MinBane

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Archive for the tag “Steve Mnuchin”

Statement by U.S. Treasury Secretary Steven T. Mnuchin on Charlottesville and Yale Classmate’s inquiries (19.08.2017)

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USA: Durbin Calls On Illinois to Refuse Request to Release Illinois Voter Files To Trump Commisson on Voter Fraud (03.07.2017)

USA: Attorney General Frosh Statement on Request for Personal Information of Maryland Voters (03.07.2017)

Opinion: Trump’s proposed Tax Reform is made for the wealthy and no-one else!

It is hard to take the “2017 Tax Reform for Economic Growth and American Jobs” that was released on 26th April 2017, a one page leaflet of wishes. This is shorter than most of the restaurant and they usually doesn’t have that many dishes to serve their clientele. Still, the Trump Administration and their “Treasury Secretary Steve Mnushin set out a test for tax reform that, “there will be no absolute tax cut for the upper class.” (Richard E. Neal – ‘President Trump’s Tax Proposal Another Broken Promise to the Middle Class’ – 26.04.2017). Still, with the first prospect of the wish-list of the Trump Administration is to give the rich less taxes.

An on a one-page wish-list you don’t really have the space or the care for describing the results, I look forward to read the CBO report on the proposed tax cuts. Since this should have some sort of implications, not only let the Manhattan elite afford yet another cabin in the Aspen or trip to Formula One in Monaco. They are speaking of easing the tax-codes and provide tax-relief for American families, without giving any specific detail into what that might be. I am sure the tickets of travel and the indispensable Secret Service guards to the golfing-weekends at the Mar-A-Lago in Florida has more explained reports, than these quick promises to the American families.

They are putting new brackets for the American families, also doubling deductions from the taxes and promise relief, without saying what this means, or if the families really get any serious cuts. While the Business get a shaved business tax rate from 35% to 15 %. One time tax on the Business Ownership abroad, to make sure the funds comes back into the United States. Last is to eliminate the tax breaks for special interest. So the last one, is to significantly add some tax back in the Internal Revenue Service.

So the little plan they have is to either cut and reform it minimally, while giving tax breaks to bigger corporations and the wealthy. The ones who already have the money and earns the profits, get to pay less, while the ones who needs or could have need of serious reform doesn’t get it. The ones earning on this wish-list is the Wall Street connected individuals, the Multi-National Corporations and the Limited Liability Companies (LLC). This sort of tax reform is made for the richest, not for the working class or the average voters who voted for the current President.

This is just another proof, that the President Trump isn’t there to drain the swamp or even trying to stop the major corporate takeover of Washington D.C. and the Capitol Hill. He is more of the same, just infused with less coded language and straight-face doubling down on the foreplay for the business executives. There isn’t anything in the works that proves that President Trump want to care about environment or health of his population over the profits of Goldman Sachs, Merrill-Lynch or any other significant private sector business operative like Exxon-Mobile. All of them will get the blessings and their days in the sunshine. As long as their Manchurian Candidate Trump are in office.

There aren’t anything that proves otherwise, his Executive Orders has been for easement of the businesses, not for the well-being of the population nor environment. The lacking care of the citizens and only caring for corporate citizens will clearly alter the pledges and promises. Certainly, the ones who voted for him should feel betrayed. The corporate greed in the United States is endless, as all the lobbyists, the paid senators, paid representatives and other legislators in Washington D.C. follows their donors more than the public. Just look at Ted Cruz record of praising the Mercer family and their values. Than you get a prime time example and all of the Republicans working for the Koch Brothers will.

The same is now happening from the oval office, with no restraint or any care of the consequence, if they fail or bitterly accept the truth. Doubt it, as they will double down and say it is for the common core, while the true tax cuts is for big-business and multi-national corporations who will have a surge of profits. The supposed trickling down theory will be put into play, while more of the monies will go into the pockets of the wealthy and the difference between the richest and poorest will grow even more. The lack of care from the state combined with the massive wealth, will really also destroy the society and make the ones left behind even feel more vulnerable, but that is not a concern the Trump Administration has. They only care for the billionaires and millionaires, not the ones living on food-stamps or on government subsidizes, as this government would easily have axed all of that.

