To recap, MERS's own documents demonstrate beyond question:
The notes were never transferred, as required by Federal and NY state law, to the trustees of the REMICs;
At best, the notes were retained by the mortgage servicers as directed by MERS (many never left the mortgage brokers, many of whom are now bankrupt);
MERS claims to own the notes and therefore the mortgages to speed foreclosure;
Actually, MERS does not hold the notes, which are held by servicers, but MERS instead “deputizes” employees of the servicers so that it can claim notes are transferred “in house” to avoid paying recording fees as well as avoiding maintenance of clear chains of title;
On foreclosure, the documents are “disappeared” because they demonstrate the notes were never endorsed and transferred as required by law, with MERS and the servicers filing “lost note affidavits” to dupe the judges into allowing illegal foreclosures to proceed and to dupe securities holders so that they do not demand restitution;
Servicers ensure homeowners default, as they “lose” mortgage payments, credit them to the wrong accounts, or helpfully recommend to homeowners that they stop making payments–all of this is to speed foreclosure to ensure securities holders do not realize they have been duped as they are paid pennies on the dollar for toxic securities;
This also ensures that the investment banks that originated the toxic securities win their credit default swap bets they placed against the homeowners, with favored hedge fund managers like Paulson also winning CDO bets on failures;
The faster the foreclosures can be processed through manufacture of fraudulent documents by Robo-signers, the lower the chance that MERS and all of its clients will be brought to justice.
Phi Beta Iota: The US Government is perpetuating fraud by refusing to confront the now-documented fraud across all mortgage services. This should be the central issue in public discourse today.
On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan.
The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential.
Drawn from giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk.
In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks.
The banks in this group, which is affiliated with a new derivatives clearinghouse, have fought to block other banks from entering the market, and they are also trying to thwart efforts to make full information on prices and fees freely available.
Phi Beta Iota: Derivatives are legalized financial crime, and a major reason why these criminal assets inflated in value seventeen times while asset-based values only went up five times during the same period addressed by William Greider in his latest book, Come Home America: The Rise and Fall (and Redeeming Promise) of Our Country. Any government that permits derivatives trading is itself complicit in this crime against humanity.
Around 60 countries worldwide are viewed as “systemically corrupt,” and with globalization multiplying the avenues by which corrupt practices cross borders and span the globe, experts are debating the nature of corruption and how to stop it.
By Robert Coalson for Radio Free Europe/Radio Liberty (RFE/RL)
ISN ETH Zurich 10 December 2010
EXTRACT: Systemic corruption cuts across key state institutions, runs from the top to the bottom, and is fundamentally political in nature. University of Colorado political scientist Christoph Stefes, who studies corruption in post-Soviet countries, says systemic corruption is qualitatively different from traditional notions of case-by-case malfeasance.
When things are not going well, until you get the truth out on the table, no matter how ugly, you are not in a position to deal with it. — Bob Seelert, Chairman, Saatchi & Saatchi Worldwide (New York), 2009
A Nation's best defense is an educated citizenry. – Thomas Jefferson, circa 1776
Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives. — James Madison, circa 1776
The truth at any cost reduces all others costs. — Robert Steele, 2010
In recent years, months, weeks, and days the confrontational convergence of 2012 has emerged with startling clarity. The key negative trends are these:
In short, the horror story collapses as soon as anyone gives it any serious thought. The Wall Street gang can hardly be faulted for trying cheap scare tactics for pushing its agenda; after all it worked so brilliantly with the TARP two years ago. At the time the plot line was that unless we immediately gave all our money to the Wall Street banks, with no questions asked, then the whole economy would collapse.
Joseph Stiglitz outlines a very sensible approach for placing the United States on a pathway toward correcting the problems paralyzing our political economy. Of course, his ideas will never be seriously considered by the let-them-eat-cake oligarchs now running Versailles on the Potomac, because to put this plan into action, someone must smash the Hall of Mirrors that is distorting what passes for reality in our collective OODA Loops. CS<
A five-part plan to cut the deficit, narrow inequality, and strengthen the economy—and why special interests would block it.
By Joseph E. Stiglitz, Slate, Monday, Dec. 6, 2010
Technically, reducing a deficit is a straightforward matter: One must either cut expenditures or raise taxes. It is already clear, however, that the deficit-reduction agenda, at least in the United States, goes further: It is an attempt to weaken social protections, reduce the progressivity of the tax system, and shrink the role and size of government— all while leaving established interests, like the military-industrial complex, as little-affected as possible.
Precis: history includes massive increase in defense expenditures, growth in inequality, underinvestment in public sector including infrastructure, and growth in corporate welfare. Remediation demands increased spending on high-return public investments, cut in military expenditures “not just funding for the fruitless wars, but also for the weapons that don't work against enemies that don't exist;” eliminate corporate welfare; create a fairer and more efficient tax system; 5% increase in taxes actually paod (focus on top 1%).
Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. The paperback version of his latest book, Freefall: Free Markets and the Sinking of the Global Economy,with a new afterword, was published in October.
Phi Beta Iota: The Deficit Commission has not produced any supporting documentation. The public intelligence available, of which the above is a small sample, is overwhelming in suggesting that the deficit commission is a criminal fraud being perpetuated on the American public. Wall Street and the two-party tyranny appear to believe that the public is both stupid and permanently inert, and that they can get away with this. Time will tell. We condemn it–and note that Joseph Stiglitz was appointed Director of the Office of Management and Budget (OMB) in the Virtual Cabinet at Huffington Post. We trust him.
