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It wouldn't have been too difficult to frame it as a failure of capitalism. The obsession and worship of money, trumping law and order.
It wouldn't have been too difficult to frame it as a failure of capitalism. The obsession and worship of money, trumping law and order.
Trump is heavily in debt to Deutche Bank. Being POTUS would come with a number of unique conflicts of interest:
Deutsche Bank is one of the only big banks willing to work with Trump these days and has provided financing for his various real estate projects. Trump has borrowed as much as $364 million from Deutsche Bank since 2012, and all four of the outstanding loans will come due before 2024—the end of a potential second Trump presidential term.
Most other major banks stopped lending to his companies long ago, after a number of large banks were burned when earlier Trump projects failed. If Trump becomes president, he could find himself pulled between competing priorities: protecting his relationship with the one big bank that will do business with him or punishing a major player in the financial crash.
http://www.motherjones.com/politics/...-deutsche-bankSince 1998, Deutsche Bank has lent Trump and his organizations approximately $2.5 billion and has made loan commitments worth another $1 billion, according to the Wall Street Journal. Currently, Trump owes Deutsche Bank more than $350 million stemming from loans on properties. Some of Trump's most prized investments were built with money from Deutsche Bank, and three of his signature projects remain tied up in mortgages with the bank. For the Old Post Office project, Trump borrowed $170 million from Deutsche Bank. He has borrowed $125 million from the bank for two mortgages on his Trump National Doral golf course in Miami. For his Chicago skyscraper, he took out a loan in 2014 listed at $69 million on paperwork filed with the Cook County real estate office, although he said it was worth between $25 million and $50 million on the most recent personal financial disclosure form filed this past May.
beholden to a foreign bank, big real estate deal with the US Government.
lots of possibilities for a sharp operator like Trump, he'd be dumb not to consider what being POTUS could do for his businesses.
running for president has undoubtedly enhanced the Trump brand -- one wonders whether self-aggrandizement hasn't been the point all along. Trump the candidate is curiously thin on ideas.
Clinton also beholden to Deutche Bank:
http://www.bloomberg.com/politics/ar...as-firm-slumpsThe Republican National Committee reignited calls for Hillary Clinton to release details surrounding her paid private speeches to Deutsche Bank on Thursday just as the firm's New York-listed shares fell to a record low.
Officials from the German-bank, which U.S. regulators slapped with a massive $14 billion fine earlier this month, paid the Clintons $955,000 between 2012 and 2014 for a total of four speeches, according to financial disclosure records.
Hillary Clinton was paid $225,000 for an April 24, 2013 speech and $260,000 for an Oct. 7, 2014 speech. Her husband was paid $200,000 for an Oct. 10, 2012 speech and $270,000 for a speech he gave on Aug. 27, 2014.
Mnuchin's "bank" absolutely STOLE homes through fraudulent foreclosures
Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo
https://theintercept.com/2017/01/03/...n-leaked-memo/
"misconduct"how about WIDESPREAD, SYSTEMATIC CRIMES?
Moody’s Hit With $864M Penalty For Role In Mortgage Meltdown
the Justice Department and attorneys general for 21 states (and don’t forget D.C.) announced a settlement with Moody’s Analytics worth around $864 million, resolving a federal investigation into the company’s complicity in the massive financial crisis.
At the heart of the DOJ investigation were allegations that Moody’s was gave overly positive ratings to mortgage-backed securities and other financial products out of fear that providing honest ratings would result in banks and lenders taking their business elsewhere.
Even though Moody’s has long acknowledged that there is an inherent conflict of interest in being paid by the same financial ins utions that are asking you to rate their securities, the company maintained throughout the bubble era that its ratings were based primarily on expected loss and probability of default.
“Investors relied on Moody’s credit ratings to be objective and independent, and they naturally expected Moody’s to follow its own published methods,” says Benjamin Mizer, head of the DOJ’s Civil Division.
However, the DOJ investigation into these ratings concluded that Moody’s was not living up to its own promise to provide accurate feedback on these securities.
“Moody’s failed to adhere to its own credit rating standards and fell short on its pledge of transparency in the run-up to the Great Recession,” said Principal Deputy Associate Attorney General Bill Baer in a statement.
According to the DOJ, Moody’s has admitted to failing to disclose to the public that it deviated from its own standards. As a result, investors were misled into believing that these securities were low-risk.
Moody’s $864 million total payout is significant, but pales in comparison to penalties paid by others involved in the mortgage meltdown. In 2015, Moody’s compe or Standard & Poor’s had to pay $1.5 billion to close the book on similar allegations.
For its part, Moody’s maintains this is no big thing and the settlement is a solid business decision.
https://consumerist.com/2017/01/13/m...gage-meltdown/
As Robert Reich says, BigFinance's business model is based on cheating, fraud, theft, crime.
