Local Stories, Events
Ref. : Civic Events
Ref. : Arts & Education Events
Ref. : Public Service Notices
Books, Films, Arts & Education
07.11 7,000+ Colleges and Universities Declare Climate Emergency and Unveil Three-Point Plan to Combat It [Fox News and Betsy DeVos never talk about this stuff so it must be Bull Shit, right?]
Ref. : Letters to the editor
Health Care & Environment
07.15 Extinction Rebellion protests block traffic in five UK cities [Non-corporate human animals make their annoying bleating sounds...]
07.14 A Glacier the Size of Florida Is Becoming Unstable. It Has Dire Implications for Global Sea Levels [The willfully ignorant needn't read more, Trump]
07.13 'Climate Despair' Is Making People Give Up on Life [Willfully ignorant governments—having fired many of their best scientists—have made themselves too stupid to despair]
07.13 Trump administration to approve pesticide that may harm bees [The worst government money can buy!]
07.10 Plastic Has A Big Carbon Footprint — But That Isn't The Whole Story [Fixing our world begins by educating your consciousness with the best truth from trustworthy news sources—so you'll then insist truly bad things will get fixed. But if instead you are educated by untrustworthy news sources—then your consciousness could be warped to where you are hating and fighting with your best friends. Clue: untrustworthy news sources never seriously report news about the world's most critical emergency—Global warming.]
07.09 Judge reinstates Madrid's low emissions zone [Yeh!]
07.07 How Solar Panels Work (And Why They're Taking Over the World) [Hope they leave space between panels for wild flowers to grow so birds and butterflies can flourish!]
07.04 US produces far more waste and recycles far less of it than other developed countries [As expected—and made worse by Trump—the U.S. is best at being the worst]07.03 Booming LNG industry could be as bad for climate as coal, experts warn
07.03 Caravan of Americans battling diabetes heads to Canada for affordable insulin [3:36 video; Like Central Americans flee for their lives from criminal drug gangs, Americans flee for their lives for affordable pharmaceutical drugs]
06.30 The US military is a bigger polluter than more than 140 countries combined [Could a world-wide moratorium of military activity dramatically slow the climate crises?]
News Media Matters
US Politics, Policy & 'Culture'
07.16 Turnstile teaching [The problem is NOT the color of students skin, as our fake President reflexively thinks. The problem is the lax attitude and deficient funding by government to always do a much better job for a better future.]
07.15 Sanders Accuses Biden of Parroting Pharma and Insurance Industry Script With Attacks on Medicare for All [Like Trump, Biden explains why he's unelectable every day.]
07.15 Trump Takes Pelosi's Side Against AOC and The Squad as Intraparty Fight Over Immigration Continues [Its about much more than immigration, its about the Corporate Dominance—by many of the same companies, even—over both major Political Parties. With too few exceptions, neither party has represented The Public since Nixon generously raised the minimum wage (Part D Medicare and ACA both became Frankenstein legislation due to excessive corporate price-fixing influence), and that has to change!]
07.14 Trump: People like Paul Ryan almost killed the Republican Party [Then it's too bad he didn't stay to finish the job!]
07.13 Trump's POS Labor Secretary, Acosta, Out. POS Number 2, Linked to Abramoff, to Fill Role [A willingness to perform criminal behavior seems the only competency required...]
07.15 Australia 'deeply concerned' about China's treatment of Uighur people [What are the reasons, exactly, that justify harsh imprisonment of a million people?]
07.15 Zuma tells South Africa corruption inquiry he is victim of foreign plot [Unaccountable corrupt governments are so in fashion these days...]
07.14 Warren vows to probe U.S. crimes on immigrants if elected [Can you imagine living in a nation with a working Justice System? How far we've fallen!]
Economics & Corrupt Capitalism
International & Futurism
07.15 Australia now has the highest minimum wage in the world [From 1960 to 2018 – the U.S. has fallen from 1st place to below the tenth place and off the chart]
07.14 At least 24 Yellow Vests lost eyes in violent protests. Now they're more determined than ever [Protests of all kinds will continue until systemic inequality loses political dominance]
07.13 After a Police Shooting, Ethiopian Israelis Seek a ‘Black Lives Matter’ Reckoning [Since so-called modern humans evolved there have been 10,000 generations of people. It is extremely far-fetched to think anyone is racially pure. SO ALL THIS HATE IS INCREDIBLY STUPID.]
07.13 Brazil’s President May Appoint Son, Friend to the Trumps, as Ambassador to U.S. [Friend of the Trumps, so we know they're all brain-dead except about near-term profits. They are clear-cutting the Amazon Rain Forest to feed-then-butcher millions of methane farting cows, over and over. Yep, that's there business plan. So therefore the rest of the world will hopefully plant billions of trees elsewhere to sequester CO2 to offset what the Bolsonaro family and investors are destroying. What's wrong with this picture?]
