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Full-Blown Civil War Erupts On Wall Street

hvactec

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As Reality Finally Hits The Financial Elite, They Start Turning On Each Other – 3rd September 2100

by Reena on September 4, 2011 · 3 comments

I don’t expect you to read all of this article as it’s pretty long, but you’ll see, even with scanning, that the banks are getting wobbly, it’s now going into the courtrooms.

Comments, as always, welcome.

~~ Start ~~

Full-Blown Civil War Erupts On Wall Street: As Reality Finally Hits The Financial Elite, They Start Turning On Each Other – 3rd September 2100

by David DeGraw, Amped Status Report

9/3/2011

Full-Blown Civil War Erupts On Wall Street: As Reality Finally Hits The Financial Elite, They Start Turning On Each Other | AmpedStatus

Finally, after trillions in fraudulent activity, trillions in bailouts, trillions in printed money, billions in political bribing and billions in bonuses, the criminal cartel members on Wall Street are beginning to get what they deserve. As the Eurozone is coming apart at the seams and as the US economy grinds to a halt, the financial elite are starting to turn on each other. The lawsuits are piling up fast. Here’s an extensive roundup:

As I reported last week:

Collapse Roundup #5: Goliath On The Ropes, Big Banks Getting Hit Hard, It’s A “Bloodbath” As Wall Street’s Crimes Blow Up In Their Face

Time to put your Big Bank shorts on! Get ready for a run… The chickens are coming home to roost… The Global Banking Cartel’s crimes are being exposed left & right… Prepare for Shock & Awe…

Well, well… here’s your Shock & Awe:

First up, this shockingly huge $196 billion lawsuit just filed against 17 major banks on behalf of Fannie Mae and Freddie Mac. Bank of America is severely exposed in this lawsuit. As the parent company of Countrywide and Merrill Lynch they are on the hook for $57.4 billion. JP Morgan is next in the line of fire with $33 billion. And many death spiraling European banks are facing billions in losses as well.

FHA Files a $196 Billion Lawsuit Against 17 Banks

The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.

Complaints have been filed against the following lead defendants, in alphabetical order:

1. Ally Financial Inc. f/k/a GMAC, LLC – $6 billion
2. Bank of America Corporation – $6 billion
3. Barclays Bank PLC – $4.9 billion
4. Citigroup, Inc. – $3.5 billion
5. Countrywide Financial Corporation -$26.6 billion
6. Credit Suisse Holdings (USA), Inc. – $14.1 billion
7. Deutsche Bank AG – $14.2 billion
8. First Horizon National Corporation – $883 million
9. General Electric Company – $549 million
10. Goldman Sachs & Co. – $11.1 billion
11. HSBC North America Holdings, Inc. – $6.2 billion
12. JPMorgan Chase & Co. – $33 billion
13. Merrill Lynch & Co. / First Franklin Financial Corp. – $24.8 billion
14. Morgan Stanley – $10.6 billion
15. Nomura Holding America Inc. – $2 billion
16. The Royal Bank of Scotland Group PLC – $30.4 billion
17. Société Générale – $1.3 billion

These complaints were filed in federal or state court in New York or the federal court in Connecticut. The complaints seek damages and civil penalties under the Securities Act of 1933, similar in content to the complaint FHFA filed against UBS Americas, Inc. on July 27, 2011. In addition, each complaint seeks compensatory damages for negligent misrepresentation. Certain complaints also allege state securities law violations or common law fraud. [read full FHFA release]
 

whitehall

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I hate to disappoint you neo-socialists but If you read the article it seems there is no "civil war". Our government is attacking Wall Street and the Banking Industry. If they want to get to the bottom of the financial crisis the first thing they need to do is haul in that that fruit cake congressman who was in charge of Fannie Mae when it went under.
 

editec

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I hate to disappoint you neo-socialists but If you read the article it seems there is no "civil war". Our government is attacking Wall Street and the Banking Industry. If they want to get to the bottom of the financial crisis the first thing they need to do is haul in that that fruit cake congressman who was in charge of Fannie Mae when it went under.

Your sanguinity in this issue is, I think somewhat misguided.

When those bansters who were scamming investors lose the case brought against them by Fannie and Freddie they are also going to find themselves sued in court by all the other VICTIMS they racked up.

It was not JUST fannie and Freddie who bought their dubious paper, ya know?

No, apparently you don't.

Well, if this goes through and those banksters lose their case, you can expect that they're going to spend a lot of time in court as their other victims seek redress for damages, too.

It's about forking time, too!


Those guys weren't capitalists, they were gangsters in three piece suits.
 

blastoff

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A good place to start would be with Fannie's Jim Johnson and Harold Raines, and I'd suggest punishment - in addition to repaying the hundreds of millions they walked off with - in the form of slow roasting their balls in full view of the masses gathered on the mall in D.C.

Best book I've read on the economic armageddon is Reckless Endangerment by Gretchen Morgenson and Joshua Rosner.
 

skookerasbil

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Fannie and Freddie house the biggest crooks on the face of the planet. Only the hopelessly duped think otherwise........and they're losing.
 

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