I look forward to see the estimates from a real tax-plan from the Trump Administration, one with the implication and proposed reaction to the taxes and cuts. If the Trump Administration after these sort of cuts ever compare themselves to previous administrations and their cuts. They should be careful, as this will spike the deficit and the borrowing will grow enormously, into amounts that make the Democratic government look careful and fiscal sound. But it is only the Republican Presidents and Governments who is allowed to act as drunk dogs and then complain when the democrats doesn’t serve them at the last call. Certainly, this is the prospect of this sort of acts. This will not be for the American families, neither for the middle-class, this tax cuts are for the business owners and the wealthy who pockets dozens of millions on this without any consideration on fiscal funding of the budget, nor the expenses running the current government. But hey, Trump wants to downgrade the American economy and also weaken the dollar, so this might be one of the many ways he tries to do it. Kudos! Peace.

Opinion: Eric Trump are right, under the Trump Administration, the US is becoming a “Third World State”!

It’s really sad that we’re in an environment where tax returns are leaked by whoever it may be” (…) “Just think about it. Think about how dangerous that is, how third world that is on a practice that happened. When personal information is put out by people for political agendas. As a civilian, it’s actually scaryEric Trump on Fox News (Tani, 2017).

It is just one of these days where the sons of President Donald Trump speaks their mind and hits the nail. The nail is in the coffin, with the knowledge of the plans to make the republic less attractive, less business-friendly, more lassiez-faire and more focused on army than on progressive financial instruments and regulation to create growth. Trump Administration is busy with deporting millions, building a wall and starting trade-wars. The U.S. Government does not need to be transparent or accountable while doing so. Especially, not in the minds of one of his sons. That claims something unique and special. I have claimed in the near past that under President Trump, the U.S. Government could turn the Republic into a Banana Republic, a sort of style government that could be described by others as a third world one. Therefore, let the dictionary explain that!

Eric Trump needs a definition of the Third World:

1: a group of nations especially in Africa and Asia not aligned with either the Communist or the non-Communist blocs” (…) “2: an aggregate of minority groups within a larger predominant culture” (…) “3: the aggregate of the underdeveloped nations of the world” (Merriam-Webster).

So the United States can itself soon be fitted, not that it is an Asian or African nation, neither Communist, but still it is getting underdeveloped by the way the financial framework and industry is set-up under the Trump Administration. Where the Industry and Financial industry has the Administration by the balls and no eager of taking care of nature or the resources, except for eating the profits without giving anything back to the Republic. Just like the Oil Industry in Nigeria or in Ghana. The same as the mining and mineral industry in the Democratic Republic of Congo. So the United States under President Trump, will be similar. Eric Trump is not so far off, just not the way he thought he would be.

Another man’s vision:

This brings about complete dysfunction. It makes everything — economy, politics, roads, bridges, police, school — broken and shitty. Those who can leave do. Making it worse. This leads to more extremism, and more corruption, and more cynicism. And sometimes extreme violence. Because the other side becomes evil” (…) “The US has been shifting towards all four of these over the last 30 years, with inequality leading the way. We are more divided, economically and socially, then we have ever been (we are less divided racially. But only marginally so.)” (Arnade, 2016).

So when you have a system on the brink of collapse, a wealthy elite eating of the government plate and settling score to not pay their bills to the public, while the citizens and middle-class cannot build a steady life or afforded needed services, you know there are something wrong with the system and the state. That makes the Eric Trump words so right, that United States is becoming more like a third world country, with a sophisticated army, but cannot afford health care, schools or infrastructure. Just like the countries President Trump doesn’t want to affiliate with or been seen with. Since him and his advisor Bannon are supposed to be superior, and like a dictator in a Third World country, he believes he is always right and isn’t wrong.

So one smudge of evidence of his fathers Tax Returns from 2005 leaked to MSNBC Rachel Maddow, proves the realization of the state, that the Trump Administration would dislike. As they are not capping the debt, neither taking into account their ideas of taxation and tax-releases, as much as their will to deregularte industry and financial institutions. Therefore, leading the space of more expenses and negative environmental policies, that damage earth and only gains profit for a slim elite. Just like a Third World Country.

This is degrading for the United States, but the harsh truth, the ideas and policies in the making, the killing of health insurance, the idea of building the giant nuclear silos, while not paying for food for the starving. Proves that the U.S. Government are no closer to countries it does not want to be affiliated with, but still can be consider to be assimilated with. President Trump and his administration is clearly not wishing to be differing from chauvinistically taking charge and not caring what effect it has. Clearly, it is only his image that matter, just like any big-man and authoritarian leader.

