FDIC's Very Special Deal for One West Bank

There's going to be some math in this video. Stick with it.

It's worth it. Trust me.

I just want to say I don't begrudge Soros and the other savvy businessmen who own One West Bank the profits they're making at my expense.

Thanks to John.

Posted by: Ace at 06:30 PM



Comments

1 There's a lot to be said for having friends in high places. I hope Soros remembers to send Barry a little something to thank him for making the sweet deal possible.

Rat bastards.

Posted by: Keith Arnold at February 11, 2010 06:35 PM (Jdtsu)

2 This is not savvy business , this is theft .

Posted by: Bill D. Cat at February 11, 2010 06:41 PM (a9UO0)

3 It was my understanding that there would be no math.

Posted by: loppyd at February 11, 2010 06:41 PM (pGELo)

4 What's a Heloc?

Posted by: mesablue at February 11, 2010 06:41 PM (jc7YC)

5 Tip: get into torch and pitchforks futures now cause, if this video goes full viral, there won't be enough to sate demand.

Posted by: ECM at February 11, 2010 06:42 PM (nYKDd)

6

It was my understanding that there would be no math meth.

Posted by: loppyd at February 11, 2010 06:41 PM (pGELo)

Posted by: Fish at February 11, 2010 06:43 PM (M5t+h)

7 That's outrageous. I wonder if that, and analogous deals explain why banks are showing big profits, but bot loaning out much money...

In fact, I haven't a clue, but apart from refinancing mortgages at lower rates, are banks loaning out money much these days? I just had my $10,000 limit on one credi card cut to $2200 after completely paying off the balance (thanks mom...)

Posted by: ParisParamus at February 11, 2010 06:43 PM (0YPx8)

8 Jew Haters!!!!!

Posted by: Adolph Smith at February 11, 2010 06:43 PM (kEdXM)

9 Mesa: HELOC = Home Equity Line Of Credit.

Posted by: Keith Arnold at February 11, 2010 06:43 PM (Jdtsu)

10 What's a Heloc?
"Home Equity Line Of Credit". No longer available for most.

Posted by: Curmudgeon at February 11, 2010 06:44 PM (ujg0T)

11 What's a Heloc?


Posted by: mesablue

Is Google down?

Posted by: Iskandar at February 11, 2010 06:45 PM (/o58C)

12 HELOC: I hate that term when I hear it in advertisements. Actually, you don't hear it anymore because no one has excess equity anymore. It sounds like warlock...

Posted by: ParisParamus at February 11, 2010 06:46 PM (0YPx8)

13 Is Google down?
Hey, let us banking morons help out the techie morons and vice versa. Share what you know, Learn what you don't and all that.

Posted by: Curmudgeon at February 11, 2010 06:46 PM (ujg0T)

14 "Home Equity Line Of Credit". No longer available for most.
Posted by: Curmudgeon at February 11, 2010 06:44 PM (ujg0T)
You don't have to tell me. mr. loppyd is a mortgage broker....who happens to be working at his buddy's pizza joint as I type this.

Posted by: loppyd at February 11, 2010 06:46 PM (pGELo)

15 yep, savvy.

Posted by: Unclefacts, Summoner of Meteors at February 11, 2010 06:47 PM (erIg9)

16 or the student morons, or the lawyer morons, etc.

Posted by: Curmudgeon at February 11, 2010 06:48 PM (ujg0T)

17 I forgot this is also a military blog. Those guys are the best of all.

Posted by: Curmudgeon at February 11, 2010 06:49 PM (ujg0T)

18 It was my understanding that there would be no math meth.
Posted by: loppyd at February 11, 2010 06:41 PM (pGELo)
Posted by: Fish at February 11, 2010 06:43 PM (M5t+h)
Then I'm screwed.

Posted by: loppyd at February 11, 2010 06:49 PM (pGELo)

19 #9 HELOC = Home Equity Line Of Credit.

Thanks. Here I was thinking that it was the half-sister of Helios.

Posted by: Kratos (on the back of Gaia, scaling Mt Olympus) at February 11, 2010 06:49 PM (otlXg)

20 Let me be perfectly clear---
I know George Soros. He helped finance my campaignindirectly through MoveOn.org is a savvy and well-known businessman and deserves all of the wealth and power that our awesome free market system may bestow upon him.

Posted by: President Barack Obama at February 11, 2010 06:49 PM (UdCPj)

21 They basically gave the loans to One West.

Posted by: FreakyBoy at February 11, 2010 06:50 PM (Q41Zh)

22 We're from the government. We're here to help.

Posted by: Rodent Freikorps at February 11, 2010 06:50 PM (dQdrY)

23
Too Soros To Fail !

Posted by: Blazer at February 11, 2010 06:50 PM (t72+4)

24
I am not a Marxist.

Posted by: George Soros at February 11, 2010 06:51 PM (M5t+h)

25
George Soros is not a Marxist.

Posted by: Barack Obama at February 11, 2010 06:52 PM (M5t+h)

26
George Soros? Yea, a Marxist.

Posted by: Joe Biden at February 11, 2010 06:52 PM (M5t+h)

27

Charles Krauthammer wields a wickedly razor sharp wit.

