Fri 2010-10-08 21:27 EDT

Bank of America Suspends Foreclosures in All States >> naked capitalism

Yves Smith

...The robo signing of affidavits was clearly done across all sorts of court actions. As we indicated, the bogus affidavits are used in all foreclosures in judicial states; they aver various things about the plaintiff's indebtedness, including the plaintiff's ownership of the debt that are integral to the process. Providing an improper affidavit is considered to be a fraud on the court...affidavit abuses are mere symptoms of much deeper problems with the mortgage securitizations. Why, pray tell, are law firms and servicers engaging in false representations and widespread document forgeries? It is because, as we have stressed, they made a botch of getting the notes (the borrower IOU) into the trusts, and simple fixes don't work, hence the need to create a phony document trail. The Bank of America suspension of foreclosures in all states appears to be a tacit admission that the problems are as pervasive as we have suggested...

America suspends foreclosures; bank; naked capitalism; state.

Mish's Global Economic Trend Analysis Wed 2010-05-19 15:00 EDT

Retail Sales Rise: Where? Let's Take a Look; Expect Nothing Less Than Panic

Michael Shedlock

...To understand why the Advance Retail Sales report is completely bogus, we must first analyze the Census Bureau Methodology...The published numbers are based on "same store sales". Think about all the companies that have gone bankrupt. Take Circuit City for an example. Gone. The doors are closed. Some of those shoppers went to Best Buy where same store sales rose. Also remember that Best Buy and many other chains closed weak stores. The result: same store sales went up again. Government methodology for reporting retail sales is based on sampling stores in existence. It does not factor in stores not in existence but recently were. Nor does it handle closed stores when the chain is still doing business. Government reporting of retail sales is fatally flawed. To understand what is going on, all one has to look at actual tax data. Heard any rosy numbers from states about sales tax collections?

expectations; Let's take; looking; Mish's Global Economic Trend Analysis; panic; Retail Sales Rise.

naked capitalism Fri 2010-01-29 16:22 EST

Fed Secrecy Claims Bogus, Redacted AIG Bailout Details Already Public

...The SEC agreed to let AIG keep Maiden Lane III information secret until 2018, since it ``qualifies as confidential commercial or financial information.'' ...this argument is worthless. Nearly all of the deleted information can be reassembled from sources that are publicly available...An examination of our data raises troubling questions about how the Fed is valuing the Maiden Lane III assets.

Fed Secrecy Claims Bogus; naked capitalism; public; Redacted AIG Bailout Details.

naked capitalism Tue 2009-09-01 19:06 EDT

More Bogus Bailout Reporting: ``As Big Banks Repay Bailout Money, U.S. Sees a Profit''

Clearly, the spin is in...The fact that we have such patent garbage running as a front page New York Times story says either the reporter and his editors lack the ability to think critically (or find sources who could do that for them) or that we have a controlled press. Bogus NYT reporting.

Big Banks Repay Bailout Money; Bogus Bailout Reporting; naked capitalism; profits; U.S. Sees.

Tue 2009-04-21 00:00 EDT

naked capitalism: Guest Post: Mother of All Stealth Scams?

pension fund scam involved ``alternative investments, allowing private funds to collect exorbitant fees and senior pension fund managers to collect huge bonuses based on bogus benchmarks''

Guest Post; mother; naked capitalism; Stealth Scams.

Sat 2008-09-20 00:00 EDT

naked capitalism: New Bailout Proposal Costs Estimated at $500 Billion to $1 Trillion

Bogus Asset Regurgitation Facility, or BARF (per Richard Kline)

1 Trillion; 500; naked capitalism; New Bailout Proposal Costs Estimated.

Wed 2008-05-21 00:00 EDT

Winter (Economic & Market) Watch >> Berserker Funds in Commodities

Winter (Economic & Market) Watch >> Berserker Funds in Commodities; Michael Masters testifies on commodity speculation; "f investors (or whatever) held a stable currency with accurately rated (rather than bogus) investment grade financial instruments, with a positive real rate of return, against a truthful inflation number, would they be loaded to the gills with everything from grains to oil to cattle?"

Berserkers Funds; Commodities; economic; Market; watch; winter.

Thu 2008-03-27 00:00 EDT

naked capitalism: Robert Shiller Makes Bogus Defense of Financial Innovation

financial innovation; naked capitalism; Robert Shiller Makes Bogus Defense.