Category: Screwed by Bankers

March 2, 2010

Bank of America Gaming Government Loan Guarantees

categories Screwed by Bankers, Screwed by Bankers, Screwed by Congress | comments 0 Comments

This was emailed to me.  The full story is here.  http://www.zerohedge.com/article/bank-america-gaming-government-loan-guarantees

It appears Bank of America is intentionally failing to collect on the portion of its mortgage portfolio that is back by Uncle Sam.  Screwed again, America!

I have long suspected that it was only a matter of time before banks began to adjust their Collection efforts to reflect Government Guarantees on their loan portfolios.

Simply put, imagine you are a bank with $100 billion in loans. Of this, $20 Billion is guaranteed by the government, $80 billion is your own money. If you managed the collection organization responsible for servicing this debt wouldn’t you be just a wee bit tempted to make sure that your $80 billion was getting the priority?

The table below details the past 12 quarters of Total Loans for Bank of America along with the portion that is Noncurrent:

The Noncurrent percentage has jumped from 5.30% in Q3 to 6.75% in Q4. Quarter on Quarter there is another $12.44 Billion in Noncurrent loans.

The next table details the same 12 quarters and reviews what portion of the Noncurrent loans are guaranteed by the Government (er, you and me the taxpayer):

Bank of America has had a massive jump in the Noncurrent loans that are Government Guaranteed. The Quarter on Quarter jump is… wait for it… $11.40 Billion.

So, magically, the incremental $12.44 Billion that has become Noncurrent Quarter on Quarter at Bank of America has a guarantee on $11.40 Billion. Nearly 92% of the jump in their Noncurrent loans are covered by us, the taxpayer.

This is no conspiracy theory discussion – these are cold hard facts supporting what any reasonable actor would do in the situation. If the government is going to cover my losses on a portion of my loan portfolio I can damn well guarantee you I’d be moving my best collectors to the portfolio I’m responsible for. The government can have my new hires, my undesirables, my slow workers, etc…

I highly doubt that we’ll ever hear about this, but this is yet another massive shift from the taxpayer to the bank!

Screwed Again!

Publius

October 15, 2009

Is Your Money, "Money"? Or is it "Debt"?

categories Executive Screwing, Federal Reserve, Screwed by Bankers | comments 0 Comments

Well, which is it? If it is “money”, why do “federal reserve notes” say that it is “legal tender”? Good question. If it is a debt, why isn’t it “money”?

If you really take the time to ask these good questions, and others, some easy research will educate you to the truth. Yes, the truth, and NOT what is often referred as “common knowledge”.

When it comes to Uncle Sam, the truth is what is actually written in the law (not what isn’t), what is written in the regulations implementing the law, and of course, what a conniving lawyer can get a court to say what the law is.

In every day American language, money is what ever you want to use to exchange goods and services. If chicken noodle soup cans can be used to pay your neighbor’s kid for cutting your lawn, then those soup cans are “money”.

We started out in this country using aside from the barter system coin, both gold and silver, but of course, the banking community took care of that and conveniently exchanged (with the help of Franklin Delano Roosevelt) real “lawful money” for paper money, or what is lawfully called “currency”. Yes, the dollars you have in your pocket is lawfully, “U. S. Government currency”. Now, if I pay my neighbor’s kid for cutting my lawn with the government’s currency, and the kid accepts it as a “tender in payment”, then I’ve fulfilled my obligation and paid the kid.

But the government doesn’t stop there. It goes further. Read on…

12 USC Sec. 411 TITLE 12 – BANKS AND BANKING CHAPTER 3 – FEDERAL RESERVE SYSTEM SUBCHAPTER XII – FEDERAL RESERVE NOTES Sec. 411. Issuance to reserve banks; nature of obligation; redemption Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.

So, if you read the emphasized words in the quote in one sentence and translate it to every day American English, it will read as this:

An unelected private group of bankers, here now and now forever, sell obligations (debt instruments) of the United States government (to the United States) and will pay this debt with revenue from public taxes (from you and me)

And Oh, by the way.  If you use it because you thought it was “money”, well hey, that’s your problem!

There’s more to this story.  I just gave you this snippet just to make you think for yourself.  Can you at least question on your own, using your own smarts and not what is spoon fed by government schools and their media proponents?

Think!  Just think!  Your money is a DEBT!  Not an asset (gold and silver) that it used to be.

So look again.  Which is it?  Money or Debt?

Perhaps you’ve been getting screwed by Uncle Sam because you didn’t know that you’ve been using dollars as both-Money and Debt!

September 27, 2009

Today’s News is Old News

categories Executive Screwing, Screwed by Bankers | comments 0 Comments

Do you really believe that what’s happening today in the financial markets hasn’t happened before?  Getting screwed by Uncle Sam is not a new thing.

Here’s a quote:

“…citizens now have a responsibility: “The most important single thing that can be done now is for each one of us to continue normal, reasonable buying.” Everyone should buy their normal needs, “put aside a small percentage for savings, and buy [as] much of the additional articles which contribute to general comfort and enjoyment as can be properly afforded”; this will lead to improved business.”

What did the Citizens do?  Most saved their money and spent as little as possible.  What was their reward? 

Roosevelt becomes the next constitutional dictator, closes the banks down, and steals your grandparents money they saved and replaced them with “paper notes” that they can’t redeem in gold anymore, starts the great depression.

“Gee, my grandparents got screwed by Uncle Sam too?”  You betcha!!

On whom did you think he got some practice in?

Oh, and the quote came from whom?

R. Lamont, Commerce Secretary, 1930.  The government no less!  What a shock, I know.

So tell me America, are you going to listen to the government again?

Hmm, yeah.  You will.  You’ve been screwed so long you can’t tell the condom from the rubber.  I mean the forest from the trees!

 

Publius