Posted by: Joe Biden at February 11, 2010 06:55 PM (M5t+h)

28 PILLS HERE!

Posted by: Louis at February 11, 2010 06:55 PM (DDnvF)

29 How do they link Steven Mnuchin with Government Sachs?

They need to watch Lee Doren's "How the World Works" videos to see how you create a video with source data to back it up.

One West Bank is owned by IMB Management Holdings LP. The owners of IMB are Dune Capital(Mnuchin), JC Flowers(John Paulson), and Silar MFC-I LLC(Soros, Michael Dell)

This all goes back to Schumer. Schumer fucking leaked the details of IndyMac's failure.

Shockingly, the Senate Ethics Comm hasn't touched this.

Posted by: wtfci at February 11, 2010 06:55 PM (+zo63)

30 This was not our plan for the United States of America!









/ The Founders.

Posted by: 'Nam Grunt at February 11, 2010 06:57 PM (Hvo6u)

31 I wish these more of these mortgage guys would start speaking out. They know how the system works.

Posted by: wtfci at February 11, 2010 06:57 PM (+zo63)

32 Quis custodiet ipsos custodes?
Well that ends my wondering if law enforcement or intel would rescue America. The will not.

Posted by: Rodent Freikorps at February 11, 2010 06:57 PM (dQdrY)

33 And don't forget, this is only one bank. It is happening over and over again. Over 100 bank failures last year, some were well within FDIC rules and were still forced to reel in loans and raise capital, which caused them to fail, which were then distributed to these gangsters. It is corrupt as Mexico. A little guy has no chance.

Posted by: Guy Fawkes at February 11, 2010 06:57 PM (cpuvG)

34 are banks loaning out money much these days?



Posted by: ParisParamus

Most of the money the Fed has been dumping into our banking system has been absorbed in bank reserves and not necessarily loaned out. So while the Oministration is still clinging desperately to the notion that the stimulus spending has been working, they've recently decided that small businesses deserve another round of Spendulus to the tune of $30 billion.

So the loans aren't being made and we need more Fed intervention to help them along? Well, actually now the Oministration is preparing to slow down the bank-issued loans by increasing the interest rates for reserves.

Genius, isn't it?

Posted by: Iskandar at February 11, 2010 06:58 PM (/o58C)

35 One West making out like bandits on that short sale is only half of the transaction. Somebody bought an expensive house on the cheap.

Posted by: FireHorse at February 11, 2010 06:58 PM (cQyWA)

36 These guys left out a chunk of money - the mortgage default insurance payout.

Posted by: Jean at February 11, 2010 07:00 PM (CPefM)

37 Too Soros To Fail !
I like that and fully plan on stealing it the next chance I get.

Posted by: Mallamutt at February 11, 2010 07:00 PM (V9SYy)

38 These bastards are going to jail, as soon as we get Conservatives flooded back in Gubmint!

Posted by: 'Nam Grunt at February 11, 2010 07:00 PM (Hvo6u)

39 Oh. Steven Mnuchin is the former head of the Government Sachs real estate trading desk.

Posted by: wtfci at February 11, 2010 07:00 PM (+zo63)

40
Clinton in a Manhattan hospital for a dick splint.

Posted by: Fish at February 11, 2010 07:01 PM (M5t+h)

41 This was not our plan for the United States of America!
Actually, the Founders knew this would happen. They included the 2nd Ammendment because they knew it would happen.

Posted by: Rodent Freikorps at February 11, 2010 07:01 PM (dQdrY)

42 George Soros is not a Marxist.
Marxist, never heard of it. Best leave that to the cable channels.

Posted by: Charlie Gibson at February 11, 2010 07:01 PM (V9SYy)

43 OK I'm 60 miles from the GoM and it's sleeting in cajun country, W-T-F!

Posted by: 'Nam Grunt at February 11, 2010 07:02 PM (Hvo6u)

44 #34, the alternative at some point would be hyperinflation, so that's not, by itself bad. What's bad is the other government action, and inaction that is condemning us to a recession that looks like a "mild" depression.

Posted by: ParisParamus at February 11, 2010 07:03 PM (0YPx8)

45 These bastards are going to jail, as soon as we get Conservatives
flooded back in Gubmint!

Unlikely. These guys all have their ace in the hole: "The FDIC approved." They also mountains of cash to hire the whole firm at Orrick.

Remember the William Black rule: The best way to rob a bank is to own one.

Posted by: wtfci at February 11, 2010 07:03 PM (+zo63)

46 Genius, isn't it?
Oh, and don't forget that Democrats in Congress want to regulate the hell out of the banks on their lending practices, thus tightening the market up more because nobody wants to make a loan that 6 months later going to have some regulator up their backside because the lender didn't do a good enough job of predicting what the new regulations were going to be.

