ or even ‘many'” said Stephen Colbert, President and Returning Champion of Colbert Super PAC. “We raised it on my show and used it to materially influence the elections – in full accordance with the law. It’s the way our founding fathers would have wanted it, if they had founded corporations instead of just a country.”

Colbert Super PAC sent their forms to the Federal Election Commission on Tuesday at 12:01 AM, making them the first to file on the last filing day. Copies of the form can be found on the internet by Asking Jeeves, or simply clicking here.

Colbert Super PAC, temporarily known as The Definitely Not Coordinating With Stephen Colbert Super PAC, is officially registered as Americans For A Better Tomorrow, Tomorrow, and is considering changing it again to John Colbert Cougar Super MellenPAC.

Stenography- the fundamental principle of modern journalism.

Sigh, by the lateness and brevity you can see my general level of interest.  Polls just closed in the eastern part of the State, but they won’t report results until the panhandle closes at 8 pm ET.

Many outlets are releasing their exit polling and all I have to say about the whole fiasco is this- Gingrich, win or lose, is doing far, far better than the high priced pundits predicted before South Carolina.

They’re idiots.  They don’t know anything.

Elite my ass.  You’re objectively less informed and dumber if you watch them so why do you do it?

If you want to kill brain cells my best advice is to get really drunk.  Power drill lobotomies also work.

(Note: Easily imitable acts are satire and intended to be interpreted sarcastically, not seriously.  I do not advocate home brain surgery.)

Title Law goes back over 5000 years and is literally the foundation of Law and the concept of Property and Ownership itself.  It’s highly ironic that Banksters and their excuse making apologists are so willing to dispense with it, otherwise how do you assert any privilege over those Communist Occupier types?

I mean, if anyone can forge a scrap of paper and foreclose on you…

Robosigning = Smoking Gun

By: Cynthia Kouril, Firedog Lake

Tuesday January 31, 2012 9:53 am

There are a few voices emerging suggesting that the current iteration of the %) AG settlement is somehow wonderful, or at least OK, because it only immunizes robosigning. “Only”, as if robosigning was some benign peccadillo, instead of a massive conspiracy to commit forgery and perjury that is systematically driving our population into homelessness AND continuing to drive down the value of our homes.

Peter Henning writing for NYTimes Dealbook thinks… that most of the bad guys will get off for lack of evidence.

…

(T)here certainly is a smoking gun, thousands of them, actually. They are the robo signed documents forged after the fact to try to create the false impression that the mortgages and notes were transferred to MERS and into REMICs in a timely fashion. Add to that the formation documents for MERS and the Pooling and Servicing agreements for the REMICs and you have a case that is VERY easy for a judge and jury to understand.

Even the normally laser visioned Matt Taibbi doesn’t get it. He thinks that robosigning immunization will only hurt the homeowners trying to stave off foreclosure from an entity that has no standing to foreclose, as if that wasn’t enough all by itself.

…

What both Henning and Taibbi are missing is that the easiest way for the pension funds and the hedge funds to win in court is to have a narrative that the jury can understand. Critical to that narrative is that the robosigned documents are of no legal effect; just like a forged dollar bill is of no legal effect and has no value once you realize that it’s counterfeit.

If this horrendous settlement is allowed to go through and sprinkle magic pixie dust on these forgeries and perjuries and by some alchemy that eludes me turn them into documents that can be used to “prove” what’s contained in them (thereby turning everything I ever knew about the rules of evidence inside out) then the pension funds and other purchasers of MBS will not be able to prove the truth, namely, that the REMICs they bought were empty or largely empty and that they are entitle to rescind that purchase.

If robosigning is immunized you screw millions of homeowners, but you also screw the very banks and hedge funds and pension plans that the 1% are so interested in protecting.

The deal sabotages everything because the robosigning is the smoking gun. No one resorts to creating fabricated documents unless they are desperate and know they have no other hope of winning. It’s the legal strategy equivalent of a Hail Mary Pass. Had the robosigning never been exposed, they might have gotten away with winning through perjury, but now that it is exposed, the idea of immunizing it is preposterous.

Each and every robo signed document is a crime.  A FORGERY!  There is no need to investigate, the document is right there in front of you.

Any Sort of Robo Signing Immunity Is a National Tragedy

By: Cynthia Kouril, Firedog Lake

Tuesday January 31, 2012 3:21 am

I am a HUGE fan of Matt Taibbi’s. HUGE. So it pains me to write this:

WTF is he calling giving a pass to massive -and easy to prove- fraud like robosiging a/k/a FORGERY, a “Victory” for the public? I think the man has lost his mind.

Look, the securitization frauds are important, no doubt about it. However, the entities harmed by the securitizations, other banks, big pension funds, etc. all have armies of very competent lawyers to protect them in civil suits. In contrast, homeowners trying to stop a bank that doesn’t even have the paper work to show it has a right to throw them out of their houses have very few resources with which to fight.  They also often face state court judges who are disinclined to believe the homeowners. Without both civil AND CRIMINAL cases proving the robo signing, they will continue to be swindled out of their homes.

It’s not like robo signing is a thing of the past, it’s still going on. I’ve seen examples of robo signing executed within the last few months. The document mills have not closed down; what do you think all those people do all day long?

If Schneiderman signs on to this then the question of who rolled whom with this second mortgage task force is answered and all Americans will know that the last roadblock to banksters getting away with the biggest heist in history has been removed. We will also know that foreclosures will take off at breakneck speed and more homeowners than you can imagine, and their children, will be homeless.

That’s not my idea of a victory for anyone, except the 1%. No, Matt, immunity for robosigning will be a Tragedy For The Public.

Not even for the 1% Cynthia.  That’s my Rolex motherfucker.  Hand it over.