Financial Industry: foreclosure investing

I just ran Eric "InAction Jackson" Holder's announcement relating to "Operation Broken Trust" through a word cloud generator to demonstrate a simple point.

According to the feared one, this is what the combined resources of the United States Government enforcement apparatus (Obama's "Financial Fraud Enforcement Task Force") has been busy doing during the past three months, chasing Ponzi clowns to see if there is another Bernie Madoff hidden in the financial cracks and bringing down pump and dump schemes.

What is it these vermin financial predators are pumping and dumping is what I want to know.

Fraud, investment, financial, schemes...those are the big words you see.

Here are some of the big words you don't see: the name of a major Wall Street institution or any Wall Street firm for that matter, the word bank, the word mortgage, the words origination fraud, the words title and foreclosure fraud, the word housing, the word securitization, the word RICO, the word subprime and finally, the word C-O-M-P-E-T-E-N-T.

ATTENTION ALL BANKSTAS, you have nothing to fear, InAction Jackson and the Federal posse are busy chasing the financial Boogeymen so the rest of you can sleep tight tonight.

TEXT OF BUFFOON:

Attorney General Eric Holder Speaks at the Operation Broken Trust Announcement
Washington, D.C.

Monday, December 6, 2010

Good morning, and thank you all for being here.

I’m pleased to be joined today by several key leaders in our collective effort to combat financial fraud – FBI Executive Assistant Director Shawn Henry and SEC Director of Enforcement Robert Khuzami, as well as the U.S. Postal Inspection Service’s Chief Postal Inspector, Guy Cottrell; IRS Criminal Investigation Deputy Chief Rick Raven; and Commodity Futures Trading Commission Acting Director of Enforcement Vincent McGonagle.

We are here to announce the results of Operation Broken Trust, a three-and-a-half-month targeting of investment fraud schemes throughout the country – and a critical step forward in law enforcement’s work to protect American investors, to ensure the strength of our markets, and to prevent financial fraud schemes.

While there is nothing new about conducting nationwide operations and sweeps – this one is different in that it brought together a broad array of criminal and civil enforcement tools, at both the federal and state level, to attack investment fraud schemes collectively. Operation Broken Trust is the first national operation in history to target the many different types of investment fraud schemes that prey directly on the investing public.

This historic effort has been coordinated, executed, and led by members of the Financial Fraud Enforcement Task Force that President Obama created in November 2009. This task force is the broadest coalition of law enforcement, investigatory and regulatory agencies ever established to combat fraud. Multiple federal agencies, as well as partners at the state level, are working together to ensure that no stone is left unturned when it comes to protecting consumers and investors.

Our mission is simple – to bring financial fraud schemes to light and those who operate them to justice.And our aggressive, coordinated approach is working.

Since Operation Broken Trust was launched on August 16th, all across the country investment fraud cases have been prioritized. To date, the operation has involved enforcement actions against 343 criminal defendants and 189 civil defendants, whose conduct harmed more than 120,000 victims. Several individuals have been charged with defrauding men and women across the country out of thousands – and sometimes millions – of dollars. The cases in this operation involve a variety of different investment fraud schemes that have led to more than $8.3 billion in losses in just the criminal cases alone. Staggering numbers. These losses represent hard-earned money and even life savings. They represent needs that may not be met and dreams that may not be fulfilled.

All of these victims can tell a tragic and cautionary story of being misled and exploited – often by someone they trusted. In fact, many of the scam artists we’ve identified were preying on their own neighbors – and on the most vulnerable members of their communities. Several of those prosecuted during this operation solicited victim investors from their own churches. One man in Texas allegedly targeted his fellow parishioners, asking them to invest with him and claiming that his success in foreign exchange trading was “a blessing from God.”

In Florida, one defendant was convicted recently for his role in an investment scam that specifically targeted the local Haitian community. In Ohio, a former police officer operating a Ponzi scheme solicited investments from active and retired police officers and firefighters. And in Chicago, another Ponzi scheme resulted in more than $30 million in losses to hundreds of victims – many of them elderly, Italian immigrants. As a result of our prosecution, the man who operated this scheme has been sentenced to more than 20 years in prison.

Many of the criminals we’ve identified used investor funds to support lavish lifestyles. One man operating an $880 million Ponzi scheme in Florida duped investors from across the country – and used the money to buy floor seats at professional basketball games and to make payments on his personal yacht, his beach house, and his Mercedes. A New Jersey man charged with operating an investment scam allegedly used investor funds to make payments on three different luxury cars and to pay fees at two country clubs.

With this operation, the task force is sending two messages. A message to the public: be alert for these frauds, take appropriate measures to protect yourself, and report such schemes to proper authorities when they occur. And a second message to anyone operating or attempting to operate an investment scam: we will use every tool at our disposal to find you, to stop you, and to bring you to justice. Cheating investors out of their earnings and savings is no longer a safe business plan.

