fraud

Nevada Files Felony Charges for Mortgage Fraud

robo sign foreclosureThe Nevada Attorney General just filed felony criminal charges for mortgage fraud, but wait for it, so far it is just two little fish. From the press release:

The Office of the Nevada Attorney General announced today that the Clark County grand jury has returned a 606 count indictment against two title officers, Gary Trafford and Gerri Sheppard, who directed and supervised a robo-signing scheme which resulted in the filing of tens of thousands of fraudulent documents with the Clark County Recorder’s Office between 2005 and 2008.

According to the indictment, defendant Gary Trafford, a California resident, is charged with 102 counts of offering false instruments for recording (category C felony); false certification on certain instruments (category D felony); and notarization of the signature of a person not in the presence of a notary public (a gross misdemeanor). The indictment charges d efendant Gerri Sheppard, also a California resident, with 100 counts of offering false instruments for recording (category C felony); false certification on certain instruments (category D felony); and notarization of the signature of a person not in the presence of a notary public (a gross misdemeanor).

”The grand jury found probable cause that there was a robo-signing scheme which resulted in the filing of tens of thousands of fraudulent documents with the Clark County Recorder’s Office between 2005 and 2008,”said Chief Deputy Attorney General John Kelleher.

DoD Report Shows Since 2001, $1.1 Trillion In Contracts Awarded to Companies Who Committed Fraud

lockheed martin fraudOne would think once a company had been convicted of defrauding the government, they wouldn't see another dime. Not so, shows a new DoD report. Believe this or not, the DoD has awarded over $1.1 trillion dollars in defense contracts to companies have been convicted, found liable, or settled fraud charges earlier with the DoD since 2001.

Senator Bernie Sanders summed up some of the numbers buried in the report:

Over the past ten years, DOD awarded $254,564,581 to companies that were convicted of a crime in connection with a DOD contract during that same period of time. To make matters worse, DOD awarded $33,079,743 of that to convicted companies after they had been convicted.

Over the past ten years, DOD awarded $573,693,095,938 to companies that were found liable or settle charges of a civil wrong in connection with a DOD contract during that same period of time. To make matters worse, DOD awarded $398,081,775,397 of that to those companies after they settled the charges or were found liable.

The numbers become increasingly shocking if you look at company affiliations. Over the past ten years, DOD awarded $1,104,423,438,564.10 to entities affiliated with companies that have a history of fraud.

Obama's Budget Betrayal - Questions and Answers

Question: Why did President Obama put Social Security and Medicare on the table in the budget negotiations when 80% of the people oppose cuts to these programs?

Answer: The president is not in office to represent those people. He was selected, funded and carried over the finish line by corporate America. Look at the appointment of Wall Streeter Timothy Geithner, the bailouts, and the failure to prosecute any of the crooks who caused the current recession. He's serving the people who put him in office. Those people don't need Social Security and Medicare.

Q: Doesn't the president need to worry about reelection? Why would he risk that by going against such a large majority?

A: President Obama has no personal or financial risk if he loses his job.. He has a tidy lifetime pension and will, no doubt, be on plenty of corporate boards, not to mention the opportunities for huge speaking fees. There is less political risk than you might think. The only Republican presidential candidate who might be other than certifiable is the largely unknown John Huntsman, former governor of Utah and Obama's ambassador to China. The rest would do much more harm to seniors than Obama concessions this time around (if they materialize) and people know that.

Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?

Michael Collins
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Gretchen Morgenson of the New York Times just published one of the few feel good stories in months following the 2008 financial crisis. She describes a possible day of reckoning for the perpetrators of the 2008 crisis and much of the pain that has followed.

The newly elected New York attorney general, Eric Schneiderman (D), wants information from Goldman Sachs, Bank of America, and Morgan Stanley. Among other things, the information concerns mortgage pooling and bundling. This may well include information on collateralized debt obligations (CDO's) and mortgage backed securities (MBS). New York state officials told Morgenson:

"The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses." New York Investigates Banks’ Role in Financial Crisis New York Times, May 16

Obama and Geithner - Back to the Future on Corporate Tax Breaks and Derivative Deregulation

Michael Collins
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Speculation reigns supreme in your nation's capital. Who is next in line after the bin Laden operation? The bipartisan coalition directing the war on terror forgot one important fact about the security of the United States of America. It doesn't matter who they kill overseas, the assault on almost all citizens continues unabated at home. No one is doing anything to stop it. Only the financial and political elite remain immune. (Image-WikiCommons)

According to the National Bureau of Economic Research, the national economic collapse (aka recession) ended June 2009. That's news to the 55% of the public that believe we're in either a recession or depression (April 2011).

Bankruptcy Hell - The Sequel to ForeclosureGate

Michael Collins
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You're headed for bankruptcy court tomorrow. It's been a long and difficult road. You and your husband both worked. You made decent money. Then your husband became ill. There was no sick leave because he worked for himself. His disability insurance had a six-month delay and only covered half of the lost income. That was all you could afford. (Image Wikimedia Commons)

His condition was critical and required medication three times a day at a monthly cost of $2500. Your company plan covered your husband but it didn't cover the medication because the insurance company termed it experimental. It was the sole option for the crippling illness according to the three specialists consulted.

Your husband contributed 40% of the family income. The loss was a big hit but you persevered. You couldn't sell the house, even if you wanted to. It was $150,000 upside down. There was no federal or bank program to relieve that burden. After four months of cashing in a modest 401(k), it became obvious that you couldn't make it. You needed relief and time for your husband to get well.

You consulted your accountant. On his advice, you decided to file for bankruptcy.

The Bipartisan Citizen Beat Down and the End of Democracy

Michael Collins

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Both political parties are manifestly hostile to citizens. This hostility reduces electoral participation to just over 50% of the voting age population for presidential elections and less than 40% for off-year congressional elections. The absence of 50% to 60% of those eligible to vote creates minority rule and threatens the legitimacy of any ruling party. Truly, every election ratifies the rejection of both parties.

Decline and Fall - Why Would Anybody Believe Standard and Poor's?

Michael Collins
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We are in the midst of a bum's rush - the quick eviction of a less than desirable in an unpleasantly abrupt fashion. The problem is we're the bums. Our eviction from the political process is all based the word of a firm that helped fuel the housing bubble, trigger the financial collapse, and found itself indicted by the State of Connecticut for "unfair, deceptive, and illegal business practices" in 2008.

Beyond ForeclosureGate - It Gets Uglier

Michael Collins

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The ForeclosureGate scandal poses a threat to Wall Street, the big banks, and the political establishment. If the public ever gets a complete picture of the personal, financial, and legal assault on citizens at their most vulnerable, the outrage will be endless. (Image)

Foreclosure practices lift the veil on a broader set of interlocking efforts to exploit those hardest hit by the endless economic hard times, citizens who become financially desperate due medical conditions. A 2007 study found that medical expenses or income losses related to medical crises among bankruptcy filers or family members triggered 62% of bankruptcies. There is no underground conspiracy. The facts are in plain sight.

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