Posted by: Charlie Gibson at February 11, 2010 07:04 PM (V9SYy)

47 OK I'm 60 miles from the GoM and it's sleeting in cajun country, W-T-F!
ItsGlobal Warming- the science is settled. Wanna buy a carbon credit?

Posted by: Al Gore at February 11, 2010 07:05 PM (V9SYy)

48 The government has got to get out the "guaranteeing losses" and "too big to fail" business.

It just begs for Third World style corruption.

Posted by: FreakyBoy at February 11, 2010 07:05 PM (Q41Zh)

49 FDIC, never heard of it. Best leave that one to the cable's as well.

Posted by: Charlie Gibson at February 11, 2010 07:06 PM (V9SYy)

50 It used to be rent seekers got a heads I win, tails I break even deal with the government legislation that they arranged. Now this looks more like a head I win, tails I win situation. This socializing of debt leads to moral hazards which will engulf the entire financial system. I guess the question is when does it all fall down?

Posted by: qwerty1 at February 11, 2010 07:06 PM (Vvtfp)

51 47,

I'm taking the 2nd Amendment, want to knock on my door?

Posted by: 'Nam Grunt at February 11, 2010 07:06 PM (Hvo6u)

52 I begrudge Soros for everything because he's always trashing/actively trying to ruin the place he's able to make tons of money in.

Posted by: Topsecretk9 at February 11, 2010 07:06 PM (MbyMv)

53 I got this vida few days ago. Read the comments below. It adds extra ugly to the mix.

Posted by: zanne at February 11, 2010 07:07 PM (CqSMT)

54
> 35

One West making out like bandits on that short sale is only half of the transaction. Somebody bought an expensive house on the cheap.

Posted by: FireHorse

Probably a bank employee.

Posted by: Comrade Arthur at February 11, 2010 07:08 PM (rLc9p)

55 Clinton in a Manhattan hospital for a dick splint.
Posted by: Fish at February 11, 2010 07:01 PM (M5t+h)

I just hope he doesnt wake up too fast from anesthesiaand they have the lights down as low as possible if Hillary is in the room or we may be reading his obituary tomorrow.

Posted by: Blazer at February 11, 2010 07:08 PM (t72+4)

56 OK I'm 60 miles from the GoM and it's sleeting in cajun country, W-T-F!
Posted by: 'Nam Grunt at February 11, 2010 07:02 PM (Hvo6u)
Booo Hooo.

Posted by: loppyd at February 11, 2010 07:08 PM (pGELo)

57 .....but I love Soros-what's-his-name.....

OsamaHusseinIslamObama 2012'
(the terrorist-Uighur-ACORN-media choice)
-It's never too early to campaign-

Posted by: Barry Soetoro (D-King OF The World!!) at February 11, 2010 07:09 PM (KU94J)

58 This is the type of stuff Hayek wrote about Road to Serfdom. (BTW, Stossel is doing a show on that tonight - Fox Business Channel. You can probably dl via bt tomorrow).

Big Business isn't against socialism - BB PROFITS from it due to deals like this.

Posted by: Comrade Arthur at February 11, 2010 07:09 PM (rLc9p)

59
You little people have no knowledge of money, so butt out and the Obama brain trust will resolve all of these issues to my satisfaction with a modified version of TurboTax.

Posted by: Timothy Geithner at February 11, 2010 07:10 PM (M5t+h)

60 Remember these mortgage shenanigans started during the Clinton administration when Soros andthese same players were calling the shots.CRA (Community Reinvistment Act) was essentially a wealth re-distribution vehicle. Census tracts (geo areas)were measured by income and banks would be mandated to lend equal funds to lower income areas as higher income areas. If they did not lend to uneligible low-income peeps, acorn and other such groups would picket the bank and bring lawsuits. Pitchforks and torches combined with government mandates. Sound familiar?

Posted by: compliance geek at February 11, 2010 07:10 PM (FIkYQ)

61 52 I begrudge Soros for everything because he's always trashing/actively trying to ruin the place he's able to make tons of money in. Posted by: Topsecretk9 at February 11, 2010 07:06 PM (MbyMv)
Looks like plutocracy is back in vogue!

Posted by: K~Bob at February 11, 2010 07:11 PM (9b6FB)