So, soon we can say that the United States is underdeveloped and need aid, as their waters are daft, the industry is lacking technology, the roads are more potholes than tarmac, the bridges are weak, their railways not working and often not trusted. The United States has soon more expensive foreign imported goods, than what they produce and is losing money on their export of cash crops as soya and other grain. Therefore, President Trump leading his Republic to become underdeveloped or become a Third World Country.

Reference:

Arnade, Chris – ‘USA: A Third World Country in the making’ (05.10.2016) link: https://medium.com/@Chris_arnade/usa-a-third-world-county-in-the-making-14064ea5c534#.ah2gi0loi

Tani, Maxwell – ‘Eric Trump blasts Trump’s tax return leak on Maddow: ‘Think about how dangerous…how third world that is’ (19.03.2017) link: http://nordic.businessinsider.com/eric-trump-tax-return-leak-maddow-third-world-2017-3?

Merriam-Webster – ‘third world’ link: https://www.merriam-webster.com/dictionary/third%20world

Opinion: President Trump might have the most eloquent speech yesterday, still his acts is what worries me!

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It does not matter if he has the most perfect and most suited address of internal American matters or international yesterday in the Congress. That do not affect me B. Since his Executive Orders, Internal Memo’s and all the other tools that he uses to inflict harm and destroy humanity is that concerns a fellow brother like me.

I does not matter to me if he learned a few new words, spoke with his heart and blurred out some common sense yesterday. Since the lack of respect for intelligence and the lack of understanding of the reactions to his own actions are massive. The reason for the concern is the way he can easily pick something out of context and spread it like a disease.

President Trump, your Executive Orders and Presidential Memorandum is the ones that brings fear to me. The insulting ways of not caring what the experts in fields are saying and your lack of grasping the mentality of being the man-in-charge. The title is easy to carry, but to achieve something with honour and grace seems far-fetched at this point. Therefore, we are at crossroads, the crossing has already appeared and your methods are in use.

I cannot look out say since you said something beautiful yesterday and hopeful. Believe that tomorrow you will act like a man, who respect the constitution, international order and be civil. Since your ways is not like that and seems strange if that really would happen. You have an imagination and self-drive that is out of proportion. The sense of justification for your assaults on others is because you are always the victim, even when you strike first. Which is insulting to the rest of us seeing the whole ordeal and hearing it by all cable-TV.

So that you believe in yourself that you can as a PR stunt in a first Presidential Address take away the inflicted pain and suffrage you have already caused, that is not possible. There is a long way, but your immigration rules, the way you have been fixing the ICE agents procedures and attack on anyone questioning your reasons. Does not rule high in my book of proverbs. More likely shows the lack of morals and the lack of integrity a man of Presidential stature is supposed to have.

President Trump and his administration do not care about the effects as long as the rich multi-national companies earns fortunes, if you spill oil in rivers, frack the Midwest like a Swiss Cheese or even put trade-embargoes on Mexico and Canada, who cares as long as Goldman Sachs or any other big financial organizations earns huge profits. The pain of the ordinary person is not important. Therefore if 20 million Americans lose their health insurance is not that important, but what is important is that they pay for their coverage and get rid of the ones that should not have the ability to covered anyway. That is a true American spirit and wishful society, where the wealthy get yachts and hotels, while the poor has decide if they can by McDonalds burger or medication for their daughter. What a wonderful picture of the new America First.

Certainly, Trump must be so brave to take away the help to the poorest, the ones in need so he can spend fortunes upon fortunes on ammunition, guns and hi-tech military equipment, that is how nations is built. Out of the ashes of war and despair comes the grand fortunes of corruption and multi-million progress salvage pack bought and greased by American business. A favourable package for Trump and financial market friends.

Therefore, the words and speech of hope or whatnot yesterday does not matter to me. Because I cannot believe it or think that, it is true. Since his Executive Orders is to free-market policies or to give way to deport, detain or stop immigration at a scale in modern history that cause havoc. Together with the current political climate and the scales of internal conflict, it does not serve the United States, neither the world.

