Posts Tagged ‘securitization’

Securitization is 100% illegal under US legislation

Thursday, March 11th, 2010

Full story here from Christopher Story. This is but a snippet from my favorite London connection.

“…SECURITISATION ENTAILS GROSS VIOLATIONS OF R.I.C.O. STATUTES
In ‘true-sale’, ‘disguised loan’ and ‘assignment’ securitisations, there are fraudulent transactions which serve as ‘predicate acts’ under US Federal R.I.C.O. statutes.

The specific R.I.C.O. sections are: Section 1341 (mail fraud); Section 1343 (wire fraud); Section 1344 (financial institution fraud); Section 1957 (engaging in monetary transactions improperly derived from specified unlawful activity) [‘the money you make from the illegal exploitation of my money, is my money’]; and Section 1952 (racketeering).

Furthermore, securitisation constitutes violations of American antitrust statutes through market integration, syndicate collusion, price formation, vertical foreclosure, tying, price-fixing, predatory pricing, and the rigging of allocations.
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The next financial crisis hits Wall St.

Wednesday, October 21st, 2009

Full scoop here from Pam Martens via Counterpunch.org. Cue Britney Spears’ song “Toxic“. Perhaps I’ll have to make my own version of the video where she’s passing out junior tranches of CDO’s to pudgy businessmen as they pass out in their seats. So, when do we finally admit it’s a hideous sham, and not worth a dime? Two words: Debt jubilee.

“The financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors.

After leaving mortgage investors, bank shareholders, and pension fiduciaries awash in losses and a large chunk of Wall Street feeding at the public trough, the full threat of this vast securitization machine and its unseen masters who push the levers behind a tightly drawn curtain is playing out in courtrooms across America. (more…)

Wall St. gambling on how soon old people will die

Thursday, September 10th, 2009

Honestly, I don’t go looking for this stuff, but here it is.

“Now we know why America’s oligarchs are fighting to keep the rest of us stuck in the world’s worst health care system: the more we die, the more billions Wall Street will earn. A recent article in The New York Times exposed how Wall Street is licking its lips over a new scheme to make hundreds of billions in profits by creating financial instruments that will profit off of millions of terminally-ill Americans’ agony, desperation, and death. The only thing standing in the way of this massive new Wall Street scheme is the kind of health care reform that might allow Americans to live longer lives. Yep, this is what we spent trillions of dollars bailing out Wall Street for: so that they can kill us for profit. (more…)