62 George Soros...what a guy.
True Story -
First time I met George was on a fact finding mission to Hungary in mythird Senateterm.Pre-Plugs, those were tough times for me. The Cold War on my forehead had raged for nearly two decades. My hairline had yet to fall, but the writing was on the scalp...
We met at a small cafe over bowls of Goulash. Ahhh, the combined aromas of the sweaty Hungarian workers mingled with the piquant smokiness of freshly ground Paprika. George assured me that this Cafe had the best 'Dios Torta' he'd ever eaten...and let me tell you he was right.
Not since I was a boy in Lackawana Co. have I had such a delicious Walnut Cake. There was a Black Walnut tree in my grandmother's yard...boy she was a Racist Bitch, God rest her Soul...Wonderful Woman - Barrack would have loved her. Of course, she'd want to know why Barrack didn't use the 'servants' entrance, but I digress...
It was over Turkish Coffees that George told me of his plans for America.
He wanted to bring the reforms he helped to usher into Hungary over to the U.S.. I for one approved, as I looked around the Square at those Stoic faces...how could one disagreewhen faced with the Opulent Surroundings of Szolnak?
Who'd have known in under a decade the burgeoning Pornography buisness would produce such beauties as Stoya and Natalia Forrest? National treasures, both!
You see, Soros helped clean up the messof the former Socialis...former Communis...failed policies of the past that left his people indigent and hungry.
His plan worked, I have never been so stuffed after a meal!
He told me of his plans to spread the wealth around in America. He - this great Easern Europeanwanted the American Dream!
To buy a Ranch and raise mulatto children to become national Politicians. He had worked with purebreeds in the past - much like my close friend Teddy Kennedy and his Portugese Water Dogs...and George was convinced that the future was in spreading oligarchical socialis... in creating Green Jobs and Carbon Credits.A dream ofmore freedom for some. By asking youto be less free, and thus freeing up more freedom for George and for me.
"How is this possible?" I asked-by being whatyou are told to be...anything is possible, for me.
Iwould be lying if I said I wasn't moved to tears.That 'Dios Torta' had to be a child's portion. Sadly, though it was gone and I was again left wondering how long it would take forthe plugs to take should I be so bold as to follow this great man.
"Only through abandoning the principles of Freedom can we be less Free. " - He said.
Pure Genius.
and a True Story.

Posted by: Sheriff Joe at February 11, 2010 07:11 PM (0sWbv)

63 Well, as long as the guys still get shirts, there's nothing to see here.

Posted by: runningrn at February 11, 2010 07:11 PM (CfmlF)

64 What's a Heloc?

Back in the olden days it was a magic spell that people could get a wizard from the loan company to come out and cast over their houses to transform them into ATMs.

Posted by: Coolidge in 2012! at February 11, 2010 07:12 PM (aVzyR)

65 Posted by: Sheriff Joe at February 11, 2010 07:11 PM (0sWbv)

heh! That kind of sounds like Iowahawk. Good on you!

Posted by: runningrn at February 11, 2010 07:13 PM (CfmlF)

66 I begrudge Soros for everything because he's always trashing/actively
trying to ruin the place he's able to make tons of money in.

George is my bitch. Keep fucking that oil in Euros chicken!

Posted by: The US Dollar at February 11, 2010 07:14 PM (+zo63)

67 And I have to scream at the car salesman to get floormats.


Posted by: Herr Morgenholz at February 11, 2010 07:14 PM (lN56Y)

68 "How is this possible?" I asked, " -by being whatyou are told to be...anything is possible, for me." he said.

I'm a poor editor...

Posted by: garrett at February 11, 2010 07:14 PM (0sWbv)

69
Sitting in the den with a television on to the rear with muted volume and I had a strange sensation. Turned to look, and it was my gaydar going off at a high decibel level. Yep, it was the fag Shepard Smith.

Posted by: Timothy Geithner at February 11, 2010 07:15 PM (M5t+h)

70 HELOCS, those were the poor bastards the Spartans were always pickin on, right? Show of hands of everybody who read the headline and thought it was a big Palestinianoffice complex.
This is a cost-plus contract, a characteristically (R) kind of corruption. The Wonderful One's idea of compromise is to embrace both kinds of dirty deal. He's a real egalitarian that way.

Posted by: comatus at February 11, 2010 07:16 PM (/VEEI)

71 almost all of Biden's speaches sound like -hawk parody to me, too!

Posted by: garrett at February 11, 2010 07:16 PM (0sWbv)

72
Timothy Geithner screwed up my sock puppet post.

Posted by: Fish at February 11, 2010 07:17 PM (M5t+h)

73 Holy crap! OneWest just recently took over the bank I've been with for 30 years, after the geniuses there ran it into the ground with option arms and liar loans. So, I suspect that what's portrayed in this video is FAR from the only "gift" they've received from the FDIC lately.

Posted by: Peaches at February 11, 2010 07:17 PM (9Wv2j)

74 Timothy Geithner screwed up my sock puppet post.Posted by: Fish at February 11, 2010 07:17 PM (M5t+h)Snow day.

Posted by: Herr Morgenholz at February 11, 2010 07:21 PM (lN56Y)

75 HeloT.

What we're all gonna be soon.

Posted by: Louis (PILLS HERE!) at February 11, 2010 07:22 PM (DDnvF)

76 ....but I love peaches-what's-her-name...