You can in theory claim that a potato is not a potato, still when you look at it and touch it. You know deep in your heart it is a potato and your mind remembers how a potato feels in your hand. Even if Trump now speaks of peace, promise of better day and of another to make America First. Trust me; I do not trust him, not a single bit. That is because of his acts and the way he does not give in. That is why he has in the past always taken things to court and appealed until the others have given in to a settlement instead of what they was entitle to get in the first place. Trump have manoeuvred that way in the past. So why should the old man change now?

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I will not be shocked if read soon more disturbing Executive Orders where the Immigrants and their access to American soil is a danger to all of society, a cost and burden on all sort of employment. Therefore, I do not trust the man. Since his time as President the efforts to humans who flee wars for safe haven has been shut, the deportation with ICE agent has escalated and the reality of the economic is already starting to be shaped. A nice little speech is not changing my perspective on the man. Unless, the man retracts the Executive Orders, stops the internal memos and just stop with rhetoric of his. However, the old man will not do that, since it is not his way.

So please, do not tell me there is new Trump. Glean and Clean Trump does not exist and is not real. It fake like his tan. If there were a new Trump, it would have the changed and begged sorry to some of the people he really has offended. That is not him. We all know that my now and we know that he will not do anything about that. Unless, Bannon or one of the other wise guys at the White House says so.

Well, enough of the nonsense? Not yet! We have so many more days of this administration. Therefore, there will be more of this and this gravy train of ignorance and blatant disregard of decency will not decay, more it will sprite up some more juice and call it soup. Peace.

Two Executive Orders from Trump that proves his laissez-faire free-market not caring for federal regulation of big-business!

trump-quote-2016

President Donald J. Trump has decided to the man and leader who love giant corporations and their needs first. Therefore, this February Trump Administration has yet again opened the doors for Business and big corporations to get free space to do their work without interference of the state or federal regulations. Trump wants business to be so free and without taxes, so the wealthy can be stinky rich without considering how they make their fortunes. Therefore, he has already loosen up with Fiduciary Duty Rule, where the investors get good advice or advice that might be better for the consumer, not the ones the wall-street trader or banker earns the biggest profit on and the consumer losing all their savings in. The second is that Trump will continue to cut strings and regulations. Take a look!

“The Department of Labor’s (Department) final rule entitled, Definition of the Term “Fiduciary”; Conflict of Interest Rule — Retirement Investment Advice, 81Fed. Reg. 20946 (April 8, 2016) (Fiduciary Duty Rule or Rule), may significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of my Administration” (E.O. 03.02.2017).

“You are directed to examine the Fiduciary Duty Rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice. As part of this examination, you shall prepare an updated economic and legal analysis concerning the likely impact of the Fiduciary Duty Rule, which shall consider, among other things, the following:

  • Whether the anticipated applicability of the Fiduciary Duty Rule has harmed or is likely to harm investors due to a reduction of Americans’ access to certain retirement savings offerings, retirement product structures, retirement savings information, or related financial advice” (E.O. 03.02.2017).

So you can see that advice from traders and bankers are getting freer so the U.S. Citizens can get bad advice that the crony capitalist earns on and the consumer loses their savings. They can give advice on investment portfolio that has problematic structures that even could be similar to subprime mortgage loans and the housing bubble of 2008, which started the economic recession. Therefore the ignorance of this proves that the President cares more about Goldman Sachs and other big multi-national banks. Their power eats the White House. Therefore the Trump administration has more plans that was unleashed on Friday!

On revising regulatory rules for business:

“By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to lower regulatory burdens on the American people by implementing and enforcing regulatory reform, it is hereby ordered as follows:

Section 1. Policy. It is the policy of the United States to alleviate unnecessary regulatory burdens placed on the American people” (E.O. 24.02.2017).

“Each Regulatory Reform Task Force shall evaluate existing regulations (as defined in section 4 of Executive Order 13771) and make recommendations to the agency head regarding their repeal, replacement, or modification, consistent with applicable law. At a minimum, each Regulatory Reform Task Force shall attempt to identify regulations that:

(i) eliminate jobs, or inhibit job creation;

(ii) are outdated, unnecessary, or ineffective;

(iii) impose costs that exceed benefits;

(iv) create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies;

(v) are inconsistent with the requirements of section 515 of the Treasury and General Government Appropriations Act, 2001 (44 U.S.C. 3516 note), or the guidance issued pursuant to that provision, in particular those regulations that rely in whole or in part on data, information, or methods that are not publicly available or that are insufficiently transparent to meet the standard for reproducibility; or

(vi) derive from or implement Executive Orders or other Presidential directives that have been subsequently rescinded or substantially modified” (E.O. 24.02.2017).