Along with the agencies represented here on stage, I also want to thank the Federal Trade Commission, the U.S. Secret Service, and the National Association of Attorneys General. Because of their work, and the contributions of everyone involved in Operation Broken Trust, dozens of criminals who hatched fraud schemes now face significant time behind bars – including one sentence of 85 years.

Although this operation marks an important step forward, our fight to combat financial fraud goes on.

The task force will continue working with consumer groups to increase financial literacy and raise awareness about the warning signs of financial scams. And we encourage investors to share tips and concerns with us by visiting stopfraud.gov. With the commitment of so many partners and with the help of an informed public, I am confident that we can take our fight against financial fraud to a new level.

And now I’d like to turn things over to FBI Executive Assistant Director, Shawn Henry.

WB7: No need to edit the speech because it is funny enough as is. Here is my closing question: What precisely is it that they were doing prior to the last three months?

This evil financial genius was foiled from bringing down the financial system.

MEANWHILE: This is for those of you losing faith in Federal law enforcement:

"A German man apparently smuggled hundreds of tarantulas and various other arachnids into the US, authorities said on Friday, according to AFP.

Authorities set up a sting to catch 37-year-old Sven Koppler in a sting called “Operation Spiderman,” the news agency reported. He was arrested on Thursday after flying into Los Angeles.

"He is one of the largest importers of illegal tarantulas into United States.

He has been doing it for several years," Assistant US Attorney Mark Williams told the Los Angeles Times.

Williams said that Koppler made around $300,000 for selling off the spiders in various countries including the US. The Times reported that he could get a maximum prison sentence of 20 years and fine of $250,000."

Yves does a thorough smackdown on the departing Michael Barr’s description of all the things the government is going to get to the bottom of the foreclosure fraud problem, noting that the foreclosure task force simply isn’t investigating the problem in enough detail to understand, much less solve, the problem.

But I wanted to look just at Barr’s language, both in his interview with Felix Salmon and in his presentation to the Financial Stability Oversight Council yesterday. Here are the five things he described as the key focus of the Foreclosure Working Group:

Determining the scope of problems

Holding the banks accountable for fixing these problems

Making sure individuals who have been harmed are given redress and that firms pay penalties where appropriate for their actions

Getting the mortgage servicing industry to do a better job for households in financial difficulty by providing alternatives to foreclosure

Acting in a coordinated and comprehensive way to hold the firms accountable, bring clarity and certainty, and help households

Note, already, the choice of language here. The working group will “hold the banks accountable … for fixing these problems.” The firms will “pay penalties where appropriate for their actions.”

Barr uses the language the federal government has been consistently using since the scope of this problem became widely clear, in which the government envisions “holding banks accountable” by forcing them to operate effectively going forward, while making right the crimes of the past. Nowhere, in his presentation to the FSOC at least, does Barr envision holding the people who committed fraud accountable. In fact, there’s a lovely detail at 7:54 where Barr describes that the process is designed to assess whether affidavits and claims “are accurate.” Now, the government learned sometime since May–six months ago now–that they are not. But they have not yet prosecuted anyone for fraud. Which leads me to believe that when Barr says “assess whether affidavits are accurate,” he means, “assess whether they accurately reflect the state of the loan,” and not whether “the claims made by robo-signers are in fact true.”

And besides, how in hell could the government give those who have been harmed redress if the government is only reviewing a select subset of the loan files? Is the government going to provide everyone who believes they were screwed some legal aid to prove their claim?

Now compare what the soon-to-be-gone Barr told the FSOC in its kabuki public session with what he told Salmon.

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The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

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Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

bench craft company scam
Good News/Bad News: Kansas City Chiefs - Bolts From The Blue
Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

bench craft company scam
Good News/Bad News: Kansas City Chiefs - Bolts From The Blue
Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

bench craft company scam
Good News/Bad News: Kansas City Chiefs - Bolts From The Blue
Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

bench craft company scam
Good News/Bad News: Kansas City Chiefs - Bolts From The Blue
Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

bench craft company scam
Good News/Bad News: Kansas City Chiefs - Bolts From The Blue
Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

bench craft company scam
Good News/Bad News: Kansas City Chiefs - Bolts From The Blue
Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

bench craft company scam
Good News/Bad News: Kansas City Chiefs - Bolts From The Blue
Looking at the Kansas City Chiefs' record this year on the road and against common opponents to the Chargers.
The arrest of Julian Assange: as it happened | News | guardian.co.uk
Follow the latest reaction and fallout as the WikiLeaks founder Julian Assange is denied bail, and the latest leaked cables reveal US plans to defend Poland and Baltic states against Russia.
In News Conferences, Obama Shoots at the Buzzer - NYTimes.com
President Obama, as usual, saved his most powerful words for the end of his press conference on taxes and economic policy.

Wednesday, December 8, 2010

foreclosure investing

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