OsamaHusseinIslamObama 2012'
(the terrorist-Uighur-ACORN-media choice)
-It's never too early to campaign-

Posted by: Barry Soetoro (D-King OF The World!!) at February 11, 2010 07:23 PM (KU94J)

77 Clinton in a Manhattan hospital for a dick splint.
I saw on yahoo news he was in the hospital for chest pains. I think Barry is absolutely killing him (especially since he's got his new "the failed policies of the last 10 years" meme, implicating Bill). The guy who "in the old days would be fetching us coffee" has pretty much desecrated and destroyed Clintoon's "legacy" (welfare reform, balanced budget, "don't ask, don't tell"--don't hit me over the head with "it was a Republican Congress, Bill thinks that the successes were his). Plus, Bill misses the good old days when the media was fawning all over him and Hillary (who has been rendered almost mute and invisible). Now it's "Barry Barry, Barry"--(kind of like "Marcia, Marcia, Marcia"). The press quickly ditched the Clintons in order to exult and bow down at the altar of the Obamas. Bill is like "Baby Jane" these days. It's got to be just eating away at and enraging Bill. I'm not surprised his heart could no longer take it.
This would be a golden opportunity for Hillary to step down and "attend to" her sick husband.

Posted by: runningrn at February 11, 2010 07:24 PM (CfmlF)

78 71 almost all of Biden's speaches sound like -hawk parody to me, too!


heh! This a.m. when I heard the Biden on Larry King clip claiming the Iraq War as "one of the greatest achievements of the Barack Obama Administration", I thought it was Iowahawk doing a parody!

Posted by: runningrn at February 11, 2010 07:26 PM (CfmlF)

79 Nam Grunt.... See, and you had to leave Texas didn't you? This is just the first shot of global warming coming at you.

Posted by: mystry at February 11, 2010 07:26 PM (kmgIE)

80 56 Bunny-hop,

I know it's whiney after all the crap youse guys are getting, but this is S. La. LOL

Posted by: 'Nam Grunt at February 11, 2010 07:27 PM (Hvo6u)

81 79,

Yeah but I get to be with my son grandson Cade every day and I'm in a new house with all the ammenities.

Posted by: 'Nam Grunt at February 11, 2010 07:29 PM (Hvo6u)

82 Yeah, sleet in Loosiana is pretty crazy, 'Nam. Have you called FEMA yet?

Posted by: Peaches at February 11, 2010 07:29 PM (9Wv2j)

83 82 Peaches,

Nope! I have a great central heat! hahaha

Posted by: 'Nam Grunt at February 11, 2010 07:30 PM (Hvo6u)

84 #60 Yea, and when I use the same argument against the Liberals, they just laugh and say that I don't what I am taalking about. Hand them the proof, and they throw it on the floor without reading it.

Posted by: mystry at February 11, 2010 07:30 PM (kmgIE)

85 Sorry to hear, 'Nam. You have plenty of peaches to eat?

/Analyze that however you wish.

Posted by: Kratos (on the back of Gaia, scaling Mt Olympus) at February 11, 2010 07:31 PM (otlXg)

86 OT: Andrew Sullivan finds a husband:

An Arab ambassador called off his wedding after discovering his
wife-to-be, who had worn a face-covering veil whenever they met, was
bearded and cross-eyed, the Gulf News reports.

http://tinyurl.com/yefh7v4

Posted by: Herr Morgenholz at February 11, 2010 07:32 PM (lN56Y)

87 86,

Just another of one of their treasured virgins, nothing to see here and no I'm not clicking on that link!

Posted by: 'Nam Grunt at February 11, 2010 07:33 PM (Hvo6u)

88 An Arab ambassador called off his wedding after discovering his
wife-to-be, who had worn a face-covering veil whenever they met, was
bearded and cross-eyed, the Gulf News reports.

So, she's available?

Posted by: Billy Jeff at February 11, 2010 07:34 PM (9Wv2j)

89 nam grunt: where in so. La? near Lake Charles? i know another nam grunt there.

Posted by: kelley in virginia at February 11, 2010 07:34 PM (/5STN)

90 89,

Yes Lake Charles and boy howdy I love it, lots of 'Nam Grunts here, just like Texas.

Posted by: 'Nam Grunt at February 11, 2010 07:36 PM (Hvo6u)

91 ............but I love Bill-what's-his-name...........

OsamaHusseinIslamObama 2012'

(the terrorist-Uighur-ACORN-media choice)

-It's never too early to campaign-

Posted by: Barry Soetoro (D-King OF The World!!) at February 11, 2010 07:36 PM (KU94J)

92 "And I have to scream at the car salesman to get floormats."
In Obamamerica, you are the floormat.

Posted by: Kayov Rimsnoff at February 11, 2010 07:38 PM (ZTGFz)

93 Glad I bought my Dodge Ram before odumbass robbed them!

Posted by: 'Nam Grunt at February 11, 2010 07:39 PM (Hvo6u)

94 nam grunt: i hear alligators come up in the yards that the mosquitoes are bigger than crows. and that mary landrieu is your Senator.

Posted by: kelley in virginia at February 11, 2010 07:40 PM (/5STN)

95
Tha fuuuu.... we're bailing out Soros? Fucking. Soros.

DRINK!


