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Friday, October 29, 2010

State Attorney Generals call large banks based on fraud

Todays Saturday video is calling Wells Fargo business model based on fraud.
I find this video almost humorous. I have been stating the banks are based on fraud since 2006, and many others have been saying this since as far back as 2004, specifically, by the FBI itself.

I'd like to ask this Attorney General, how the heck the courts have been foreclosing for YEARS, and NOW they are saying the papers aren't in order?

I APPLAUD any bank that can get their way in court. It is up to the court to ENFORCE the law. This Attorney General is appalled by what is happening? What a joke.

Where was the Attorney general 6 years ago when the loans where being made without proper paperwork? When the mortgage weren't being transferred correctly? When assets that the government recognized at face value, didn't have proper documentation to prove ownership of the underlying assets? Where was the government now when accounting standards have been "temporarily altered" since 2008 to not value assets according market value and instead allow financial companies to merely state their value? I really could go on for probably a page or two. But I do applaud the Attorney General for doing his job, once it is obvious to everyone that to date, the law isn't being enforced, and now its time to talk tough.

I'll get optimistic as I have stated many times, when accounting is returned to standards held since the Great Depression, mark to market accounting. And all debt is taken off book and placed onto book, with debits marked against credits. Until then, its all one big paper shuffle.

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