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Technicality or Fatal Flaw? To foreclose on real property, the plaintiff must be able to produce a promissory note or assignment establishing title. Early cases focused on MERS' inability to produce such a note, but most courts continued to consider the note a mere technicality and ignored it. Landmark newer opinions, however, stress that this defect is not just a procedural. but a substantive failure, one that is fatal to the plaintiff's case. The latest of these decisions came down in California on May 20, 2010, in a bankruptcy case called In re Walker, Case no. 10-21656-E-11. The court held that MERS could not foreclose because it was a mere nominee and that as a result plaintiff Citibank could not collect on its claim. The judge opined: "Since no evidence of MERS' ownership of the underlying note has been offered and other courts have concluded that MERS does not own the underlying notes, this court is convinced that MERS had no interest it could transfer to Citibank. Since MERS did not own the underlying note, it could not transfer the beneficial interest of the Deed of Trust to another. Any attempt to transfer the beneficial interest of a trust deed without ownership of the underlying note is void under California law."

And if anyone had any doubts that the CDS market is officially backstopped, look no further than the Bear Stearns and AIG rescues. To put not too find a point on it, the industry understands full well who is the ultimate bagholder: United States commercial banks, those with insured deposits, held $13 trillion in notional value of credit derivatives at the end of the third quarter last year, according to the Office of the Comptroller of the Currency. The biggest players in this world are JPMorgan Chase, Citibank, Bank of America and Goldman Sachs. All of those firms fall squarely into the category of institutions that are too politically connected to fail. Because of the implicit taxpayer backing that accompanies such lofty status, derivatives become exceedingly dangerous, said Robert Arvanitis, chief executive of Risk Finance Advisors, a corporate advisory firm specializing in insurance. "If companies were not implicitly backed by the taxpayers, then managements would get very reluctant to go out after that next billion of notional on swaps," he said. "They'd look over their shoulder and say, 'This is getting dangerous.'" Morgenson is positively tame compared to Munchau. I'm quoting him more liberally, because the tone of his remarks are remarkably pointed for him and the FT generally. Notice that he explicitly, and repeatedly, says the use of naked credit default swaps looks an awful lot like a crime:

Incredible article about the behind-the-scenes story of the nanny murder of two small children in NYC.   First, it's a staged murder meant to send a clear message to ALL media.  The children were the offspring of Kevin Krim, CEO of CNBC digital.  His website had published a story about the Spire Law Group suing an entire class of bigshot BANKSTERS for the theft of $43 TRILLION dollars of tax payer money.  Second, this involves the US Government.  The Spire allegation is that the Feds actively helped and assisted the Bankster theft. Third, the story describes the historical background of these Bankster hits, assassination and threats.  Although not covered in the article, Presidential assassinations in particular have an unmistakable link to Executive Orders that the Treasury print Silver Certificates that would compete against Bankster notes.  In one way or another, it's all about control of the money system.  This list of Presidents includes Jackson, Lincoln, Garfield, McKinley, Kennedy and Reagan. Original Press Release from the Spire Law Group:  ... http://goo.gl/ynV6O .... Wow! ................................... excerpt:: "On 10/25/2012 two corporate financial media bastions,  MarketWatch  (an affiliate of the Wall Street Journal) and CNBC, presented their readers with a bombshell.  In a too-good-to-be-true lawsuit, the top echelons of the USA's banking and civilian government had been sued for "racketeering and money laundering."  The suit requested "the return of $43 trillion to the United States Treasury."  Yes, you've read that right: 43 trillion-roughly 3 years worth of America's GDP or 3 times America's underestimate of its own national debt. The suit characterizes itself, according to these two corporate media tabloids, as the largest money laundering and racketeering lawsuit in United States History.  [It identifies] $43 trillion ($43,000,000,000,000.00) of laundered money by the 'Banksters' and their U.S. r

Citibank chose Obama's 2008 cabinet. Why am I not surprised?

Diigo is screwing up the URL AGAIN!!!!! WTF!!! The correct title is "Larry Summers and the Secret "End-Game" Memo :: http://goo.gl/wDhDhL From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial ba

Related link: Summers Withdraws From Consideration for Fed Chairmanship, http://www.bloomberg.com/news/2013-09-15/obama-said-he-accepted-summers-decision-to-withdraw-his-name.html