Posted by: Dang Straights at February 11, 2010 07:40 PM (JUyOz)

96 I'm not gonna pay for this shit.

Posted by: Rodent Freikorps at February 11, 2010 07:42 PM (dQdrY)

97 94,

Mosquitos are big enough to mate with elephants, but no gators up here, I'm far enough from the coast that I'm safe, but tiki torches around the back patio in the summer keep those vile bastards away.

Posted by: 'Nam Grunt at February 11, 2010 07:42 PM (Hvo6u)

98 Oh and kelley she won't be for long from what I'm hearing.

Posted by: 'Nam Grunt at February 11, 2010 07:45 PM (Hvo6u)

99 heh! That kind of sounds like Iowahawk. Good on you!

I was thinking a little J. Peterman at first but settled on the same thing you did.

Posted by: Gunslinger at February 11, 2010 07:45 PM (Zi+FQ)

100 12hr beef stew and homemade cornbread is melt in your mouth good, wish I could have all of you over for dinner.

Posted by: 'Nam Grunt at February 11, 2010 07:50 PM (Hvo6u)

101 There is a reason everyone in the trading business calls Goldman "Dracula". They suck the blood and life out of everything.

Nothing that evil ever dies.

Posted by: jeff at February 11, 2010 07:53 PM (wKrBH)

102 It's on youtube as well, which might be easier going viral with.

George Soros has used Barrack Obama to rob the US Treasury.

Posted by: crosspatch at February 11, 2010 07:55 PM (ZbLJZ)

103 I dont have a problem with banks making profits.. however..
The homeowner.. has ruined credit and owes 75k... when their tax dollars went to fund this good old boy scam.
20 years in the wholesale mortgage biz...its laughable when I hear its all Bush's fault. The term 'if you can fog a mirror... you qualify!' came during Clinton.
Bush warned the banking committee about all this and was laughed at.

Posted by: Kristi at February 11, 2010 07:55 PM (7GgDy)

104 Soro's can't die soon enough for me and I hope it's violent but it won't be!

Posted by: 'Nam Grunt at February 11, 2010 07:57 PM (Hvo6u)

105 Did the Press ever announce that 20 banks have gone under this year alone, and over 100 last year? Where is the FDIC getting money from to cover the savings of the people.

Posted by: mystry at February 11, 2010 07:57 PM (kmgIE)

106 105,

Talk to me when your bank goes under and see if you get your money. hahaha

Posted by: 'Nam Grunt at February 11, 2010 07:58 PM (Hvo6u)

107 I'm going to start hiding mine in a big fluffy mattress!

Posted by: 'Nam Grunt at February 11, 2010 08:00 PM (Hvo6u)

108 Soro's can't die soon enough for me and I hope it's violent but it won't be!
Not that I think a penny of hisis at risk...but let's make it next year.

Posted by: garrett hates the death tax at February 11, 2010 08:03 PM (0sWbv)

109 107 "Nam Grunt... But won't thatbe pretty lumpy? Something like a 60mm motor round and tube?

Posted by: mystry at February 11, 2010 08:03 PM (kmgIE)

110
Lead, brass, and smokeless powder, my friends. Best place to sink capital right now.

Posted by: Dang Straights at February 11, 2010 08:04 PM (A3NRj)

111 109,

I'll spread it out and fire for effect, just think if I bounce with a gf the sweet nothings I can say that she worth over thousands.

Posted by: 'Nam Grunt at February 11, 2010 08:05 PM (Hvo6u)

112 Don't forget the primers, Dang...

Posted by: garrett at February 11, 2010 08:05 PM (0sWbv)

113

doh! and primers

Posted by: Dang Straights at February 11, 2010 08:06 PM (A3NRj)

114 110,

Glad I have a huge walk around attic now, but dang I can only buy so much, sheesh!

Posted by: 'Nam Grunt at February 11, 2010 08:07 PM (Hvo6u)

115 My brother was telling me about this early last week, but he didn't have a video. It's just sickening to see how the American people are getting screwed by the left.

Posted by: A Bouts at February 11, 2010 08:13 PM (oRbus)

116 I have about 20-years experience in mortgage banking and so maybe I can add something here.
This has been going on for years, but seems to have become more egregious lately.
The agreement between you (the home owner) and your mortgage company (bank or note holder) is STRICTLY a business transaction and no concept of morality or moral obligation should come into play. If the market goes South and you no-longer have the ability to pay your mortgage, most of the time stuffing the house into foreclosure and dragging it out with a chapter 13 and then a chapter 7 BK conversion is what it takes to get the bank in the frame of mind to do a short sale in good faith. The bank will take whatever course makes them the most money. Period. End of story.
To repeat: this is a BUSINESS TRANSACTION and an adversarial financial relationship folks, and no homeowner has any obligation to any mortgage or note holder beyond what the law or the note says. Keep that in mind if you ever find yourself in a similar predicament.
Attempting to "do the right thing" is a sure fire path to disaster for the home owner under these circumstances.

Posted by: Jim in San Diego at February 11, 2010 08:22 PM (F09Uo)

117 Huh,

I blame it on the Jooos.

