Fri 2010-10-08 21:34 EDT

Improper GMAC Affidavits Leading to Charges of Document Fabrication to Change Title >> naked capitalism

Yves Smith

...the web emanating from the GMAC affidavit improprieties extend much further than most may realize. Although GMAC continues to maintain that having its ``robot signor'' officers like Jeffrey Stephan provide affidavits on matters they know nothing about is a mere technical problem that they can remedy. In fact, an affidavit is a statement of someone with personal knowledge of a matter. Stephan signed as many as 10,000 documents a month and clearly could not have personal knowledge of the underlying situations. Deliberately preparing and submitting inaccurate documents in a legal proceeding is a fraud on the court...So as much as GMAC and its fellow servicers no doubt hope there little document mess will fade from public view, attorneys are using it as a new weapon to fight questionable foreclosures or force servicers to negotiate principal mods...

CHANGING TITLES; charges; Document Fabrication; Improper GMAC Affidavits Leading; naked capitalism.

Sat 2010-07-24 16:01 EDT

The Center of the Universe >> Blog Archive >> We need YOU!

MISSION: To deploy an army of MMT proponents to respond to deficit terrorism on the web. Go to offending articles. Neutralize flaws. Report back to home base...

blogs Archive; center; needed; universities.

Tue 2010-04-27 08:27 EDT

Web of Debt - COMPUTERIZED FRONT RUNNING: ANOTHER GOLDMAN-DOMINATED FRAUD

Ellen Brown

While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs...Wall Street commentator Max Keiser...claims to have invented one of the most widely used programs for doing the rigging. Not that that's what he meant to invent. His patented program was designed to take the manipulation out of markets. It would do this by matching buyers with sellers automatically, eliminating ``front running'' -- brokers buying or selling ahead of large orders coming in from their clients. The computer program was intended to remove the conflict of interest that exists when brokers who match buyers with sellers are also selling from their own accounts. But the program fell into the wrong hands and became the prototype for automated trading programs that actually facilitate front running...Keiser and HSX co-founder Michael Burns applied for a patent for a ``computer-implemented securities trading system with a virtual specialist function'' in 1996, and U.S. patent no. 5960176 was awarded in 1999...The listing for Keiser's patent shows that it has been referenced by 132 others involving automated program trading or HFT...

Computerized Front Running; debt; Goldman-dominated fraud; Web.

Sun 2010-02-28 13:34 EST

Web of Debt - CAMPAIGNING FOR STATE-OWNED BANKS

Ellen Brown

While bank bailouts fatten Wall Street, states continue to battle the credit crisis. In the search for innovative solutions, some political candidates are proposing that states generate their own credit by setting up their own banks.

campaign; debt; state-owned bank; Web.

Sun 2010-02-07 10:10 EST

Web of Debt - THE BATTLE OF THE TITANS: JPMORGAN VS. GOLDMAN SACHS

Ellen Brown

The late Libertarian economist Murray Rothbard wrote that U.S. politics since 1900, when William Jennings Bryan narrowly lost the presidency, has been a struggle between two competing banking giants, the Morgans and the Rockefellers. The parties would sometimes change hands, but the puppeteers pulling the strings were always one of these two big-money players...In 2000, the Rockefellers and the Morgans joined forces, when JPMorgan and Chase Manhattan merged to become JPMorgan Chase Co. Today the battling banking titans are JPMorgan Chase and Goldman Sachs, an investment bank that gained notoriety for its speculative practices in the 1920s...Goldman's superpower status comes from something more than just access to the money spigots of the banking system. It actually has the ability to manipulate markets...But Goldman Sachs has been caught in this blatant market manipulation so often that the JPMorgan faction of the banking empire has finally had enough.

battle; debt; Goldman Sachs; JPMorgan; titans; Web.

Jesse's Café Américain Sat 2009-10-10 11:50 EDT

The Plan to De-dollarise the Oil Markets: Its Roots and Implications

Jesse

The breakdown of US dollar reserves being held overseas in the attached article of news is interesting, even though estimated. I am curious to see when Kevin Phillips and Chalmers Johnson start speaking to this as this sort of historic change is in their respective ballparks. Of course, there is always the option to listen to those in the American financial media who dismiss the internationally respected and well-connected Robert Fisk as a commie crank, a liberal web spinner, and a tinfoil conspiracty theorist.

De-dollarise; implications; Jesse's Café Américain; oil markets; plans; rooted.

Sat 2008-03-22 00:00 EDT

The Wall Street Journal's Web site is already (secretly) free - Machinist - Salon.com

com; free; Machinists; Salon; secret; Wall Street Journal's Web site.

Thu 2007-09-13 00:00 EDT

Winter (Economic & Market) Watch >> The Tangled Web of Fictitious Capital

Winter (Economic & Market) Watch >> The Tangled Web of Fictitious Capital

economic; fictitious capital; Market; tangled web; watch; winter.