New York Post Claims Census Falsifies Unemployment Figures

The New York Post is reporting an absolute bombshell story if true.  They claim the September 2012 unemployment report was manipulated and survey data was faked, just in time for the election.  The story quotes anonymous sources, insiders from the Census Bureau who claim to have falsified survey data for the unemployment report.

The Lobbyist Congressional Cheap Labor Drone Marches On

The Lobbyists are gearing up in hopes of obtaining more methods to flood the U.S. labor market with cheap, controllable foreign labor.  The target is to include their agenda in the upcoming Comprehensive Immigration Reform legislation.  As a result, we have been inundated with lobbyists lies, planted articles and even faux pas Congressional hearings, all geared to media spin the public.  CEOs are even  having summits, all to make sure they obtain more foreign labor so these businesses do not have to hire Americans.

Will the S&P Fraud Case Be Just Another Wrist Slap for Financial Alchemy?

The Department of Justice filed a civil lawsuit against Standard and Poor's for fraud.  Will the DOJ finally nail credit rating agency Standards and Poor's for slapping AAA ratings on rigged CDOs backed by mortgage toxic waste?   Or will justice be just another slap on the wrist?

The Latest Evildoing in Banksterdom

bankstersBanks running amok. Banks losing billions. Banks busted for fraud that went on for over 20 years. Banks overcharging customers. The hits just keep on coming. One would think, at this point, the business suit would be more a symbol of jailbirds than a uniform of respectability. Yet on and on it goes and with that we overview the latest adventures in Mafia style Banksterdom.

The headlines blare JPMorgan Chase Revives Markets when they announced a $5.8 billion dollar loss on their derivatives trades.

The largest U.S. bank tried to demonstrate Friday that the worst of the problem was in the rear-view mirror, reporting a $4.96 billion profit for the second quarter, down 8.7% from a year ago.

That's almost three times larger than the originally reported $2 billion loss and that loss could climb to $7.5 billion. What does Wall Street do with this news, why reward the bank of course!

Meanwhile new investigations against JPMorgan Chase are popping up with the bank refusing to release emails about manipulating the electricity market.

Déjà vu Dot Con

pets.con sock puppetThere is much talk, much too late of course, about the JOBS act. We warned about this inappropriately titled bill earlier, but as usual, when corporate lobbyists want, corporate lobbyists will get in Congress, no problem. The bill passed and was signed into law, despite having almost nothing to do with real jobs. Dealbook overviews what Wall Street is discovering after the Jumpstart Our Business Startups bill was passed, oops.

Provisions tucked into the so-called JOBS Act, or the Jumpstart Our Business Startups, will roll back some major securities regulations and parts of a landmark legal settlement struck almost a decade ago. That 2003 settlement built a Chinese wall between Wall Street research analysts and investment bankers, an effort to prevent analysts from improperly promoting stocks to help their firms drum up business from corporate clients.

Now many are pouring over the nitty gritty to see what this bill really does. It ain't lookin' too pretty. While being billed as something to give start up companies more sources of funding and flexibility, instead the bill appears to be a re-awakening of the great Dot Con IPO ripoff circle jerk that was going on from 1994-2001.

Who's the Big Bad Wolf Now on Foreclosure Fraud and Abuse?

three pigsWe all know the story of the three little pigs and the big, bad wolf.

Little pig, little pig, let me come in.
No, no, not by the hair on my chinny chin chin.
Then I'll huff, and I'll puff, and I'll blow your house in.

To date that's been the story of the banks as the big bad wolf, blowing houses down all over America with fraudulent foreclosures, viewing home owners as tasty piglet snacks of profit.

Will we ever see role reversal in this never ending grim tale? Will the big bad wolf finally be our government, blowing down the Banks' house of mortgage and foreclosure fraud? Can the government at least hand Americans just a few bricks at least? It's yet to be seen.

The latest seems to be dueling events. One the one hand, there is a foreclosure fraud settlement in the works for all 50 States, which supposedly gives banks immunity and waves all future legal actions. Yet at the same time, the New York Attorney General filed a civil fraud lawsuit against three major banks over MERS.

Fannie & Freddie Executives Sued by SEC

nunrulerThe SEC had sued Fannie Mae and Freddie Mac executives with securities fraud, three years after the fact. The fraud charges are about lying to investors over subprime loans.

They knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.

This is a civil case, not a criminal one. Most interesting while going after some ex-executives the SEC lets Fannie and Freddie off the hook. Nothing happens to the two GSEs now.

Fannie Mae and Freddie Mac each entered into a Non-Prosecution Agreement with the Commission in which each company agreed to accept responsibility for its conduct and not dispute, contest, or contradict the contents of an agreed-upon Statement of Facts without admitting nor denying liability. Each also agreed to cooperate with the Commission's litigation against the former executives.

The case is being filed in New York State and the three former executives from Fannie Mae are Chief Executive Officer Daniel H. Mudd, former Chief Risk Officer Enrico Dallavecchia, and former Executive Vice President of Fannie Mae's Single Family Mortgage business, Thomas A. Lund.

Freddie Macs sacrificial lambs are Chairman of the Board and CEO Richard F. Syron, former Executive Vice President and Chief Business Officer Patricia L. Cook, and former Executive Vice President for the Single Family Guarantee business Donald J. Bisenius.