REALLY! Those savvy businessmen, donors all to "The One"

Posted by: Kemp at February 11, 2010 08:27 PM (2+9Yx)

118 One more thing:
NEVER, EVER, UNDER ANY CIRCUMSTANCES sign a promissory note to any lender for any short fall in a loan balance after a short sale or foreclosure unless your attorney says it's in your best interest, because usually, it is not. Please see all applicable state laws.
The house is the security, and you have a secured loan, and if it goes down, then that's that. End of game, thank you for playing. It is not the homeowner's job to indemnify the note holder against all potential loss. Sometimes bad things happen, and that is also the lender's bad luck as well, anda risk never intended to beborne solely by the homeowner beyond the fair market value of the real estate.

Posted by: Jim in San Diego at February 11, 2010 08:33 PM (F09Uo)

119 Jeezus Fucking Cheerist.

Posted by: davis,br at February 11, 2010 08:38 PM (uCShA)

120 This would be a golden opportunity for Hillary to step down and "attend to" her sick husband.
You know saying things like that can earn yourself a USSS no-knock warrant. I not a big Bill fan, but I wouldn't wish that on the poor guy - what a horrible way to go.

Posted by: Jean at February 11, 2010 08:44 PM (CPefM)

121 The FDIC (Federal Deposit Insurance Corp) has the money to operate, like all other insurance companies, due to money collected from their customers. In this case the banks. The banks pay into the FDIC to insure that depositors are paid in the case of a failed institution. It is true that the Federal Government (i.e. the taxpayer) backstops the FDIC, but so far in history, not a single dollar of taxpayer money has ever been given to the FDIC.
The problem loans that the FDIC took from Indymac Bank were sold to the highest bidder, OneWest Bank. Who cares how the guarantee was structured? This was a private sale to the highest bidder and did not involve any taxpayer money.
The guys that made this video are upset that an incentive, a guaranteed payoff tied to the original price, was attached to the sale of the loans.What if the FDIChad simplyoffered Superbowl tickets instead? Would anyone complain about that private sale?

Posted by: Mikki at February 11, 2010 08:52 PM (35s4H)

122 Umm,sorry if that last post came off a little defensive. As the wife of a banker I'm getting concerned about the scapegoating of late :-)

Posted by: Mikki at February 11, 2010 08:59 PM (35s4H)

123 The problem loans that the FDIC took from Indymac Bank were sold to the highest bidder, OneWest Bank. Who cares how the guarantee was structured? This was a private sale to the highest bidder and did not involve any taxpayer money.
Posted by: Mikki at February 11, 2010 08:52 PM (35s4H)
Because we are using tax dollars to indemnify financial institutions against losses they did not actually incur. That's a bad thing.

Posted by: Jim in San Diego at February 11, 2010 09:10 PM (F09Uo)

124 #118
Yep. Interest payments are what the bank (or noteholder) gets for loaning with risk. If they wanted a promisory note then I would want 0% interest. Hey, fair is fair.

Posted by: LC at February 11, 2010 09:11 PM (Aaoov)

125 As I understand it the FDIC just went negative, so the taxpayers are going to be footing the bill.

Posted by: Guy Fawkes at February 11, 2010 09:11 PM (cpuvG)

126 Who cares how the guarantee was structured?

Plus its crony capitalism, how do we know these friends of Obama would have been high bidder? Do you want a govt with such patronage policies?

Posted by: Guy Fawkes at February 11, 2010 09:16 PM (cpuvG)

127 Go read Ann Coulter's column of the week for a little more insight into this bag of doggy doo ....

Posted by: davis,br at February 11, 2010 09:39 PM (uCShA)

128 I'm sure someone has already brought this up, I can't ever catch up fast enough, but does anyone remember that Berkshire Hathaway owns a huge amount of Goldman Sacks? Or that one of the other great americans that backed the big zero, Warren Buffet, owns that fund? Chickens roost, roosting chickens, something coming home to roost? Goddamn, America, help me out here!

Posted by: TheGhostWhoWalks at February 11, 2010 09:43 PM (nmg4C)

129 @33 And don't forget, this is only one bank.

---

The worst of which was the gift of Washington Mutual to JPM. Don't be fooled by big media. Anyone who follows this knows that Washington Mutual did not fail. It's seizure by the FDIC was the end result of a take-down planned by JPM for years. "Never let a serious crisis go to waste," was it?

@60 CRA (Community Reinvistment Act) is essentially a wealth re-distribution vehicle.

---

FIFY - the leverage was not merely picketing and lawsuits. Banks that did not exceed a certain metric under the CRA were not allowed to expand via mergers and acquisition transactions. Essentially if you did not play CRA, you weren't getting approval for MA activity. Who had some of the best CRA marks? You guessed it - Washington Mutual. Fix the CRA you say as it was part of the problem - nah - it's being accelerated under O.

Rotten to the core, the lot of them. If this stuff ever became mainstream, it would be pitchforks and torches indeed.

