Bill Black: What if the SEC investigated Banks the way it is investigating Mutual Funds? « naked capitalism

 Interesting article by Bill Black published at Naked Capitalism. 

The Wall Street Journal ran a story yesterday (12/27/11) entitled “SEC Ups Its Game to Identify Rogue Firms.” “Rogue” is an interesting word with a range of definitions. When it is used as an adjective its meaning is: “a playfully mischievous person; scamp.” The trivialization of the most destructive elite frauds is one of the most common forms of what criminologists call “neutralization” of the moral content of wrong doing. Neutralization increases crime.The actual story makes it clear that the criminals that the SEC was identifying were not “rogues.” They were the CEOs of seemingly legitimate firms. The SEC is identifying “accounting control frauds” – the frauds that cause greater financial losses than all other forms of property crime combined. The SEC is not identifying a few rotten apples, but roughly 100 hedge funds likely to have engaged in accounting fraud. The WSJ describes the SEC’s identification system:

read the full article by following the link below.  

Bill Black: What if the SEC investigated Banks the way it is investigating Mutual Funds? « naked capitalism

MORE ON FRAUDULENT PRACTICES OF NEW CENTURY: MERS ASSIGNMENTS CANNOT BE EFFECTIVE AS NEW CENTURY REPUDIATED ITS CONTRACT WITH MERS AS PART OF ITS BANKRUPTCY

 Here is a recent article taken from Foreclosure Defense Nation Wide website. You can read the full article by following the link at the end of this post. 

You can see that quite possibly we are seeing the uncovering of evidence that may get the country to open its eyes to how extensive the fraud and abuse have been by the banks.  It would be nice to have banks held accountable after screwing the entire country for years and for screwing so may hard working Americans out of their retirement.  They massive fraud and abuse has been seen as acceptable by the government crooks and the banksters who work in tandem to fleece the hard working people of our country.  All of the propaganda efforts by the government to pretend they are doing something is absurd and has been more wasted tax dollars taken by the banks to line their own pockets.  
You can see the arrogance factor still in play as Chase CEO brags of how deep their pockets are to fight to allow the banks to continue to commit fraud.  This has been the trump card in the past for the TBTF banks.  They have always had the deepest pockets and could intimidate anyone in order to keep them from filing fraud charges against them. 

The world is finally starting to wake up to the massive, pervasive, nationwide fraud which has been engaged in with impunity by MERS, Deutsche Bank, Wells Fargo, Bank of America, US Bank, and their servicers and “trustees” in their never-ending quest to reap massive profits at the expense of homeowners and damn the consequences. It is no longer homeowners who are seeking relief. Attorneys General are also taking action: the Attorney General of Massachusetts has sued several of the “banksters” for fraudulent mortgage practices; the Attorney General of Delaware has sued MERS for fraudulent practices both in foreclosure and its attempt to avoid recording fees; and yesterday, the Attorneys General of California and Nevada formed a joint task force to pursue foreclosure fraud. It is no longer a situation of simply foreclosure defense: the new wave is grounded in affirmative claims against the banks and their agents for their outright fraudulent conduct all over the United States.
The good news is that the CEO of one of them, that being JPMorgan Chase CEO Jamie Dimon, has publicly announced that JPM has plenty of reserves to defend the lawsuits against it. On behalf of the Attorneys General and  private litigants who are going after JPM for its nationalized pattern of fraudulent conduct, we thank you, Jamie, for affirming that JPM is a still a collectible entity.

MORE ON FRAUDULENT PRACTICES OF NEW CENTURY: MERS ASSIGNMENTS CANNOT BE EFFECTIVE AS NEW CENTURY REPUDIATED ITS CONTRACT WITH MERS AS PART OF ITS BANKRUPTCY