Sudan: Sudanese media broadcast the following decree on Monday.
Marshal Umer Hassan Al-Bashir the President of the Republic, the president of the National Congress Party has authorized the state governors to expel NGOs and persons that do not respect the country's sovereignty, work guidelines within 24 hours. He added we respect the NGOs that come to assist us and we reject whoever intends to control us. He indicated that some NGOs have spread rumors that they work in Sudan without the need of the government approvals. He directed the governors to expel the NGOs that do not adhere to their authorities on the same day.
NIGHTWATCH Comment: The government in Khartoum remains highly suspicious of western aid organizations that it suspects of encouraging separatism in Darfur and the South. This decree is a manifestation of that suspicion because it mentions rumor mongering. A government has a right to control foreigners without further justification. Odd behavior…
Phi Beta Iota: This is the beginning of the end for predatory NGO's including the International Committee of the Red Cross (ICRC) and of course all the religious NGOs and the corporate pseudo-NGOs. They have lost all trust for a good reason. On the one hand, they have been spending less than 10% of what they have collected under the various guises (Katrina, Haiti, etcetera) and on the other they are now demonstrably untrustworthy and ineffective. The next big step forward will be hybrid arrangements in which public intelligence both validates every move, every expense, every bona fides, and harmonizes a diversity of efforts toward a common publicly-appraised and accepted purpose.
EXTRACT: The basic platform for such a candidate is clear: Unequivocally call for an immediate end to the presence of U.S. troops, advisers and private U.S.-based security firms in Afghanistan, Iraq and Pakistan, and replace the “war on terror” with a Global Marshall Plan that roots homeland security in a strategy of generosity and concern for the well-being of everyone on the planet. Domestically, call for a massive jobs program; a freeze on mortgage foreclosures; a national bank that would offer interest-free loans to those seeking to create or expand small businesses; immediate implementation of the parts of the Obama health-care plan that would benefit ordinary citizens and build support for a health plan for all citizens; dramatically lower prices for drugs that treat critical diseases such as AIDS and cancer; a strong tax on carbon emissions; and immediate prosecution of those government employees involved in torture or coverups to justify the invasion of Iraq.
This candidate should push for the media to provide free and equal time to all major candidates for national office as well as for constitutional amendments requiring only public financing in elections and, separately, for corporations to prove every five years to a jury of ordinary citizens that they have a satisfactory history of environmental responsibility (as is sought by the Environmental and Social Responsibility Amendment, or ESRA, advocated by the Network of Spiritual Progressives).
This policy platform must be matched with a willingness to talk clearly about the spiritual and ethical need for a new bottom line – one of love, kindness and generosity. We need a progressive push for a new New Deal, which in the 21st century could be the Caring Society: “Caring for Each Other and the Earth.”
EXTRACT: It's time to consider that the president accepts centrist and conservative policies because he himself is a centrist or conservative. This does not mean that President Obama is a Republican, or anything close to a Republican. The Republican Party is not conservative, it is extremist. But as the Republican Party has drifted farther and farther to the fringe, much of the establishment Democratic Party has intrepidly moved into the ideological space the Republican Party abandoned. The Republicans lead this movement to the right, and the Democrats follow, taking the political center with them and leaving the traditional left ever more disenfranchised, disenchanted, and politically alienated. The problem with Barack Obama isn't that he is worse than establishment Village Democrats, the problem is that he is one of them.
EXTRACT: Last February, writing about the health care reform meltdown, Glenn Greenwald offered a theory:
The primary tactic in this game is Villain Rotation. They always have a handful of Democratic Senators announce that they will be the ones to deviate this time from the ostensible party position and impede success, but the designated Villain constantly shifts, so the Party itself can claim it supports these measures while an always-changing handful of their members invariably prevent it.
Phi Beta Iota: The first article, written by the author of The Left Hand of God–Taking Back Our Country from the Religious Right, misses the key point: Barack Obama is a bought and paid for member of the club who takes his guidance from Vernon Jordan, Colin Powell, and a handful of other members of the club. He did not spend $750 million ($300 million still unaccounted for) to become our President, he took it to solidify his status and earn his retirement as their representative…four more years. The second piece gets closer to the truth–inter-changeable villains, all a charade–musical chairs, lights, camara, and no action in the public interest. What interests us is that Barack Obama has a choice, such as we have written about at the Huffington Post, and he can Change the Game, such as Tom Atlee has written about. He probably will not, and already we see fraudulent organizations with hidden agendas and secret sources of funding (No Labels, America Elects, IndependentVoting.org) all intent of protecting the status quo by putting forward yet another candidate who is Of Wall Street but just different enough to fool enough of the people enough of the time to buy Wall Street four more years. ENOUGH! There is one litmus test, and what Barack Obama has going for him is that he has right of first refusal: Electoral Reform. Electoral Reform introduced upon the inauguration of the new Congress, with a roll call vote demanded and televised, would end these decades of carpet-bagging and war-profiteering, and give us a government BETTER than any wwe have had since Jack Kennedy–a government Of, By, and For We the People, in which all voters are connected with all relevant information and policies are evidence-based and in the context of a balanced budget. Show us that, and we will show you the first great President of the 21st Century.
