Five years after the near complete financial meltdown of the economy in this country, resulting in millions of people losing their homes nothing has really changed. Despite the billions of dollars in settlement fees the banks have shelled out, bad press, and loss of trust, it’s pretty much business as usual. Actually it’s more blatant and brazen than ever.
Remember HAMP? What about HAMP 2.0? The mortgage modification programs the administration paraded out as a way to save millions of homeowners from foreclosure? The same program that Tim Geithner, during a congressional hearing, flippantly admitted in 2009 was never meant to help homeowners, but more a way to alleviate the stress of too many foreclosures coming in at once.
John Wright over at Piggy Bank Blog has had an on-going fervent argument with a particularly obnoxious individual who goes by the name "Hut Master." Over the past week James Aitken (that's his real name) has taken to email and Facebook to throw unfounded accusations John's way, calling him a shill and going into apparent frothy, drunken rants on various blog comments and Facebook, according to Wright.
In his latest post, he writes:
Yes, it’s true. Scott Brown, the man Forbes magazine called Wall Street’s favorite congressman has new job as legal counsel for international law firm and high power lobbyist Nixon Peabody.
In the three years, Scott Brown was in the U.S. Senate, bankers and Wall Street types credit him helping the GOP water down the Dodd-Frank Act and then working to defeat it after taking hundreds of thousands of dollars in campaign cash from Wall Street insiders who opposed the passage of the bill.
Graham Fisher & Co. has released a new report on JP Morgan Chase. Here’s their introduction, and the report is attached below:
“On Friday, the Senate Permanent Subcommittee on Investigations will release the final report on the losses associated with failures of internal controls in JPM’s CIO group. We expect that the findings will demonstrate significant failures of senior management and conclude that the Company’s own investigation was incomplete. It is important to remember that those losses, while the largest and most notable, are only one example of many such failures in recent years.”