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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, June 29, 2011

Goldman Sachs To Receive Part of B of A's $8.5 Billion MBS Buy Back

Whoa!  Hold on there!  What is happening here?  The crooks are paying of the crooks!

Today's announcement of Bank of America buying back $8.5 Billion worth of mortgage backed securities (MBS), for many of us, seemed like a little more "justice" was heading our way.  It has been headlines everywhere today and is not a new story but the various sound bytes you may have heard do not, as always, tell the whole story.

First let's look at the story as published on line by CNN.

Bank of America in $8.5 billion settlement @CNNMoney June 29, 2011

NEW YORK (CNNMoney) -- In the biggest reckoning of the 2008 financial crisis, Bank of America said Wednesday it will pay $8.5 billion to investors burned by fraudulent mortgage securities. 
Larry Here:  They will pay investors "burned by fraudulent mortgage securities.  Were not MOST mortgage backed securities fraudulent? 

But the best is yet to come.

The settlement goes to 22 investors, including BlackRock Inc (BLK, Fortune 500)., the Federal Reserve Bank of New York, MetLife Inc (MET, Fortune 500), PIMCO, Goldman Sachs Asset Management and other financial firms. (all emphasis added)
Larry Here:  Let me see if I understand this.  Most of these financial firms are the ones that created the mess - created the fraud that created the securities that they sold to unknowing (the key word is unknowing) investors worldwide.  Investors like the country of Iceland, the many pensions plans across our own country, counties and individuals.  But it does not seem like the unknowing defrauded investors are going t see a dime of this settlement.

Is this not outrageous?  The crooks repaying the crooks who made all the crooked deals for the first crooks who peddled their toxic waste publicly.  But hold on again.  Why do all of these "financial firms" own so much of these toxic securities?  Many of these firms participated in the toxic peddling at some stage of the fraud scheme.  Perhaps knowing how bad they were but also knowing how well they fraudulently covered it up, they knew the values would skyrocket.  A classic example of the cocaine dealer consuming his own product - what I call the Scar Face syndrome.  Their greed made them buy their own bad paper.  How stupid!  But even more stupid that this settlement allows them to get paid back.  There is much more to this settlement then meets the eye.

BofA knows more about this fraud then most anyone.  Why would they settle just to these "financial firms"?  Is this another backdoor deal like the AIG bailout was for Goldman Sachs?  Something is just not right here.  It smells bad, looks bad so it must be bad.  Is this yet another scheme whereby BofA appears to be paying back but then all of these 22 financial firms somehow funnel the money offshore then take their vig and return the money to some far off country where BofA houses much of its money?  BofA probably has operations and corporations (banking and non banking in most major countries in the world).   

Don't get too excited folks.  There seems to be little in the way of "justice" for all of us who have paid the price for their frauds.  Just another inside job for the insiders.

Read the entire CNN here

Watch this short clip


Anonymous said...

You have got to be kidding me right? Naked Short Selling? Goldman? Morgan Stanley? Settlement? The same NSS our dear IDIOT REGULATORS DENY EXIST? The very market manipulation that took all of our tax dollars to bail out our on banks as well as banks all over the globe? The very NSS that has brought us to our knee's as a country? The same NSS that the LAME STREET Media Idiots refuse to do any kind of investigation into? Hello...Congress? DOJ? SEC? Homeland Security? Treason Laws still exist? Any gutsy Lawyer Hungry, Bold or Brave enough yet?

REMEMBER the term "NAKED SHORT SELLING" after all, this fraud is what feeds Wallstreet and Mame's Main Street.

Anonymous said...

link for above comments:

Joyce said...

There's so much to get apoplectic about in the two links above. So the banks have found another way to get more money into their coffers. BofA pays Goldman Sachs, then Goldman Sachs finds a way to pay JP Morgan and JP Morgan finds a way to pay BofA and GS. Where will it all end? There is something really ugly and evil about these banks and they should all go under. Pronto! Now! Instantly!

As for the link to the Taser vs Goldman Sachs article. Taser deserves all the hash it gets because of its illegitimate claims for its product which has been responsible for many deaths of people. And of course we would expect nothing less than this kind of behavior from Goldman Sachs. They are past masters at finding the loophole or pushing the law to make aother billion or so!

The earth weeps for the ugliness of it all!

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