As Bill Paatalo (who brought this to my attention) says: “You can’t make this s–t up.” Reality is much stranger than fiction. This marks the point where we have entered the Twilight Zone in law where the rule of law is just a guidepost not to be confused with the real rule of men.

Sheila Bair  was forced out of the Chairmanship of the FDIC by Geithner when it became obvious that this was a game she was unwilling to play. Even worse she was making her opposition public, essentially saying that the government was becoming complicit in a criminal conspiracy (not her exact words, publicly but evidence suggests she said exactly that to Geithner and probably Obama).

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The Yvanova string of cases in California are based upon some vague notion of whether a void assignment (e.g., past the cutoff date) could be ratified by the trust, trustee or trust beneficiaries.

Firstly, the trust can only operate through a trustee. That is black letter law in every state. In REMIC Trusts the Trustee has no such power. If the Trustee attempted to do so it would not only be void, in accordance with the New York law allowing the creation of common law trusts, it would also be against the interests of the beneficiaries and for the interests of the Trustee, a claim that has been levied against U.S. Bank for example on multiple occasions.

Further, no trust exists under the laws of any state in which no assets are entrusted to the Trustee who is an active manager of actual assets. Since that description is accurate…