And – - – that’s theStraight Stuff!

UppityBanker

Uppitybanker Hero of the Month!

In the first minute of Mr. Wynn’s Interview he makes reference to the Phoney Stimulus Programs that the current administration has promoted that are destroying the housing market. Instead of asking a follow-up question for him to explain specifically WHAT programs he was referring to as Phoney Stimulus Programs she trys to avoid a narrative she didn’t want to hear and asks him a question as to why he is moving his business headquarters to Macau? And then Mr. Wynn opened up a can or worms I’m sure the interviewer didn’t anticipate. Mr. Wynn was definately going OFF message for this CNBC reporter and laid it out for her honestly just how he had more confidence doing business with China than with Washington!

Those of US with a brain know exactly what Mr. Wynn is referring when he says we are going to Greece! God Bless You Mr. Wynn for Telling it LIKE IT IS!

Uppitybanker

And the Stealing HASN’T Stopped…Goldman has made Billions since the Mortgage collapse in the repackaging of the now worthless Mortgage Back Securities that Goldman Sachs SOLD and later SHORTED to it’s customers.

Someone NEEDS to go to JAIL…But it won’t happen.

My Dad always told me to NEVER be Petty Thief! If you’re gonna Steal, STEAL BIG…

Read the Levin-Coburn Report

Uppitybanker

The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.

“The caricature of the Fed is that it was shoveling money to big New York banks and a bunch of foreigners, and that is not conducive to its long-run reputation,” said Vincent Reinhart, the Fed’s director of monetary affairs from 2001 to 2007.

The New Spin from the FED is “WHAT’S THE BIG DEAL” …most of the Money was PAID BACK and we should IGNORE the fact that if it wasn’t for lawsuits and the FOIA Act we would of NEVER have known WHO got the Bailout Money.

Note to FELLOW PEONS ” Your Loan MOD has been denied ……as Lybia recieved 73 Loans from Benny worth 35 Billion!

What I want to know is WHAT did the Crooked Banks REALLY use the Bailout Money for… It certainly wasn’t used to save those losing their homes to foreclosure!  But we’ll never know because we can’t audit the Federal Reserve and Goldman Sach isn’t gong to tell us how they exploited the Bailout for Profit. My guess is the money was used to buy failing banks and real estate assets for 10 cents on the dollar. How else can we explain the absurd profits Goldman Sachs and Wall Street are booking just 3 years later.

Uppitybanker

http://www.bloomberg.com/news/2011-04-01/foreign-banks-tapped-fed-s-lifeline-most-as-bernanke-kept-borrowers-secret.html

http://www.bloomberg.com/news/2011-03-31/libya-owned-arab-banking-corp-drew-at-least-5-billion-from-fed-in-crisis.html

I find it a bit funny when Rep. Maxine Waters D-California, is NOW outraged. She is on the House Banking Committee and she oversaw Fannie Mae and Freddie mac when the crap loans were being funded to the masses. AND SHE DID NOTHING but Praise Fannie Mae and Franklin Raines for his service. Barney Frank did the same…He Praised the the Banks and saw NOTHING Wrong…

I’m sure they want us to forget their complicity­…

Uppity Banker

http://www.huffingtonpost.com/social/sdhawgman/house-votes-to-terminate-_n_842150_82566689.html

J. Robert Oppenheimer

I thought of Robert Oppenheimer when I saw the Quants on this video reflecting on the consequences of their work in developing programs that expanded the trading of Mortgage CDO’S on Wall Street. Their sadness reminded me on how Robert Oppenheimer responded to a question he was asked in the 1965 documentary The Decision to Drop the Bomb, produced by Fred Freed, NBC White Paper. Robert Oppenheimer was the scientific director of the Manhattan Project which developed the Atomic Bomb in WWII.

When asked a question on his feelings about the atomic bombings, while visiting Japan in 1960 his response was the following ;  “We knew the world would not be the same. Few people laughed, few people cried, most people were silent. I remembered the line from the Hindu scripture, the Bhagavad-Gita. Vishnu is trying to persuade the Prince that he should do his duty and to impress him takes on his multi-armed form and says, “Now I am become Death, the destroyer of worlds.” I suppose we all thought that, one way or another.”

The Quants and Robert Oppenheimer I believe shared a similar sadness when they honestly examined their brilliant work.

Uppitybanker

WE'RE HERE TO SAVE YOU!

Really what a SURPRISE? What were they expecting when the HAMP Program was CONTROLLED and RUN by the Banks and Servicers?

The report found that “Companies that manage mortgage loans can PROFIT FROM FORECLOSURE-RELATED FEES and are RELUCTANT to PARTICIPATE in the Treasury program, the report found. In addition, many borrowers have second mortgages from lenders who might profit by blocking a loan modification.” 

GEE WHAT A SURPRISE…BANKS ARE LOOKING TO PROFIT FROM THE FORECLOSURE CRISIS!

The report also found, Homeowners are dropping out of the program at a faster rate than they’re joining it, the Treasury reported last month. The number of borrowers aided by HAMP grew to nearly 520,000 in October, up 23,750 from a month earlier, while 36,300 dropped out after failing to make their modified payments.

The Home Affordable Modification Program, or HAMP, pays lenders and servicers to rewrite loan terms for borrowers who can’t make their current mortgage payments. Since its 2008 creation, HAMP’s goal of preventing 3 million to 4 million foreclosures “has been repeatedly redefined and watered down,” the panel said. “If current trends hold, HAMP will prevent only 700,000 to 800,000 foreclosures,” a small portion of the 8 million to 13 million foreclosures expected by 2012, said Kaufman, a Democrat from Delaware.

The TRUTH is that the HAMP Program was never intended to SAVE 4.5 Million Homeowners. It was just a WINDOW DRESSING for the Banks to give the APPEARENCE of HELPING while they moved the Foreclosures along their intended path! 

UPPITYBANKER 

http://finance.yahoo.com/news/US-Foreclosure-Prevention-bloomberg-4191529766.html?x=0&sec=topStories&pos=9&asset=&ccode=

“The guy with the experience approaches the guy with the money. When the deal is complete, the guy with the experience has the money, and the guy who had the money has the experience.”

Author Anonymous

This could be Goldman Sachs CORPORATE MISSION STATEMENT!

Uppitybanker