If you wonder what this means is that the Trump Administration is working on getting rid of certain financial regulations that is not benefitting the business community, the big-banks and the reforms that is done to secure a stable economic policies, to prevent bubbles and other openings that hurts the economy. Trump Administration rather wants to open all doors and believe fewer regulations are good and greed will create a prosperous society. Therefore, you can expect them to dismantle or repeal the Dodd-Frank regulation that can be summarised like this:

“Generally, the Dodd-Frank Act imposes more stringent regulatory capital requirements on financial institutions. The Act requires that the Council make recommendations to the Federal Reserve regarding the establishment of heightened prudential standards for risk-based capital, leverage, liquidity and contingent capital” (Morrison & Foerster, 2010).

This is seen as preventive for economic growth, even as the numbers and statistics haven’t showed lacking results of the business in the United States after the legislation came to pass. The Banking institutions haven’t lacked funds or investment opportunities in the republic. So the need to repeal or to take away the clear cut regulations of Dodd-Frank is more of ideological belief, than a systematic defaults of the added regulation to make sure the banks and corporations follows guidelines for their investments and follow the standards the Federal Reserves has put. This was put into a new law by the Presidency of Bill Clinton and called the Gramm-Leach-Bliley Act or the GLBA.

This can be summarised like this:

“The Gramm-Leach-Bliley Act makes the most important legislative changes to the structure of the U.S. financial system since the 1930s. Financial services firms will be authorized to conduct a wide range of financial activities, allowing them freedom to innovate in the new economy. The Act repeals provisions of the Glass-Steagall Act that, since the Great Depression, have restricted affiliations between banks and securities firms. It also amends the Bank Holding Company Act to remove restrictions on affiliations between banks and insurance companies. It grants banks significant new authority to conduct most newly authorized activities through financial subsidiaries” (…) “Removal of barriers to competition will enhance the stability of our financial services system. Financial services firms will be able to diversify their product offerings and thus their sources of revenue. They will also be better equipped to compete in global financial markets” (Clinton, 1999).

So surely Trump seems keen on following the traits of William Clinton or Bill, who had his ways of opening the markets and making sure the big-business didn’t had to have issues with regulatory business, giving bankers and banks more power and have more involvement with more financial instruments. Therefore the banks could sufficiently control more of the financial transactions and instruments to earn even bigger profits without any concern of the federal state regulatory bodies. This is one of the reasons for the Dot Com crash and the Subprime Crash of the recent decades, as the banks could easily transform business and create markets without any consideration of the small-investors, the citizens or the ones losing in the banking crisis of 2008. This is scenario coming up if the Trump Administration opens up and repeal the Dodd-Frank Act. There are another one he might look into that has also regulated the businesses in the United States, this being the Sarbanes-Oxley Act (SOX), which can be explained like this:

“Sarbanes-Oxley established the Public Company Accounting Oversight Board to regulate public accounting firms that audit publicly traded companies. It prohibits firms that audit publicly traded companies from providing other services to the companies they audit, and it requires that CEOs and CFOs of the publicly traded companies certify their companies’ annual and quarterly reports. The Act authorized the Securities and Exchange Commission (SEC) to issue rules governing audits” (…) “The law requires that insiders may no longer trade their company’s securities during pension fund blackout periods. It mandates various studies including a study of the involvement of investment banks and financial advisors in the bookkeeping and recordkeeping scandals that motivated enactment of the legislation. Also included are whistle blower protections, new federal criminal laws, including a ban on alteration of documents” (FDIC – ‘Important Banking Laws’ 20.07.2015).

“That aspect of flexibility—being able to exempt some smaller companies from the mandate and make it easier for others to implement—is an important quality to keep in mind when we discuss future regulation,” says Srinivasan, who also cites the important role of the Public Company Accounting Oversight Board (PCAOB), a nonprofit private corporation created by SOX that oversees auditors of SEC-registered companies” (HBS Working Knowledge, 2014).

