Daily Archives: December 1, 2016

Fed’s Kashkari Releases Plan to End “Too Big To Fail,” Compares Banks to Terrorists

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justiceleague00's avatarJustice League

When Neel Kashkari, a former Goldman Sachs banker who helped administer the U.S. Treasury Department’s bailout program during the 2008 financial crisis, was appointed as President of the Minneapolis Federal Reserve Bank, I commented on his intent to break up the big Wall Street banks as either too good to be true, or a political smokescreen.
Mr. Kashkari had made addressing the “too big to fail” his signature issue. And, it looks as if he is holding true to his promise.
It’s also gratifying to see a Federal Reserve official voice some of the same ideas that my Bank Whistleblowers United colleagues have voiced. BWU has also called for increased capital as one action item needed to avoid another financial crisis.
In a recent speech to the Economic Club of New York , Mr. Kashkari unveiled a plan to end the systematic risk posed by U.S. banks by forcing them to hold a massive amount of capital

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OneWest’s Mnuchin: Putting the Fox in Charge of the Henhouse

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We can only hope there is enough righteousness lingering inside Mnuchin – but probably the best person to ask that question to would be Mike Perry the former IndyMac CEO that NY Dem. Senator Chuck Schumer’s rumor took down while his vulture pals waited in the wings.

Unknown's avatarLivinglies's Weblog

see http://www.npr.org/2016/11/29/503755613/trumps-potential-treasury-secretary-headed-a-foreclosure-machine

There two ways of looking at this prospective appointment by President-Elect Trump.

One is that this appointment signals the intent to further “expedite” foreclosures instead of digging deeper into the real facts and fraud by Wall Street banks. Such an effort would eliminate the possibility of the US Treasury clawing back huge sums of money for nonexistent bank losses stemming from alleged defaulted loans.

Some may remember that the infamous TARP bailout was first described and approved as covering losses from the loans to residential homeowners. Then it evolved.  The description and approval was to cover losses from failed mortgage bonds. But neither defaults nor bond failures were actual losses of the banks.

They had sold the loans and bore no risk. And they were selling bonds not buying them. Then it evolved again. The description and approval was to cover lost profits on hedge products, insurance and…

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David Dayen at The Nation:Ross and Mnuchin—Profiteers of the Great Foreclosure Machine—Go to Washington

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Livinglies's Weblog https://www.thenation.com/article/wilbur-ross-and-steve-mnuchin-profiteers-of-the-great-foreclosure-machine-go-to-washington/ In my book Chain of Title, I refer to the collection of lenders, mortgage-servicing companies, third-party document processors, foreclosure-mill law firms, and trustee banks as all part of the Great Foreclosure Machine. I’m now realizing I should … Continue reading →