Martyred???.............Propping up a failed man???..........
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It is unsurprising that a RepubliKlan would not comprehend and acknowledge the vicissitudes, nuances and the ‘poke you in your eye’ realities of Eliot Spitzer’s comeuppance.
Let’s first deal with the ‘poke you in the eye’ realities. It was the Communist, Marxist, Radical, Leninist, Maoist, leftist, surrender-monkey, newspaper called the New York Times, Spitzer’s patron, who broke the story about Eliot’s penchant for prostitutes. Twenty-Eight minutes after the Times put the story up on their website, they posted an Editorial demanding that he resign.
It was the same Communist, Marxist, Radical, Leninist, Maoist, leftist, surrender-monkey, newspaper that held the story about the ‘Bush Crime Family’ illegal warrantless wiretapping of millions of Americans for over a year; even though they had the story prior to the November 2004 presidential election. and publishing it would of defeated baby bush.
The next ‘poke you in the eye’ reality is : If Spitzer was “client number 9", who were client numbers 1,2,3,4,5,6,7,8,10 etc.
Attorney General Michael Mukasey knows who they are, why haven’t their names been released? Have they not committed the same “crime" as Spitzer? The New York media has been merciless in its coverage of Spitzer’s fall (look at the photo above from New York magazine) but once you get past the first few paragraphs of titillating details about his sexual desires, they all point out the positive things that he got done as an politician/ prosecutor.
Now on to the nuances.
Both democratically controlled congressional oversight committees, the US HOUSE FINANCIAL SERVICES and the US SENATE BANKING HOUSING & URBAN AFFAIRS both have introduced and/ or passed legislation the specifically addresses the <b>“predatory practice known as “steering."</b>
Legislation proposed and/ or passed would create criminal penalties <b>FOR FUTURE VIOLATIONS.</B>
For fucking <b><i> Future Violations</b></i>!!! Wow!!
Have you comprehended the unqualified truth that <b><i>"future violations" </b></i> means, to the millions of mortgage borrowers, 70% + who were Black & Brown, <B>who were deliberately and willfully given ‘sub-prime’ mortgage rates at usurious rates</B>
Did the “bush crime family" have any intention of prosecuting the Banks & Mortgage companies who violated State & Federal laws when they ‘steered’ millions of predominately Black & Brown Americans, conniving them into loan-shark rate mortgages like a coldblooded Mafia Don, all in the name of unfettered free-market capitalism??
What would the “bush crime family" do if ethical career government employees at the US Department of Justice, responding to numerous complaints about the mortgage banks ‘steering’ & loan sharking decided to prosecute & convict these firms???
Would the “bush crime family" political appointees really step in and PREVENT the criminal prosecution and conviction of felonious financial institutions???
Of course they would and did!!!!!
You didn’t here about this story in the majority of the ‘corporate media’ , particularly TV media, did you??
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"In one case I have been studying for some time, the Bush Justice Department had ramped up to begin a large-scale prosecution of two financial-services companies involved in what prosecutors concluded was a serious swindle. Suspicious financial deals had produced enormous losses for policyholders and state oversight authorities. In addition to jail time for a group of executives, the complaint, which was prepared and ready to file, sought $400,000,000 in damages for the alleged misconduct. One of the targets, knowing it was in the crosshairs, put a settlement deal worth “a nine-figure sum" (so at least $100,000,000) on the table, together with a monitored compliance program. Career prosecutors rejected it as too little.
<span style="background-color: #FFFF7B"><b>Then strange things started happening. Control over the case passed entirely to Bush political appointees in Washington, Criminal Division head Alice Fisher and her seniormost subordinates. The prosecutor was told that his boss “was concerned about his health." He was dropped from the case. And the team learned from his greenhorn replacement that the whole prosecution was over. It was being dropped."</b></span>
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READ : Justice Tackles the Corporate Offenders, Or Perhaps Not
READ : In Justice Shift, Corporate Deals Replace Trials
Now who were the beneficiaries of this latest corporate crime rampage; pillaging the meager assets of ‘hard working Americans’ with the sanction and blessing and LEGAL PROTECTION of the ‘bush crime family’.
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Angelo Mozilo
One of the chief culprits and pirates in this criminal conspiracy was Angelo Mozilo, CEO of the nation’s largest predatory lender CountryWide Financial. Angelo Mozilo’s sub-prime mortgage machine, which ‘steered’ people QUALIFIED FOR TOP-TIER MORTGAGES INTO SUB-PRIME JUNK enabled him to stack more than $470 Million dollars for himself, as millions of duped homeowners go to foreclosure & bankruptcy.
READ : CountryWide Lawsuit Moves Forward
READ : Inside the Countrywide Lending Spree
What’s being done now (May 2008) to remedy this grand theft? Nothing much for the homeowners on the brink and for those who have already gone over the cliff?
What about the investment banks & mortgage lending firms? They have the explicit guarantee from the US Treasury and the Federal Reserve that they will be bailed out. The bailouts have already begun and will continue if necessary.
Bear Stearns’ carcass was delivered to JP Morgan Chase with the Federal Reserve & US Treasury obligated to ‘make whole’ the almost worthless mortgage backed securities that Bear had leveraged (margined) at a ratio of up to [30 : 1] to purchase additional securities.
Another 200 Billion plus has been injected into CitiBank, UBS, (Union Bank Switzerland), Merrill Lynch and others to prop them up.
READ : A BEAR STEARNS MARKET
If housing prices don’t stabilize and the 8,000 per day nationwide foreclosures don’t subside soon ultimately the US government via the fed agencies Freddie Mac and Fannie Mae will own most of the upside down and busted mortgages. This of course means us, the US taxpayers.
By year-end, 15 million Americans could have mortgages worth more than the value of their homes. What happens then???
Read the answer. The link is below
READ : How Bad Is The Mortgage Crisis Going To Get?
Now what is the current Democratically controlled Congress & Senate doing legislatively about the grand mortgage theft?? Not enough as far as I’m concerned. There are NO CRIMINAL PENALTIES for PAST VIOLATIONS of Federal Law in any of the bills. The current “legislative fix" for the grand mortgage theft is :
The Mortgage Reform And Anti-Predatory Lending Act Of 2007
Read this article (link below) to learn about
The Mortgage Reform and Anti-Predatory Lending Act of 2007
READ : The Mortgage Reform And Anti-Predatory Lending Act Of 2007
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‘Steering,’ sub-prime loans with usurious kickers, fake inducements to over-borrow, called ‘fraudulent conveyance’ or ‘predatory lending’ under US law, were almost completely forbidden by federal regulators and state laws as nothing more than fancy loan-sharking.
Instead of regulating the banks that had run amok, Bush’s regulators went on the warpath against Spitzer and states attempting to stop predatory practices. Making an unprecedented use of the legal power of “federal pre-emption," Bush’s storm troopers ordered the states to Now, if ordering the feds to not enforce the law is not enough to make you sick. the feds actually filed a lawsuit to block Spitzer’s investigation of ugly racial mortgage steering. Bush’s banking buddies were especially steamed that Spitzer hammered bank practices across the nation using New York State laws.
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READ : George Bush - A Bull in an American China Shop!
READ : Study Finds Bias In Mortgage Process - 2006
READ : Discriminatory Lending Practices: Still An Issue - 2008
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.. but we are also the most wasteful, hypocrite, warmongering, idiotic nations on earth...! Richest based on what what a declining dollar..!
