Posts tagged: bail out

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

January 13, 2009

How Can the Treasury Department be Screwing the American People Right in Front of our Noses?!

categories Executive Screwing, Screwed by Bankers | comments 0 Comments

Yes, yes.  Most of you who pay attention at least a little bit to the news these days must be asking yourselves, “How Can the Treasury Department be Screwing the American People Right in Front of our Noses?”

I know it’s tough to understand.  You work hard, play by the rules, and then comes along the U.S. Treasury claiming that if they don’t get their money, the U.S. economy is going to hell in a hand basket.

Well, here now the news…  The United States of America has already gone to hell in a handbasket!

There’s a shocker, I know.

Yes, the fix for all our “debt” problems is: going into more “debt”!  Huh, what?

Well, while you and your neighbors get caught up in the debate they want you to argue, look up the statutes and find out what the U.S. Treasury can really do to screw the American people.  For example, read this statute.

The actions, regulations, rules, licenses, orders and proclamations heretofore or hereafter taken, promulgated, made, or issued by the President of the United States or the Secretary of the Treasury since March 4, 1933, pursuant to the authority conferred by section 95a of this title, are approved and confirmed.  (my emphasis added)

This legal cite is taken from the U.S. Code and can be found at 12 USC 95b

The U.S. Treasury can do ANYTHING THEY WANT!  IT’S ALREADY PRE-APPROVED!  So, how did you enjoy the dog-and-pony show this past fall?

And did they choose to correct the problem and get the American people out of debt?

No, the borrowed another trillion dollars and put us further into debt!

And you voted for “change”?  That’s all you’re going to have in your pocket soon enough-just change!

America, you’ve been Screwed by Uncle Sam!

October 6, 2008

How The Bail-out Bill Hoax Screws the American People

categories Federal Reserve, Say What?, Screwed by Bankers, Screwed by Congress | comments 0 Comments

Many of you know there is something inherently wrong with the latest “bail-out bill”, but you can’t put your finger on it.  Here, let me help!

The bail-out was engineered for “foreign debt”!

Monies for domestic US bad loans was forthcoming.  But the bankers needed to protect their foreign buddies too!  Why?  Well, the US Bankers and the International Bankers are all on the same team!  The care about their profits and their protection.  “To hell with the American People!”

Proof?  Just read the actual Senate Bill the House had to pass!

In part:

“11 SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES
12 AND CENTRAL BANKS.
13 The Secretary shall coordinate, as appropriate, with
14 foreign financial authorities and central banks to work to
15 ward the establishment of similar programs by such au
16 thorities and central banks. To the extent that such for
17 eign financial authorities or banks hold troubled assets as
18 a result of extending financing to financial institutions
19 that have failed or defaulted on such financing, such trou
20 bled assets qualify for purchase under section 101.”

I added the bold emphasis to make sure you caught it.

So, how are you feeling?  A little “screwed?”  You should!  Uncle Sam screwed the American People by allowing borrowed funds from the FED (International & US Bankers) to purchase bad debt from foreign banks and foreign governments!

I bet you didn’t even get a “french” kiss for that one, did you?

Be sure to call and thank your Senator and Representative!

Just thought I’d shed a little light on things!  :)

Publius