David Dayen: Behind Closed Doors, Hillary Clinton Sympathized With Goldman Sachs Over Financial Reform

What’s ahead of us is frightening. Politicians do not have a clue about the damage they’ve allowed. How many of them are just as out of touch with the middle class – or what’s left of us, as Hillary Clinton? There are good guys and there are bad guys. It’s pretty obvious Hillary is not on the good guy list.

It appears the majority of Americans feel our country has gone in the wrong direction for quite some time. The government is run like a fraternity party. It’s a free for all for the club members. The members thrive on perks and benefits derived from the membership and no one outside of the fraternity matters – because the members come first and are above law.

It’s time government were run by and for the people it serves. Needless to say we’d all fire an employee that deleted thousands of company emails – especially after the DOJ issued a summons. It should be disconcerting that anyone would openly say she wanted to “drone” (aka kill by drone… yes they can do that) another individual that has provided the public with email conversations that make disparaging remarks about Catholics, as well as Evangelicals made by her campaign, and releases speeches that she made to the same banksters that have ripped this country apart…among other issues that were meant to be hidden from the public – to our detriment.

You know, personally some of Trump’s statements offend me or at least make me cringe. However, hardly a CEO I’ve ever worked for or with hasn’t made some off color, politically incorrect statements at one time or another – but you know what? I still trusted them and they ran great businesses that even today aren’t in trouble like the banks. I’d take any of them to run our country because I’d rather have strength, honesty and reality – than hawkish hypocrisy and deceit. Swear like a sailor – but NEVER ever lie to me.

Unknown's avatarLivinglies's Weblog

Behind Closed Doors, Hillary Clinton Sympathized With Goldman Sachs Over Financial Reform

Excerpts of Hillary Clinton’s previously secret speeches to big banks and trade groups in 2013 and 2014 show her exalting the work of her hosts, hardly a surprise when these groups paid her up to $225,000 an hour to chat them up.

Far from chiding Goldman Sachs for obstructing Democratic proposals for financial reform, Clinton appeared to sympathize with the giant investment bank. At a Goldman Sachs Alternative Investments Symposium in October 2013, Clinton almost apologized for the Dodd-Frank reform bill, explaining that it had to pass “for political reasons,” because “if you were an elected member of Congress and people in your constituency were losing jobs and shutting businesses and everybody in the press is saying it’s all the fault of Wall Street, you can’t sit idly by and do nothing.”

Clinton added, “And I think the…

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Lawsuit: ‘Criminal Epidemic’ Put Wells Fargo Employee’s Retirement Plans at Risk

Oh pleeeze, WF – did you really think your retirement was ever really there? Scandal or no scandal – the money doesn’t exist. Welcome to reality.

justiceleague00's avatarJustice League

An attorney representing a Wells Fargo employee told 5 EYEWITNESS NEWS the bank’s “rampant scandals” may’ve cost his client and countless others a stable retirement. That lawyer filed a federal class-action lawsuit against Wells Fargo late last week on behalf of client Francesca Allen.

The lawsuit, filed in Minnesota, comes weeks after regulators found that Wells Fargo employees had secretly created millions of unauthorized accounts, without their customers knowing it, since 2011. It alleges that the “criminal epidemic was created by Wells Fargo’s senior executives,” and in doing so, attorney Adam Levitt argues that bank executives put their employee’s retirement plans at risk because their plans are largely tied to Wells Fargo stock.

“For Wells Fargo and its executives to knowingly hurt their employees the way that they have in this respect and others is simply reprehensible,” said Levitt, the head of Consumer Protection and Product Liability Litigation at…

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Hillary Should Ask Jamie Dimon What Kind of Genius Loses $6.2 Billion

Hillary will protect Wall Street at all costs… Trump just gives her a diversion from dealing with the real economic problems.

justiceleague00's avatarJustice League

london-whale1Yes, Hillary should ask Jamie “tempest in the teapot” Dimon  that question.

Yesterday, building on the momentum afforded her by a series of articles in the New York Times, Hillary Clinton asked the audience at a campaign stop in Toledo, Ohio: “What kind of genius loses a billion dollars in one year.” Clinton was referring to the New York Times revelation on Sunday that Donald Trump’s 1995 tax return showed a loss of $916 million. (See video clip below.)

If Hillary really wants to know what kind of genius can lose a billion dollars in one year or $6.2 billion in the case of traders at JPMorgan Chase, she should ask the bank’s CEO Jamie Dimon. The $6.2 billion London Whale loss at JPMorgan Chase is far more scintillating a feat since it involved wild derivative gambles in London in 2012 using the taxpayer-backstopped, insured savings deposits at the largest bank in…

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Citibank Wins Foreclosure Appeal in Bankruptcy Test

The Bankruptcy Act needs to be revised in so many areas it’s difficult to point to the most important. However, the “surrender” issue is paramount because the bankruptcy court has allowed the use of electronic signatures without forethought of the consequences. Bankruptcy attorneys regularly use the surrender form to alleviate the burden and cost of dealing with motions for relief of stay – and many times unbeknownst to the homeowner. As a foreclosure paralegal I have had a number of clients that had never signed the form and questioned how their bk attorney could surrender their home. In most cases they would be given some lame excuse – and when the foreclosure attorney would request a copy of the actual signed formed – 9 times out of 10 there wasn’t one.