@110 Lead, brass, and smokeless powder, my friends. Best place to sink capital right now.

---

When democracy becomes Tyranny, the second amendment guarantees we still get to vote (not mine).


I just finished loading up some 10 mm 180 gr. JHP voter registration cards for myself.

Posted by: Flounder at February 11, 2010 09:50 PM (Kkt/i)

130 Because we are using tax dollars to indemnify financial institutions against losses they did not actually incur. That's a bad thing.
Since the FDIC has not used any taxpayer money, this indemnity is theoretical. Last year the FDIC assessed a "special charge" that requires all banks to pay forward three years worth of insurance premiums.
I'mnot saying this is not a concern, but I think the banking industry is trying to contain the problem as best they can. So if incentives "within the family" so to speak are made, privately with no taxpayer dollars at stake, it concerns me that people are crying about conspiracies to screw the public.

Posted by: Mikki at February 11, 2010 10:01 PM (35s4H)

131 As I understand it the FDIC just went negative, so the taxpayers are going to be footing the bill.
According to fdic.gov the current reserve is 53 billion dollars.

Posted by: Mikki at February 11, 2010 10:16 PM (35s4H)

132 Last year the FDIC assessed a "special charge" that requires all banks
to pay forward three years worth of insurance premiums.

Last year the FDIC assessed a "special charge" that requires BANK CUSTOMERS
to pay forward three years worth of insurance premiums. You can't tax a business, only its customers via passed through higher costs for goods and services.

FIFY


Posted by: Purple Avenger at February 11, 2010 10:26 PM (cauN3)

133 Mikki,

This is insurance fraud on an insurance institution backed by the Federal Government. Banks don't own themselves, they have shareholders. There is no more "within the family" than there is in any other corporate entity group. You can't defend fraud and collusion by saying we paid it from ourselves to ourselves, because that isn't what happened. Tarp money, money that is taxpayer money, was used to prop up failing financial institutions. Some of which were as far from failing as they are right now, but were defined by the Fed as failing. This cash, whether needed or not was foisted on selected banks who were then in a position to buy out non-selected banks. The fact that AIG needed bought out to protect Soros and Buffet investments like Goldman Sachs had nothing to do with the equation, I'm sure.

You seem to be defending this crap because your husband is a banker. It isn't his fault or your fault. It's no more right than how the administration leaks bad unemployment numbers before the actual posting date and then comes out with the better (although bogus) numbers right after the market tanks. Someone is making a killing off those leaks.

Posted by: TheGhostWhoWalks at February 11, 2010 10:28 PM (nmg4C)

134 There is no way FDIC has $53B cash on hand. I don't believe that number.

Posted by: Purple Avenger at February 11, 2010 10:32 PM (cauN3)

135 134
There is no way FDIC has $53B cash on hand. I don't believe that number.
---
IIRC - that $53B is a statutory maximum or something of that nature. Their actual reserves are much lower and there is a trigger point as a percentage of insured deposits for which they are required to bump it up via special assessments on banks or borrowing from the treasury.

Whatever reserves they have, they typically set aside some amount for "known" future losses.

Whether the guarantees by the FDIC are paid from treasury borrowing - tax dollars - or whether it is paid from special assessments on banks - passed on to consumers - the american public is getting the shaft in such deals as this Indymac fraud.


Posted by: Flounder at February 12, 2010 12:35 AM (Kkt/i)

136 The fact that AIG needed bought out to protect Soros and Buffet
investments like Goldman Sachs had nothing to do with the equation, I'm
sure.

Warren Buffet bought his shares of Government Sachs after TARP and after the AIG bailout.

I don't know which investments Soros had that were bailed out. The One West Bank scam presents Soros as the capital savior. His contributions to IMB Management Holdings LP revived what dust was left after the IndyMac failure along side the massive government insurance covering all the short sale losses.

Posted by: wtfci at February 12, 2010 09:22 AM (+zo63)

137 George Sorrows I mean Soros - makes money by breaking things. Always has. Read about it in his own words. He's not so much a capitalist as an manipulator. He looks for and or tries to create information asymmetries and rides the crashes after a bubble. Read about how he nearly broke the bank of england. Some suggest he was a nazi collaborator as well. Perhaps that is where he developed situational expedient ethics. He's not a liberal - he wants a weak US- so he can better manipulate the world markets.
There's some math involved above but you will find a fair number of folks who have done it and the solution they get numbers six hundred sixty something . . .
I'm not that good at math.

Posted by: Joe at February 12, 2010 10:40 AM (YwBI6)

138 My name is Bob Hertzog, and I wrote a blog in September/2009 titled, "Is The FDIC Killing OneWest IndyMac Short Sales". The numbers (and to story, to some extent) in the video were taken directly from my blog. This was an actual case that happened to one of my clients, and the numbers are real. The FDIC press release sounds like a ticked-off 7th grader, and doesn't address much of what was in the video. The fact that they even chose to respond to a YouTube video has to make you wonder if there is more to this than what meets the eye. Methinks so....

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