Replies

“Didn’t a lot of insurance companies, state pension funds, union pension funds and big-shot overseas investors buy these wonderful MBS packages? Sucks to be them if these MBS tranches are full of nebulous unrecoverable crap.”

They sure did if you have a pension fund or a 401k invested in bonds you are probably among the losers. But Allstate, the NY Fed, Blackrock, Pimco, MBIA and I don’t know how many other’s are now suing the banks because they sold these as triple AAA and they owned the rating agencys to boot.

Sucks to be anyone who pays taxes too since we are also being screwed that way, the banks have offloaded trillions in toxic loans unto Fannie/Freddie and if you remember (2009)right before obama went on vacation there was a news dump where he gave the GSE’s unlimited government support.

U.S. Move to Cover Fannie, Freddie Losses Stirs Controversy

http://online.wsj.com/article/SB126168307200704747.html

Every time you hear more money for Fannie/Freddie that means more from you.

Fannie/Freddie was also suing BOA (among others) and the really crappy thing about that is BOA just made a settlement with them this week and taxpayers only got one lousy cent on the dollar! How sweet is that Jamie Dimon(NYT)who is obama’s favorite banker gets a great deal at your expense.

BofA Freddie Mac Putbacks Resolved for 1¢ on $

http://www.ritholtz.com/blog/2011/01/bofa-putbacks-freddie-mac/

NY Fed Joins PIMCO, Blackrock In Seeking BAC Mortgage Putbacks

http://blog.t3live.com/2010/10/ny-fed-joins-pimco-blackrock-in-seeking.html

Allstate Sues BofA Over Bad MBS

http://www.thestreet.com/story/10956524/allstate-sues-bofa-over-bad-mbs-report.html

MBIA wins key ruling in Bank of America case

http://news.yahoo.com/s/nm/20101223/bs_nm/us_bankofamerica_mbia_lawsuit

President Obama’s Favorite Banker

http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html

Barack’s Wall Street Problem is Now America’s

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

And BTW I don’t feel a bit of pity for those banks they created the Liar’s loans and the ARM’s out of nothing but greed and then just like the Socialist’s they donate to WE bailed them out.

No, The Big Banks Have Not “Paid Back” Government Bailouts and Subsidies

http://www.zerohedge.com/article/no-big-banks-have-not-paid-back-government-bailouts-and-subsidies

Barack’s Wall Street Problem is Now America’s

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/