Bankruptcy has used electronic signatures to the point that the debtor’s bankruptcy attorney can commit unlawful acts with no penalties to be assessed. This needs to be changed. If a house and property are meant to be surrendered – a full explanation of the term “surrender” needs to be made clear and an actual signed form by the debtor document filed with the court. No electronic signatures!! Surrender that Dorothy!

Unknown's avatarLivinglies's Weblog

Citibank Wins Foreclosure Appeal in Bankruptcy Test

Oct. 4 — Debtors who surrender property under the Bankruptcy Code can’t oppose foreclosure efforts by Citibank, a federal appeals court said Oct. 4 ( Failla v. Citibank N.A., 11th Cir., No. 15-cv-15626, 10/4/16 ).

The ruling by the U.S. Court of Appeals for the Eleventh Circuit eases foreclosures in that circuit in two ways. First, it means that a debtor who discharges mortgage debt by surrendering property under 11 U.S.C. 521(a)(2) can’t oppose creditors who then try to foreclose in state court.

The decision also speeds that process. Judge William Pryor, who wrote for a three-judge panel, said bankruptcy courts can order debtors who surrender property under Section 521(a)(2) to drop their opposition to foreclosure. The debtors said the bankruptcy court didn’t have that authority.

The case involved husband and wife David and…

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Massachusetts Charges Morgan Stanley Over High-Pressure Sales Contest

Dominos.

justiceleague00's avatarJustice League

Massachusetts’ top securities regulator accused Morgan Stanley of paying bonuses to brokers to encourage them to push loans on their wealth-management clients.

A complaint filed Monday by the secretary of the commonwealth alleges that Morgan Stanley brokers in Massachusetts and Rhode Island promoted securities-backed loans, in which clients borrow against the value of their investment portfolios, to win an internal “sales contest” that rewarded them financially.

The complaint says the program tripled new loan originations and created a conflict of interest between the brokers and their clients. It alleges that Morgan Stanley played down the risks, including that the firm could liquidate their investments to repay the loans.

Read on.

Here is the complaint. Click here.

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Statement from CA Treasurer on Illinois Treasurer Announcing Sanctions Against Wells Fargo

justiceleague00's avatarJustice League

SACRAMENTO – ‘California stands united with Illinois State Treasurer Michael Frerichs’ decision to suspend investment activity with Wells Fargo Bank.

‘From the savings and loan scandal of the 1980s to the subprime lending abuses which recently brought down the world economy, we have suffered the incredible power banks hold over every day Americans. Wells Fargo is just the most recent example of the craven abuses that can be perpetrated when a financial institution comes to serve itself rather than its customers.

‘But banks are not so powerful as to be untouchable. Until Congress and bank regulators pass sensible reforms to curtail the further fleecing of consumers, bank customers – like the states of California and Illinois – will have to fill the leadership void. And, the best way to do so is to hit Wells Fargo where it hurts – in the pocketbook.

Read on.

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Connecticut Treasurer to Review Wells Fargo Relationships

LOL – like there’s a really big difference between WF, MS and BofA…hardy, har, har!

justiceleague00's avatarJustice League

State Treasurer Denise Nappier will review all of Connecticut’s business relationships with Wells Fargo, as the bank is mired in scandal over bogus accounts. Wells Fargo is leading a bond sale for Connecticut next month; Nappier now says she will appoint Morgan Stanley to partner in managing that sale.

Read on.

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Wells Fargo Must Answer for Wachovia’s Alleged Fraud

Maybe Uncle Richard should have waited to decide the conspiracy claim since Wells Fargo is in the process of exposing itself. Whaddah ya think? Sydney

justiceleague00's avatarJustice League

CN) — Wells Fargo must face fraud claims over $163 million in securities that Wachovia, now owned by Wells Fargo, allegedly used as a “dumping ground” for assets it wanted off its books, a federal judge ruled.
A number of specialized investment entities sued Wells Fargo in New York after three collateralized debt obligations marketed by Wachovia Capital Markets defaulted following the 2008 financial crisis.
These entities, led by Loreley Financing No. 3, invested a total of $163 million in the CDOs, which they now claim were used as a “private dumping ground for rapidly deteriorating assets” that Wachovia wanted to get rid of.
Wells Fargo is the successor in interest to Wachovia, having purchased the bank in 2008 in an FDIC-brokered deal following Wachovia’s heavy losses in the subprime mortgage crisis.
The Second Circuit upheld the plaintiffs’ primary fraud claim last year, and Wells Fargo did not attempt to…

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Ditech Financial fined $1.4 million for “abusive debt collection practices” in Massachusetts

justiceleague00's avatarJustice League

Ditech Financial will pay $1.4 million to the state of Massachusetts to settle charges that the company engaged in “abusive debt collection practices” by excessively calling borrowers to collect payment as well as not property notifying some borrowers of their mortgage information, the state’s attorney general announced this week.

According to the announcement from Massachusetts Attorney General Maura Healey, Ditech Financial, formerly known as Green Tree Servicing, agreed to an “assurance of discontinuance,” which requires Ditech to stop making “excessive debt collection calls” to consumers.

The order also requires Ditect to provide written notice regarding the borrowers’ right to receive detailed information about any debts that Ditech sought to collect, both of which are required by state law.

The order settles claims uncovered by an investigation by Healey’s office into Ditech’s debt collection practices in the state.

Healey’s office alleged that since 2012, Ditech “routinely violated” the state’s laws.

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