Certainly the review and the Trump Administration want are lacking accountability and freer market, total lassies-faire economy without any interference. Certainly if they could they would get rid of commissions and regulatory bodies that also interfering in the businesses of the United States…? Therefore, if SOX and Dodd-Frank acts are repealed or replaced with soft laws that opens the gates for free-for-all instead of economic regulations to safety the investors, the banks and the consumers. That would generate more trust for foreign investment and also of the consumers that want to be sure of their savings. Well, that is all a foreign opinion and understands of the world for the Trump Administration, an administration that is a corporate stooge and a not so invisible hand of Corporate America. Certainly Wilbur Ross and Steve Mnuchin will work for more open markets where the giant multi-national businesses get more freedom and less taxes, so profits can hopefully sore and the American consumer can be more rid-of-the-short-change in their pockets.

So if certain laws cease to exist or get repealed, if they get amended to a pointless state or even get new fancy laws made for big-business from Congress, don’t be surprised all the corporate stooges and well-wishers from the big-banks are all settled there, in the interest of capital donors and the republican super-PACs that want their reimbursement for their investment into the politician, certainly the Koch brothers and Mercer’s of this world want the gates open and market to sour for them. Not matter what cost or how many who loses their savings, as long as the wealthy are getting wealthier. Peace.

Reference:

Executive Order – Trump, Donald J. – ‘SUBJECT: Fiduciary Duty Rule’ – White House, United States of America (03.02.2017)

Executive Order – Trump, Donald J. – ‘ENFORCING THE REGULATORY REFORM AGENDA’ – White House, United States of America (24.02.2017)

Clinton, William J (Bill) – ‘Statement on Signing the Gramm-Leach-Bliley Act (12.11.1999) link: http://www.presidency.ucsb.edu/ws/?pid=56922

HBS Working Knowledge – ‘The Costs And Benefits Of Sarbanes-Oxley’ (10.04.2014) link: https://www.forbes.com/sites/hbsworkingknowledge/2014/03/10/the-costs-and-benefits-of-sarbanes-oxley/#77656419478c

Morrison & Foerster – ‘The Dodd-Frank Act: a cheat sheet’ (2010)

CFA Open letter: “Re: Investigation of OneWest Bank, FSB” (06.01.2017)

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Leaked Memo: Show’s Mnuchin’s OneWest foreclosure practices, which was very questionable!

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The nominee for becoming Secretary of Treasury, the man who follows legislation and other close connected to business in the United States. Should be worrying how he has done his businesses in the past. The California courts and Attorney General tried in 2013 to create a case on the public filings of the OneWest bank and their Foreclosure practices, which got stifled by the possibility to hide liabilities through certain fixed laws that OneWest used.

OneWest did it to not get scrutiny and the Attorney General tried get them on the docket, but the working paper was the only one showing, together with what was collected from one County in the State of California. Steve Mnuchin knew about this very well, as he got the profits from the acts of malicious and defrauding citizens, using false pretence to buy properties and selling for subsidiaries.

This $2.4 billion figure should not be confused with the $2.3 billion that CIT Group received from the US Government under TARP in 2008. When CIT filed bankruptcy in 2009, the $2.3 billion became a free gift from taxpayers, never to be repaid. Total government subsidy between the two banks is almost $5 billion, yet both banks claim they are prepared to merge and become a Systemically Important Financial Institution if the proposed merger is approved by the Federal Reserve and the Office of the Comptroller of the Currency”(CRC, 2015).

“Since March 2009, OneWest has foreclosed on approximately 35,000 California homes and initiated foreclosures of approximately 45,000 more. In April 2011, OneWest agreed to the Office of Thrift Supervision’s (OTS) entry of a Consent Order. The Order included findings that OneWest recorded documents that were not properly notarized, initiated non-judicial foreclosures without proper authority, failed to devote sufficient resources to ensure proper administration and oversight of its foreclosures process, and failed to sufficiently oversee vendors” (DOJ, P: 4, 2013).

“Finally, in the review of the 300 OneWest loan files obtained from LPS, we found that 21 files evidenced unlawful conduct by OneWest. Those 21 files (7 percent of those reviewed) contained falsely dated instruments executed by OneWest, substitutions of trustee in which OneWest falsely stated that it was beneficiary under an applicable deed of trust when it was not, or both. This unlawful conduct occurred throughout the state, concentrated primarily in Southern California. The 21 files related to homes in the nine following counties: Los Angeles, Orange, Placer, Riverside, San Bernardino, San Diego, San Mateo, Santa Barbara and Ventura” (DOJ, P: 9, 2013).

