And it has nothing to do with Jefferson Parish Political Corruption.
For literally years our good friend Mr CLS has been methodically hammering away at the complexities surrounding insurance securitization and the implications of such for each and every one of us, especially those of us on the coast being price gouged for wind coverage. So suppose you’re a reporter with insurance beat responsibilities like Becky Mowbray, Anita Lee, Jeff Amy, Paige St John, Beatrice Garcia or a national outfit like Bloomberg that has done some quality coverage on insurance issues that is ready to kick it up a notch in terms of understanding. What is now coming to light with Bank of America’s alleged forced placed insurance fraud is a must read as more turds float to the surface in the global insurance finance cesspool.
Some of the very same problems could very well exist in other facets of the securitized insurance market; problems the folks at U Penn Wharton School no doubt did not conceive of when they were pioneering insurance linked securities such at Catastrophe Bonds not long ago as the reasons for the lack of market transparency in the global insurance markets come into sharper focus.
Don’t look for the political shoe shine boys for big insurance such as the coast’s own Steven Palazzo or Commish Mike Chaney to say much on this. Both men, despite paying lots of lip service to the topic of insurance, remain firmly, purposely ignorant of the any fraud perpetrated by their big business buddies on Wall Street.
New York Times columnist Frank Rich has encapsulated literally years of posts here on Slabbed regarding the financial crash of 2008 and explains why Team Obama is regarded as an utter failure by the American public. As a reader commented via email to me with the link, (this column is) “Something that you could have authorship of.” Rich lays out the case both against Team Obama and Team GOP. The bottom line is Wall Street owns the GOP 100% and the Dems about 85%. What a great choice we have as the wealthy elites continue to drain the treasury dry and run the country further in debt. Here are a few snippets:
The reasons for his failure to reap credit for any economic accomplishments are a catechism by now: the dark cloud cast by undiminished unemployment, the relentless disinformation campaign of his political opponents, and the White House’s surprising ineptitude at selling its own achievements. But the most relentless drag on a chief executive who promised change we can believe in is even more ominous. It’s the country’s fatalistic sense that the stacked economic order that gave us the Great Recession remains not just in place but more entrenched and powerful than ever.
No matter how much Obama talks about his “tough” new financial regulatory reforms or offers rote condemnations of Wall Street greed, few believe there’s been real change. That’s not just because so many have lost their jobs, their savings and their homes. It’s also because so many know that the loftiest perpetrators of this national devastation got get-out-of-jail-free cards, that too-big-to-fail banks have grown bigger and that the rich are still the only Americans getting richer.
This intractable status quo is being rubbed in our faces daily during the pre-election sprint by revelations of the latest banking industry outrage, its disregard for the rule of law as it cut every corner to process an avalanche of foreclosures. Clearly, these financial institutions have learned nothing in the few years since their contempt for fiscal and legal niceties led them to peddle these predatory mortgages (and the reckless financial “products” concocted from them) in the first place. And why should they have learned anything? They’ve often been rewarded, not punished, for bad behavior. Continue reading “From the Cerebral Wing of the Slabbed Nation: President Obama, The Peter Principle, Crooks and Liars.”
This post is a personal indulgence. Though the Yahoo board is long gone and $30 puts a distant memory I’ll never forget “Quislingman”, Pete Frampton Live, Subprime Usury Scam, and the rest of the gang. I sometimes wonder what ever happened to the bean counter from Jersey who was recommending CFC to his brokerage clients. The difference between Benjamin Graham and that fellow was that Ben could actually spot an undervalued stock. Yahoo! Finance has the A/P story:
The government is charging Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.
The Securities and Exchange Commission’s case also accuses Mozilo of illegal insider trading, an agency spokesman said Thursday. Continue reading “Breaking: SEC Charges Subprime King Angelo Mozilo with Civil Fraud”