Oops, I did it again, says Bank of America

Bank of America explains how their foreclosures are fine, just fine.

Why it was just last week BofA was squawking about how error-free their foreclosure process was, no problems here, thanks for asking.

Now that they’ve deigned to actually examine their foreclosures, they now say, oopsie, pesky bookkeeping errors were happening all over the danged place. Well, it must be bookkeeping errors because otherwise suspicious types might instead say it could be fraud by criminals disguised as bankers.

Among those suspicious types are the battalion of lawyers about to wallpaper the banksters with class action suits.

The Federal Reserve is on the job, tracking down the evildoers

The federal government, not to be left behind, is galloping backwards on their horses to the rescue and no doubt will arrive at the wrong location with the wrong plan, far too late. You think I’m exaggerating?

“We are looking intensively at the firms’ policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures,” Bernanke said. “We take violations of proper procedures seriously.”

Wow, that’s really taking command of the situation with bold decisive leadership, isn’t it? Federal regulators say they will have a report by next month, which will no doubt call for more careful and ponderous study before they try to bury the whole thing and then steadfastly do nothing. Meanwhile, a bunch of bloggers have already assembled all the proof the government needs to act. That massive fraud occurred is not in doubt, except for the always ready to accommodate the banksters Federal Reserve.

Bill Black , An actual regulator, in the sense that he actually regulated, (quaint concept that, isn’t it, regulators that regulate, Bernanke should try it sometime) has called for the resignation of Bernanke, Geithner, and Holder. Black was a regulator during the S&L crisis, and helped put hundreds of bankers in prison (there’s another quaint concept, criminal prosecution of bankers for crimes committed rather than getting Get Out of Jail cards from the feds) and devised the concept of control fraud, whereby a few at the top of corporations and countries deliberately loot the entity. Which of course is precisely what’s happening now.

Bill Black. Control Fraud crushed Kabul Bank

Bill Black, a regulator during the S&L crisis of the 80’s and author of The Best Way To Rob A Bank Is To Own One, devised the concept of control fraud.

He says

Kabul Bank has been revealed to be a “control fraud.” Control frauds occur when those that control a seemingly legitimate entity use it as a “weapon” to defraud. Control frauds cause greater financial losses than all other forms of property crime – combined. Control frauds can also cause immense damage to a nation because they are run by financial elites that curry favor from political elites. The result is that they are often able to loot “their” banks for years with impunity. They also degrade the integrity of the entire system.

Now US taxpayers are about to bail out this criminal entity. Why is this?

Bill Black on Lehman fraud and failure

Testifying at House FinServ hearing

Lehman’s story is a story of fraud, their subprime and liar loans operations. They sold it to the world. Regulatory heads blocked reform. We knew for a decade these were frauds. But DC did nothing. When Black was Litigation Director of Federal Home Loan Bank board in the 80’s during the massive bank failures. He forced out CEO’s. They sent 50 people to one bank then, the Fed sent two people as Lehman was collapsing. Two. The fed could have stopped the fraud, they had the power, they did nothing.

Check the five videos here for more Bill Black on control fraud

To rob a country, own a bank. Pt. 5. Bill Black

Pt. 5 of Bill Black interview about control fraud, “fraud controlled from the highest levels of financial institutions and the government.”

The leadership of both major parties are deeply entwined with a parasitical Wall Street and crony capitalism. This is about to get much worse because of the Supreme Court decision allowing unlimited corporate campaign spending.

If corporations really are like people, then he suggests:

  • Three strikes and you’re out of business
  • If a corporation violates the law, it can no longer make any ads or political contributions.

The political side of Obama Administration has continually failed to do the right thing. It lets Summers, Bernanke, and Geithner run the financial sector. A short-term result of this will be that Democrats get clobbered in the upcoming election. Because people do know what’s going on.

The next crisis will be much worse.

But it doesn’t have to end that way. We the People could rise up and force change.

To rob a country, own a bank. Pt. 4. Bill Black

Pt. 4 of Bill Black interview about control fraud, “fraud controlled from the highest levels of financial institutions and the government.”

The Obama campaign had him do an video slamming McCain on Keating Five and failure to learn the lesson. But after Obama got elected, no one with actual and proven expertise in handling such crises, as Black did the in S&L debacle of the 90’s, have been contacted or asked for input. None. He checked around.

Bill Black’s steps to reform the finance sector. Obama could do all of them without Congress.

  • Create a consumer protection agency headed by Harvard Law School professor Elizabeth Warren.
  • Get rid of too big to fail. Don’t let them grow any more. Instead, shrink them. With much more regulation.
  • Get rid of Bernanke as chair of the Fed. To change the Fed, change who is running it.
  • Bust up the FBI partnership with the Mortgage Bankers Association.
  • Regulate first.
  • Target the top 100 corporate criminals.
  • Fix executive compensation.
  • Appoint a chief criminologist at each financial regulatory agency.
  • Hire 1,000 FBI agents.

Seems obvious enough, doesn’t it? Yet D.C. persists in doing nothing. Golly, now why would that be?