07.13 Trump’s Cruelty and Mexico’s Duty [Our president is immoral to his core and reacts to things like a child, not understanding that his actions are often crueler than they should be. And that cruelty will never completely be excused or forgotten—the people's hatred of Trump is growing, like the Texan's hatred when President General Santa Anna laid seige to the Alamo, which was Mexico's territory at the time...]
Fraud in America
The real reason it's called "The Land of Opportunity"
Monday, 11 October 2010
Ever larger, more sophisticated fraud schemes proliferate. They "roll across America like waves move onto a beach. (They) rise and fall with new innovations and ultimate corrections."
A systemic problem, it's everywhere, especially in savage capitalism's greed-driven system, enriching a global royalty at the expense of most others. In his book "On Fact and Fraud: Cautionary Tales from the Front Lines of Science," David Goodstein examined examples from centuries back to more recent times, including some accusations turning out to be false.
Trinity University's Bob Jensen maintains fraud updates through June 2009 on his web site.
He also reviewed a "History of Fraud in America," starting in colonial (and pre-colonial) times, saying the earliest kinds involved "phony health cures," including snake oil ploys, medical frauds, and other deceptions transitioning to today's "miracle cures and Internet charlatanism."
Largely agricultural early America saw land schemes as well as "deceptive rural living and farming products." Con men either bought or sold land. Victims were often immigrants and Indians. The one best remembered was the 1626 Manhattan Island purchase "for trinkets valued at 60 guilders," about $24. Ironically in a sense, Carnarsie Indians were the culprits as the land wasn't part of Manhattan. Usually, however, indigenous people were victimized, land scams expanding the country west and south, accompanied by others at the expense of the unwary.
Frontier history got crooked politicians and bureaucrats involved, accepting bribes collaboratively with land swindlers. It got worse during corporate America's early days. In 1787, less than 40 existed, mostly to build roads, bridges, canals, and other public projects. Many involved "bribes, kickbacks, and inflated prices" like today but for smaller stakes.
Checks and balances also arose, significantly in free press reporting, but not enough to curb greed or notorious "robber barons" like Jay Gould, Andrew Carnegie, John D. Rockefeller, Cornelius Vanderbilt, JP Morgan, and others, perhaps inspiring Honore de Balzac's maxim that "Behind every great fortune lies a great crime," or words to that effect.
The landmark 1886 Santa Clara County v. Southern Pacific Railroad gave corporations personhood under the 14th Amendment. It also helped proliferate fraud, including stock scams, land grabs, labor exploitation, various types of product and pricing swindling, and much more.
Now recognized as legal persons with full rights without obligations, corporations were on a roll, heading them towards monopoly or oligopoly power. Today more than ever globally with interlocking directorates, market dominance, and complicit governments arranging things their way.
Years back, General Motors negotiated a big heist with bribes and other means to get cities to abandon street cars for buses. It worked brilliantly, but was disastrous for large communities and the public, becoming more dependent on autos. A sprawling suburbia arose. Urban decay followed, so now ghettos proliferate nationally, their needs largely ignored.
Prior to the Great Depression, corporations operated virtually regulation free. That changed, but over time consumer protections eroded. Thereafter, global cartels arranged business friendly environments, manipulated them for profit, and committed greater than ever fraud. It's worst of all on Wall Street, especially after the 1913 Federal Reserve Act gave big banks money creation power, letting them game the system more than ever, including a free hand to commit fraud.
The 1920s stock selling scandals culminated in the 1929 crash. New Deal reforms followed, but what goes around comes around. Deregulation in the 1980s facilitated savings and loan fraud, then crime on the order of Enron, Worldcom, Madoff, other Ponzi schemes, market manipulation, bubbles, derivatives flimflam, embezzling, insider trading, false accounting, phony financial products, misrepresentation, and other scams, conspiracies, "foreclosuregate," and grandest of grand theft bailouts. The Treasury was literally looted of trillions of dollars, government partnering with bankers for plunder, sucking wealth from consumers globally.
Underlying Causes of Fraud in America
Jensen lists eight, including:
As a result, ever larger, more sophisticated fraud schemes proliferate. They "roll across America like waves move onto a beach. (They) rise and fall with new innovations and ultimate corrections." Creative corporate ploys follow new accounting and auditing rules, exponentially growing to become nearly incomprehensible.
Corporate bad guys so far are winning, their excesses continuing unrestrained. Neither legislation, potential lawsuits, or criminal prosecutions deter them. The "weakest front" is the political one because office holders need cash, and powerful lobbyists game the system for them. So one scandal begets another, new ones increasingly greater for larger stakes. Big money always prevails while consumer households lose out.
Ellen Brown (http://www.webofdebt.com) does some of the best financial writing around. Her latest deals with foreclosure swindling, involving fabricated documents, forgery, and perjury proliferating "massive fraud," including lost paperwork that "would have revealed to investors that they had been sold a bill of goods - (a package of junk), toxic subprime loans very prone to default." Yet they were cleverly dressed up in legal mumbo jumbo to resemble AAA quality until post-bubble foreclosures exposed the scam, too late to save most victims.