Deutsche Bank signs $7.2 billion deal with U.S. over risky mortgages
http://www.reuters.com/article/us-de...2F+Top+News%29
on his way out the door, Obama plants a big wet one on hedge fund slumlords: Fannie Mae will now back up to $1B in MBS losses for Blackstone.
http://wolfstreet.com/2017/01/24/us-...ion-homes-win/Invitation Homes, the 2012 buy-to-rent creature of private-equity firm Blackstone, and now owner of 48,431 single-family homes, thus the largest landlord of single-family homes in the US, accomplished another feat: it obtained government guarantees for $1 billion in rental-home mortgage backed securities.
The disclosure came in an amended S-11 filing with the SEC on Monday in preparation for Invitation Homes’ IPO. Invitation Homes bought these properties out of foreclosure and turned them into rental properties, concentrated in 12 urban areas. The IPO filing lists $9.7 billion in single-family properties and $7.7 billion in debt.
Some of this debt will be refinanced with the proceeds from the sale of the $1 billion of government-guaranteed rental-home mortgage backed securities.
The government agency that has agreed to guarantee the “timely payment of principal and interest” of these “Guaranteed Certificates,” as they’re called, is Fannie Mae, one of the government-sponsored en ies (GSE) that has been bailed out and taken over by the government during the Financial Crisis.
This is the first time ever that a government-sponsored enterprise has guaranteed single-family rental-home mortgage-backed securities, issued by a huge corporate landlord. It’s an essential step forward in financializing rents: taxpayer backing for funding the biggest landlords.
mere moments after the US levies a $1B fine against Wells Fargo for mortgage and insurance shenanigans, it's under scrutiny for shady 401k dealings:
https://www.mpamag.com/news/another-...rgo-99106.aspx
Wells Fargo does not appear to be a viable brand anymore. The ship has passed the point where the bilge pumps can keep up with the incoming water, IMO.
do you think retail customers, considered by the banks to be effectively "captured" due to the hassle of changing banks, in any significant %age will transfer to other banks?
Jerry Brown nicked $331M intended for Californians who suffered foreclosure -- today a judge ordered California to pay it back
https://www.sfchronicle.com/business...o-13067597.phpThe money was “unlawfully diverted” from a settlement fund that was designated for programs directly assisting homeowners, the Third District Court of Appeal in Sacramento said Tuesday.
jerry brown is a POS tbh
Det surplus and balanced budget, tho.
Imagine if he was a Repub tho... He'd make heads explode.
another $3B dollar fine for Wells Fargo:
https://www.nakedcapitalism.com/2018...ks-8-2-18.htmlThe civil fine is for alleged origination and sale of residential mortgage loans that the lender knew contained misstated income information and did not meet the quality that Wells Fargo represented, the U.S. Department of Justice said in a statement here on Wednesday.
Eyup. Deutsche Bank being the bank of choice for certain oligarchs...
http://www.latimes.com/business/la-f...713-story.htmlThe bank also reported shrinking loan balances and deposits. It held loans totaling $944 billion at the end of the quarter, down $3 billion from the end of the prior quarter, with declines in both consumer and commercial loans. Deposits fell by nearly $26 billion to $1.3 trillion.
I think they have slowly been hemorrhaging deposits, yes.
eh, we knew he was crooked when we elected him.
the US Congress is spineless, the thing to do is vote him out of office in 2020.
https://finance.yahoo.com/quote/WFC/balance-sheet?p=WFC
Not per their balance sheet. Wells fargo is fine.
Liar loans.
https://www.slideshare.net/guestd5ab...ubprime-primer
(slideshow, financial crisis explained by stick figures, funny)
DB lent Trash several $100Ms. I wonder if DB was laundering for the Russians?
Wells Fargo blames 'computer glitch' for hundreds of customers lost homes
Wells Fargo has shown over the past couple of years, what unregulated, untethered, fully empowered greed will do for consumers.
Fraud. Lots and lots of fraud. According to CNN,
Wells Fargo made a little “regulatory filing” this past week explaining
it had set aside $8 million for “customers affected by the glitch.”
What’s that “glitch?”
Oh, nothing really, just people losing their homes.
About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, the customers were ultimately foreclosed upon.
Wells Fargo said in a statement that
it was "very sorry that this error occurred" and said it was "providing remediation" to the affected customers.
When you consider that Wells Fargo seems to have
perpetrated fraud across virtually every aspect of their lending operation;
it’s hard to imagine what
Wells Fargo’s business model is except perpetrating frauds on consumers.
https://www.dailykos.com/stories/201...tail=emaildkre
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