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The Bad CHOICE Act – Dodd-Frank Alternative

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The Bad CHOICE Act

posted by Adam Levitin

ADAM LEVITINI’m testifying before House Financial Services tomorrow regarding the “CHOICE Act,” the Republican Dodd-Frank alternative.  My testimony is here.  It’s lengthy, but it doesn’t even cover everything in the CHOICE Act–there are just too many bad provisions, starting with the idea of letting megabanks out of Dodd-Frank’s heightened prudential standards in exchange for more capital, then moving on to a total gutting of consumer financial protection, and ending with a very poorly conceived good bank/bad bank resolution system executed through a new bankruptcy subchapter.  The only good thing about the Bad CHOICE Act is that it has little chance of becoming law any time soon. 

Reblogged from Credit Slips – Read More HERE.

Excerpt: “The CHOICE Act also has numerous provisions that make it difficult for the SEC to pursue enforcement actions and achieve meaningful relief. These provisions reduce the…

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Four Fraud-Busting Citizens Initiate a Plan to Hold the Elite Financial Leaders Accountable and Prevent Further Economic Damage

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By Sydney Sullivan

celebrate-whistleblowers-600Four astounding men, Gary Aguirre, Bill Black, Richard Bowen, and Michael Winston, are the founding members of the Bank Whistleblowers United. These well-educated men have the moral integrity and intelligence to see the damage Wall Street has caused and have devised a plan to prevent or at least reduce the frequency and harm of future economic crises.

We, as American citizens, know we have not recovered from the 2008 economic crisis as our present administration and Congressional leaders would like for us to believe. Although lots of warriors have stepped up to battle the banks, none have been as united or noteworthy as these four financial fraud-busting astronauts, venturing into a red banking hole existing in cyberspace which has been an arduous climb up-Hill (pun intended) to penetrate, decipher …and even more difficult to correct. 

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Burger King manager testified before a federal grand jury, accused Chicago police of erasing surveillance video of Laquan McDonald

CHICAGO — A Burger King manager who accuses Chicago police of erasing surveillance video in the case of a black teenager shot last year by a white officer says he has testified before a federal grand jury investigating the shooting.

Jay Darshane tells the Chicago Tribune that the FBI also took the restaurant video recorder containing all of its surveillance images.

Read on.

Click here to view video.

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Garden City foreclosure victims in Michigan plead for help from council

– Garden City tax foreclosure victims are asking city leaders for another chance to get their houses back.

And on Monday night, the city council meeting got heated at times.

But council members spoke up against telling people who lost their homes, ‘we’re sorry you couldn’t keep up on your payments, but this is your fault.’

The people of Garden City are losing their homes to tax foreclosure, casting insults on the mayor and city council.

After a long day of protests at city hall and fingers pointed at Mayor Randy Walker and council members, they’re responding.

“This is not our problem, and I’m sorry for that. But you’re in the wrong place. That’s the way it is,” said Pam King, City Council Member.

Read on.

http://www.fox2detroit.com/news/local-news/53654300-story

 

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The Man Who Went From Harvard to Goldman to Colombian Jail

Isaza Tuzman lived the thug life…

Bloomberg:

Isaza Tuzman spent more than four years at Goldman Sachs Group Inc., working in emerging markets arbitrage. In 1998, while still at the bank, he co-founded govWorks.com, a website that promised to link people to local municipalities. In the 2001 documentary “Startup.com,” he could be seen pitching venture capitalists and chatting with Bill Clinton at a summit about the Internet.

After govWorks collapsed in bankruptcy in 2001, Isaza Tuzman went on to head at least three tech startup firms, including one that eventually was renamed KIT Digital. He left the company in April 2012, a year before it declared bankruptcy.

In August, federal prosecutors in New York returned a sealed indictment against Isaza Tuzman. Prosecutors say that while at KIT Digital, he engaged in an elaborate scheme to mislead investors and regulators about the financial health of the company for at least three years. He’s also accused of secretly operating a hedge fund that artificially inflated the company’s share price and of using funds from KIT Digital to secretly invest in his hedge fund.

 

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Hillary Clinton’s Allegiance to Wall Street in Under 90 Seconds

From Bill Moyer’s 2004 interview with Elizabeth Warren:

 

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FEDERAL AND STATE CRIMINAL STATUTES OF LIMITATIONS HAVE NOT EXPIRED FOR PROSECUTING BANK EXECUTIVES FOR MORTGAGE FRAUD

Mark your calendars….

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Hawaii: family claims ownership of Waimanalo land using fake deed – just like the banks!

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CLICK:  State: family claims ownership of Waimanalo land using fake deed – Hawaii News Now – KGMB and KHNL.

Hawaii fake deedsObviously, there are some ostriches in Hawaii when there are thousands of forgeries and fraudulent documents that have been filed in its Bureau of Conveyances over the last 8 years, but the registrar says: “only a handful of bogus property deeds get thrown out by the courts every year.” 

Maybe somebody ought to suggest a land record audit or just gather up all the foreclosure forgeries and sue the Bureau of Conveynances for ignoring fraud and total incompetence.

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In Corporate Crimes, Individual Accountability Is Elusive

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20stewart-web-articleLargeBrandon L. Garrett is a specialist in corporate prosecution at the University of Virginia law school and author of the recent book “Too Big to Jail.”  By Khue Bui for The New York Times

“We have never hesitated to investigate and prosecute any individual, institution or organization that attempted to exploit our markets and take advantage of the American people,” Attorney General Eric H. Holder Jr. proclaimed this month when the Justice Department announced that Standard & Poor’s, the ratings agency, had agreed to pay $1.375 billion to settle civil charges that it inflated ratings on mortgage-backed securities at the heart of the financial crisis.

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Banksters Attempt to Derail Controlling Washington Case Law

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Posted by Karen Pooley, HomeownersSuperPAC, WA Director

WASHINGTON BANKER’S ASSOCIATION ATTEMPTS TO OVERTURN TWO WASHINGTON SUPREME COURT DECISIONS!

manipulationThis is the Washington Homeowners’ alert to the Washington Bankers Association’s attempt to overturn two Washington Supreme Court decisions:  Lyons v. U.S. Bank (2014) and Bain v. Metropolitan Mortgage (2012) with the introduction of Senate Bill 5968, a Pro-Banker Bill. 

Both of these Washington Supreme Court cases held that the foreclosing entity must be the owner of the obligation evidencing the debt (or the promissory note) yet the Pro-Banker Bill, Senate Bill 5968, would allow lenders to foreclose on property in the state of Washington without clear ownership of the underlying debt!

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