Showing posts with label banksters. Show all posts
Showing posts with label banksters. Show all posts

Saturday, January 22, 2011

who will weep for the banksters?

who will weep for the banksters?Who will weep? Will anyone regret when a foreclosure mill is finally stopped? When the Federal Reserve has one less party to provide hefty bailouts that possibly go towards big bonuses? When will Wikileaks pull the plug and start leaking?

Who will weep for Bank of America when the contents of a rumored 5GB hard drive of a bank executive are sent to media outlets? Mary Bottari wonders how bad it will be in a recent article, 'What Does Wikileaks Have on Bank of America?' The writer implies it must be bad as the bank buys up unflattering website domain names, e.g., BankofAmericaSucks.com and BrianMoynhihanblows.com!

Bottari wonders whether Wikileaks has evidence the bank was peddling toxic securities to investors fully aware of their worthlessness? The writer notes as recently as "...September 2009, for example, BofA underwrote $239 million worth of securities backed by subprime loans...". Bank of America is also at ground zero of the robo-signing scandal. A bank employee admits in a legal deposition she signed 8,000 foreclosure documents a month without reading them--a clear violation of law! The writer wonders whether mounting evidence of a fraudulent disregard for the law, may place Bank of America in an unsustainable position, legally?

Bank of America may regret the purchase of Countrywide in 2008 and as Bottari observes "...one of the most aggressive and fraudulent lenders during the housing bubble. The result has been a trainwreck of liability and lawsuits for the megabank that now has over 1.3 million customers in foreclosure."

Former Countrywide CEO Angelo Mozilo, the son of a Bronx butcher, is considered one of the worst chief executives of all time by Conde Nast Portfolio. You may catch a glimpse of this scary guy as Mozilo testifies in front of the House of Representatives. Mozilo defends CEO compensation in a very articulate manner after he pocketed almost $450 million in stock options over the years!

Bottari concludes with parting shots at the zombie bank. The writer reminds the reader of recent news the Fed has provided--what amounts to life support--to the bank with $931 billion in short term loans and subsidies! Whew! The writer's last remark is not only does Bank of America want you to know the bank and its top executive do not suck, but also, it's other top executives. The bank has been buying up a long list of domains which use their names! Wow! Great Stuff! It sounds like Bottari can't wait for Wikileaks!

The present writer still wonders if Wikileaks isn't just a new operation and a more sophisticated form of eliminating targets? Who will be next? Who is behind Wikileaks?

Wednesday, January 5, 2011

goldman invests in facebook at $50b valuation

why are taxpayers subsidizing facebook & the next bubble?
goldman invests in facebook at $50b valuationfrom nytimes: Goldman Sachs has reached out to its wealthy private clients, offering them a chance to invest in Facebook, the hot social networking giant that is considering a possible public offering in 2012, according to people familiar with the matter. On Sunday night, a number of Goldman clients received an email from their Goldman broker, offering them the opportunity to invest in an unnamed “private company that is considering a transaction to raise additional capital.” Another person briefed on the deal said that Goldman clients would have to pony up a minimum of $2 million to invest and would be prohibited from selling their shares until 2013. A Goldman spokesman declined to comment. Facebook has raised $500 million from Goldman Sachs and a Russian investor in a transaction that values the company at $50 billion, according to people involved in the transaction. As part of its deal with Facebook, Goldman is expected to raise as much as $1.5 billion from investors for Facebook.

Monday, November 29, 2010

bank computer glitch really a hack?

Chris Groothoff, an IT professional, believes somebody hacked the National Australia Bank computer system, as reported at Canberra Times. ''We know that there are all sorts of requirements for special systems like banking systems that have very many precautions and safeguards built into those systems and the ability to recover from a failure within minutes, basically,'' he said. Grothoff is clearly annoyed. ''I think they are pulling the wool over our eyes by saying it's just a computer glitch.'' Is this cyberwarfare?

bank blames human error for outage

National Australia Bank (NAB) spokesman George Wright would not provide technical description of bank's computer difficulties in AUSTRALIANIT article. Wright denied rumors of a botched mainframe upgrade, hackers or virus as reason for glitch. NAB does batch processing for other banks and delivers files daily. "On early Thursday morning, IT departments at financial institutions such as Commonwealth Bank, Westpac, ANZ, HSBC, Citibank and Bank of Queensland went on high alert when they did not receive the files." It's one of Australia's biggest banking bungles. NAB is placing blame on human error as "...someone from NAB's IT department who had access to the system inadvertently uploaded a file that 'corrupted' the system." Many NAB bank customers were caught without cash as salaries did not make it into their bank accounts.

Thursday, April 22, 2010