On October 7, Washington Post writers Brady Dennis and Ariana Eunjung headlined, "In foreclosure controversy, problems run deeper than flawed paperwork," saying:
In fact, major US banks faked documents to speed up foreclosures illegally, a criminal industry/Washington partnership dispossessing defrauded homeowners from their properties. In other words, when pols conspire with Wall Street racketeers, the public gets scammed, in this case millions of victimized homeowners.
In September, "foreclosuregate" emerged after evidence forced Ally Financial (formerly GMAC Mortgage) to stop dispossessions in 23 states where court orders are needed.
At issue are backdated documents, false affidavits, and so-called court-ordered "rocket docket," speed throughs to evict homeowners, proceedings lasting around 20 seconds per case. Judges are so swamped, they pay no attention, says Margery Golant, a veteran Florida foreclosure defense lawyer. As a result, "They just rubber-stamp them," case closed.
On October 8, Bank of America announced it would halt foreclosure sales in all 50 states. Earlier, Ally Financial and JPMorgan Chase said they're doing it in 23 states. PNC Financial Services Group will also for 30 days, and very likely other banks will follow.
On October 8, Obama pocket-vetoed a rushed-through Senate bill to facilitate foreclosure fraud. It would have mandated mortgage and other financial document notarizations in one state (including those done electronically) be recognized in all others. Consumer groups and other critics complained, saying the measure would have facilitated dispossessions faster, and in many cases improperly.
Attorney General Eric Holder then said the Financial Fraud Enforcement Task Force is investigating reports of greater numbers. Seven or more state attorneys general began their own, that if not stopping, at least may slow down dispossessions. More on that below.
Last May, Herman John Kennerty, a Wells Fargo default document group administration manager testified that he typically signed 50 to 150 evictions daily. He also said he didn't independently verify information to which he was attesting, just rubber-stamping it along.
In Florida, problems are especially acute, recent 12th Judicial Circuit state findings showing that 20% of foreclosures set for summary judgment involved deficient documents, according to Chief Judge Lee E. Haworth. In an interview, he said:
As a result, on September 17, Judge Harry Rapkin, overseeing district foreclosures, dismissed 61 cases. Plaintiffs may refile, however, by repeating the procedure, including paying fees involved.
Overall, the process is riddled with fraud. Mortgage lenders used boiler room tactics, conning borrowers with no knowledge of what they were doing, including the risks. To close deals, some forged their signatures on key documents, pressured real estate appraisers to inflate home values, and created fake W-2 forms to exaggerate applicant incomes.
The Housing Bubble
Make no mistake, the housing bubble was built on an edifice of fraud and was no accident. Catherine Austin Fitts is a former Assistant Housing Secretary. Then from 1994 - 1997, her company, Hamilton Securities, was the lead Federal Housing Administration (FHA) advisor. An expert, she "watched both the Administration and the Federal Reserve (game the system by) aggressively implement(ing) the policies that engineered the housing bubble."
In her March 15, 2009 Solari.com article headlined, "The Fed Did Indeed Cause the Housing Bubble," she explained:
In her August 7, 2007 article titled, "Sub-Prime Mortgage Woes Are No Accident," Fitts said:
The model is global, profiting hugely from illicit drugs, money laundering, and economic destruction of poor communities. Business and government officials at the highest levels are involved because of the enormous stakes - an estimated $500 billion - $1 trillion laundered annually through major financial firms, mostly in America.
On May 6, 2009, the Center for Public Integrity headlined, "Who's Behind the Financial Meltdown: The Top 25 Subprime Lenders and Their Wall Street Backers," saying:
They include Goldman Sachs, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other familiar names, profiting hugely through criminally engineered fraud, facilitated by government complicity - initially during the Clinton administration, or perhaps earlier.
Banks getting bailout money own, financed, or were financially connected to at least 21 of the top subprime lenders. Twenty have now closed, stopped lending, or were sold to avoid bankruptcy. Nine were California based, including: Countrywide Financial, Ameriquest Mortgage, New Century Financial, First Franklin, and Long Beach Mortgage, scamming homebuyers through criminal fraud.
State Foreclosure Fraud Investigations
As explained above, seven or more state attorneys general began investigations, and reports suggest up to 40 or more may work cooperatively on it. According to Bloomberg.com on October 8:
Whether Attorney General Holder and top congressional officials will get on this forcefully remains to be seen. So far, there's more furor than action or tough measures. There's also risk it may subside post-election, given other lame duck session priorities, then a new Congress in January. However, the housing scandal is so huge ("foreclosuregate" one part alone) that momentum may give it legs in 2011.
The situation bears watching. Financial institutions may be penalized, but expect no top heads to roll, just perhaps a few lower-level sacrificial lambs. It's how Washington officials always handle scandals, because they, too, are complicit.
Listen to Lendman's cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
Mr. Lendman's stories are republished in the Baltimore Chronicle with permission of the author.
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Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.This story was published on October 11, 2010.