“The Investigation has uncovered evidence of unlawful credit bidding, a type of misconduct that is not squarely addressed by either the National Mortgage Settlement or the Homeowner’s Bill of Rights. As detailed below, unlawful credit bidding occurs when a party other than the foreclosing beneficiary uses of the credit reflected by the deed of trust to take title to the home, when it is not legally entitled to do so. This means than other bidders at the auction (perhaps in some cases the borrowers and/or their families) are unfairly disadvantaged in the bidding process and that cities and counties throughout the state lost documentary transfer tax revenue” (DOJ, P: 11, 2013).

“OneWest undertook critical steps in the foreclosure process when it lacked the authority to do so. OneWest falsely asserted that its subsidiaries and the trustees for the mortgage-backed securities trusts had authority to conduct critical steps in the foreclosures process when they did not. This misconduct related to three common steps in the foreclosure process, each governed by statute: (1) credit bidding; (2) payment of or claim of exemption from documentary transfer tax; and (3) execution of SOTs” (DOJ, P: 18, 2013).

“To date, we have located five examples of such examples of such misconduct from public records, and we believe that many of the 86 examples of recorded substitutions of trustee (SOTs) executed in OneWest’s name bearing dates prior to date that OneWest began operations are likely to have been executed without authority (the entity purporting to sign them did not exist on the date the assignment purportedly took place). Similarly, in the review of 175 completed OneWest foreclosures in Alameda County, we found 10 unlawful substitutions of trustee” (DOJ, P: 20, 2013).

“In response, we will argue that: (1) it is undisputed that conflict preemption applies after July 2011; and (2) that complaint seeks to hold OneWest accountable for types of misconduct that were outside the scope of OTS’s claimed field preemtion because they involve criminal and civil code statutes which only incidentally affect the lending operations of federal savings associations” (DOJ, P: 23, 2013).

“We recommend that the Attorney General authorize use to file a civil enforcement against OneWest” (DOJ, P:26, 2013).

Complain files:

“OneWest also made false statements concerning its own status as beneficiary, as well as the beneficial status of others. These statements were made in a variety of contexts, including the context of the trustee’s sale bidding process and in the avoidance of transfer taxes” (County of Alameda, P: 4).

onewest-court-2012

This was only what we’re reported by two single reports earlier in the recent years, but there been questioning about the merger for OneWest with another Bank. Therefore the reality of their ways of foreclosure should have stopped and should have been looked into, as the malpractice for a quick profit. The profits of the OneWest bank we’re earned in a very disgraceful way:

“After foreclosing on almost 8,000 homes here in LA County, how can OneWest Bank say with a straight face that they’ve been a good community partner or that this merger is going to somehow help our communities?” Kinlaw said in a statement. “Foreclosing on families meant billions in profits for the billionaire owners of OneWest, but it came at the expense of families who were thrown out of their homes.” (…) “Stein said the coalition is composing a letter that will ask the Consumer Financial Protection Bureau , U.S. Department of Housing and Urban Development and the Department of Justice to conduct a fair housing and fair lending investigation into OneWest’s lending practices” (Smith, 2015).

So there wasn’t only the Attorney General of California who knew there was malpractice and unlawful activity from the OneWest on their practices on the foreclosing of their properties to secure more funds. As they bought into funds with loans and defunct debt that could give the bank property as collateral and resell the properties for more profits, especially if they fixed the contracts and back-dates so the home-owners could be sealed off or resold in subsidiary of the OneWest.

So with the knowledge of these actions, these vulture capitalists shouldn’t be running the Administration. The Administration should make sure these men and woman doesn’t get power. Because their loose, laisses-faire economic regime might loosen the regulations and will lead to more quick profits, but hurt the bottom-line, the public! Trump Administration will favour possible vultures and people who do anything to earn bucks, with no concern of the outcome for the average families and the working-class, the ones that initially got them in power. That the ironic part is the ones that exhausted and gave way for the Administration is the ones that will suffer for the economic programmes from the coming term of presidency.

Steve Mnuchin has only been in business to get wealth, by any means; his business savvy way of OneWest proves the way of use all ways to gain profits. OneWest proves that they didn’t care about how they earned their profits on foreclosures, even if they twisted documents and their ways of buying titles. As long as this is known the vulture of Mnuschin should be known and not be put away in some chamber. Instead it should be questioned if he is fit to be Secretary of Treasury and be a part of the Administration at all! Peace.

