Comments on: Two New Fraud Deals Show Wall Street’s Washington Insiders At Work

By: lorielevine

lorielevine — Tue, 08 Jan 2013 20:34:33 +0000

Wells Fargo also likes to wear two (or more) hats. In 2004 Wells Fargo Corporate Trust Services of Minneapolis “reorganized” the investments of the owners of long term investment notes for American Business Financial Services( a nasdaq company). They divided each total investment in half, and put 50% into the company’s preferred stock, the other 50% into shorter termed senior collaterized investment notes. Less than 6 months later the company filed for bankruptcy, at which time Wells Fargo became the bankruptcy trustee!! Of course the stock was worthless, and investors never saw their investment notes to maturity . Over 700Million dollars was “somehow” lost (or never returned). The bank ceos, accountants, and lawyers have managed to stay very busy even today(8years later). I wonder what kind of progress they’re making??? I myself lost over $150,000 in principal alone at that time. Eight years later that would have been close to half a million had they allowed investers to reinvest before the maturity dates(which they did not). They laughed in our faces while stealing our money, remaining on the payroll without paying interest dividends or principal simply because they were “protected” by bankruptcy law. Many people lost their entire life savings(they advertised in newspapers along with other investment companies and seemed legitimate, but they were white collar criminals and have gone unpunished.) There were thousnads of investors but very little publicity. Like Madoff investors– many of them in Florida. They scammed senior citizens of their savings without so much as a slap on the wrist from the DOJ or SEC.

By: Christopher Warren

Christopher Warren — Tue, 08 Jan 2013 19:23:02 +0000

President Status Quobama has always been the get along guy that personally exploited problems he has encountered to always slide through the process riding the wave generated by others. His talent has been in picking the right waves that didn’t break before his personal charisma and smarts got him the attention and the luck to be able to apply the mojo.
The University of Chicago, where the Prez taught Law, (land of.., Milton Friedman!) was no place no radical would keep his job! and unfortunatly to solve our Global extinction problem we need some emergency activity not probably possible by the Status Quo Hierarchy who see Global Climate change as “undistributed costs”, stuff they’d have to pay for if we didn’t, or even better, some way to make a buck.
We will have to start this wave and the solutions will make a new economy where the deficit will not be such a big deal but don’t expect Barry to start it!

By: Two New Fraud Deals Show Wall Street’s Washington Insiders At Work | PROGRESSIVE VOICES

Tue, 08 Jan 2013 18:04:10 +0000

[...] Read rest of article [...]

By: Lute Song

Lute Song — Tue, 08 Jan 2013 15:03:22 +0000

When or if Obambi thinks of his legacy, the major issue will be what he did for the citizens of the USA. Sure, he bailed out the Wall Street banks just as George Shrub did. But he has nothing — repeat, NOTHING — to stem foreclosures, the original source of the financial crises.
Obambi is a loser, the worst sort of compromiser. He might as well be a Repugnican.