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Reference:

California Reinvestment Coalition (CRC) – ‘Fact Sheet: OneWest Bank Expected to Receive Over $2.4 billion from the FDIC’ (12.04.2015)

State of California Vs OneWest, FSB, Federal Saving Bank and DOES – Complaint for Civil Penalties, Permanent Injunction, and other equitable relief – County of Alameda

Department of Justice – MoU: ‘Executive Summery – Request for Authorization File Action against OneWest Bank, FSB OneWest Investigation (SF2012105513) – 18.01.2013

Smith, Kevin – ‘Coalition seeks investigation of OneWest foreclosures’ (09.05.2015) link: http://www.sgvtribune.com/business/20150609/coalition-seeks-investigation-of-onewest-foreclosures

Cry havoc: Kanye creates more fuzz than actual news!

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This are one of these days where I see more articles about the meeting between President-Elect Donald J. Trump at the Trump Tower with the rapper Kanye West. What should be news that more and more people connected with either Big-Oil like the Standard Oil babies ExxonMobile, grand wizards of the economy, hedge fund infused billionaires and others are packing their offices to find ways of ravaging the faucets and gooses, while the workers are tripping and wonder what they voted in.

The American People been duped by a sales-man with such vigour and bravado that he claimed Hillary Clinton’s connection to the big business and Wall Street; while him two seconds and near the swearing-in are handpicking more Goldman Sachs officials than fish in a barrel.

With this in mind the visit of Kanye West at the Trump Tower is just a suggestion, from the man in 2011 on ‘Watch the Throne’ LP on the song ‘New Day’ wrote:

“And I’ll never let my son have an ego

He’ll be nice to everyone, wherever we go

I mean I might even make him be Republican

So everybody know he love white people”

Therefore, the truth of the matter is that this is not really a thing. If so, this is made-up to undermine the key aspects in the wind. The Goldman, the swamp swirling around the nest and dropping loads of golden eggs for the big business to use.

That the cabinet either filled with the ones that was to be cleared out of Washington D.C. or the populist agenda with men like Jeff Sessions and Stephen Bannon whose despicable worldview can destroy any kind of men has belief in decency left in the American Experience. Therefore, the scenery of this Alt-Right, White Supremacist in power should not overshadow the greedy-guts that are nominees for seriously grand opportunities.

Where bankers, where big industrialist and self-loathing interests combined with the infused tolerance for business over policy can conquer the republic’s works. As the lax-tax and corporate loopholes will be covered into a level where it isn’t a few bigger whole like a Swiss-Cheese, instead more like common water leaks like from pipes connected to the faucets.

The faucet is the sales-man on the top, the President-Elect Trump that gives all the donors of the Republican Party a feast, also the men and woman who can offer something in return; so the nomination is a future-buy in for a coming return on investment. The portfolio is more of government funds and taxes together with the estimated earnings on foreign affairs as the kickbacks through the political funded monies can return to the bankers and the industries that offered their nominees.

So we shouldn’t worry about Kanye is hanging out with the President-Elect, when the view of the man and woman handpicked to secure the coffers, misuse the immigrants as scarecrows for their economic policies to enrich themselves and their top 1 %, while leaving leaves and empty promises behind.

Therefore, American people be proud of you and yours have created! This is what you will become and what that is ahead, the President-Elect is surely going to have a blast and you as the citizen of the grand Republic going to left behind with the bill. Pay it either directly or to the rich-men is coffers or as a benefit for what you already had.

Certainly these noblemen who is handpicked by the Trump isn’t going to let you off the hook easily, they are in to cash-in or they are nominated to departments they back-in the day didn’t believe in like Ben Carson or Rick Perry. However, when they get a government position it’s all smiles and glory, even if they got no clue about the organization or its mission. Because that is not needed, because the President-Elect does not know what he is entitled to do either.

We can grin and wonder why Trump meet with Kanye, other than a publicity stunt of some kind, as the Republican blasted Obama for meeting Common at the White House, but no one is screaming vicious when Trump met with Kanye, since that is just so COOL!

Well, the reality is that the Republican party can stick it, for the pain and suffering they will give their own in the will of little government, little tax and massive army, the taxation policies as well as the prospects of Alt-Right policies to make enemies out of neighbours who are citizens as much the next one. Certainly, the Trump administration got work ahead, not only with themselves, but also with the Republic it will run. Peace.

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