From the marbux treasure trove of truth we have financial expert Greg Palast describing how the Banksters engineered the 2008 World Financial Collapse. Greg names names, sighting an important 1997 memo signed by then Deputy Treasury Secretary, Larry Summers. The memo describes the Banksters "end game", and authorizes pulling the trigger on a process of forcing the world's financial institutions to accept the game of derivative roulette where high risk financial schemes and casino bets had to be accepted as "financial assets". Good story and as from everything I know, the absolute truth. Read it carefully because these same Banksters control the Obama Administration and seek to continue the great shakedown. One item of note is the recent resignation of Larry Summers as Obama nominee to head the Federal Reserve Bankster Cartel. Summers is one of the architects of the 2008 financial collapse, but is seen be Wall Street as hesitant to continue with the current Bernake flooding of the money markets with $85 Billion per month in freshly minted paper. Even the hint of rolling back the Bankster bailout a bit is enough to do in Summers. alternative Fed Banster Czar Janette Yellin promises to up the $85 Billion monthly bailout, and Wall Street celebrated with a near doubling of trades. We're so screwed! We started the "Socialism and the End of the American Dream" Diigo group in September of 2008 as an effort to understand the financial collapse. In this short article, Greg Palast summarizes the story and places the important facts on the table for all to see. Pray with me for his health and safety. excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks.  It was like replacing bank vaults with roulette wheels. Second, the banks wanted the right to play a new high-risk game:  "d

excerpt: "The year was 1997.  US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks.  That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks.  It was like replacing bank vaults with roulette wheels. Second, the banks wanted the right to play a new high-risk game:  "derivatives trading."  JP Morgan alone would soon carry $88 trillion of these pseudo-securities on its books as "assets." Deputy Treasury Secretary Summers (soon to replace Rubin as Secretary) body-blocked any attempt to control derivatives. But what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws? The answer conceived by the Big Bank Five:  eliminate controls on banks in every nation on the planet - in one single move.    It was as brilliant as it was insanely dangerous. How could they pull off this mad caper?  The bankers' and Summers' game was to use the Financial Services Agreement, an abstruse and benign addendum to the international trade agreements policed by the World Trade Organization. Until the bankers began their play, the WTO agreements dealt simply with trade in goods-that is, my cars for your bananas.  The new rules ginned-up by Summers and the banks would force all nations to accept trade in "bads" - toxic assets like financial derivatives. Until the bankers' re-draft of the FSA, each nation controlled and chartered the banks within their own borders.  The new rules of the game would force every nation to open their markets to Citibank, JP Morgan and their derivatives "products." And all 156 nations in the WTO would have to smash down their own Glass-Steagall divisions between commercial savings banks and the investment banks that gamble with derivatives. The job of turning the FSA into the bankers' battering ram was given to Geithner, who was named Ambassador to the World Trade Organization. "

Greg Palast does good work. I'm reminded of a passage from Carl Oglesby's The Yankee and Cowboy War where he argued rather convincingly that conspiracy is the norm rather than the exception at the boundary line between government and big business.

Excellent analysis of the coming banking crisis anw how our politicians have put the citizens on the hook for risky bank derivative gambling.  Thanks Marbux! Ellen H. Brown (nsnbc) : While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US.  Poverty also kills.

"Russia has just taken significant steps that will break the present Wall Street oil price monopoly, at least for a huge part of the world oil market. The move is part of a longer-term strategy of decoupling Russia's economy and especially its very significant export of oil, from the US dollar, today the Achilles Heel of the Russian economy. Later in November the Russian Energy Ministry has announced that it will begin test-trading of a new Russian oil benchmark. While this might sound like small beer to many, it's huge. If successful, and there is no reason why it won't be, the Russian crude oil benchmark futures contract traded on Russian exchanges, will price oil in rubles and no longer in US dollars. It is part of a de-dollarization move that Russia, China and a growing number of other countries have quietly begun. The setting of an oil benchmark price is at the heart of the method used by major Wall Street banks to control world oil prices. Oil is the world's largest commodity in dollar terms. Today, the price of Russian crude oil is referenced to what is called the Brent price. The problem is that the Brent field, along with other major North Sea oil fields is in major decline, meaning that Wall Street can use a vanishing benchmark to leverage control over vastly larger oil volumes. The other problem is that the Brent contract is controlled essentially by Wall Street and the derivatives manipulations of banks like Goldman Sachs, Morgan Stanley, JP MorganChase and Citibank. First appeared: http://journal-neo.org/2016/01/09/russia-breaking-wall-st-oil-price-monopoly/"

"NEW YORK, Oct. 25, 2012 /PRNewswire via COMTEX/ -- Spire Law Group, LLP's national home owners' lawsuit, pending in the venue where the "Banksters" control their $43 trillion racketeering scheme (New York) - known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the "Banksters" and their U.S. racketeering partners and joint venturers - now pinpoints the identities of the key racketeering partners of the "Banksters" located in the highest offices of government and acting for their own self-interests. In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York (Case No. 12-cv-04269-JBW-RML) - involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to a court-appointed receiver - Plaintiffs now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation): Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former "communications director" for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the "Banksters" themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patri

This is the first time anyone has tried to go after the Bankster class of midievil (mediæval) elites to recover theft of funds. Charges include racketeering, fraud and international money laundering. The mass tort action is now in the Brooklyn Federal Courts. Dead bodies are starting to show up as the Banksters move to shut down press coverage. Amazing stuff.

"Doug Casey: I don't see a real recovery until they stop debasing the currency, radically cut government spending and taxation and eliminate most regulation. In other words, cease doing the things that caused this depression. And that's not going to happen until there's a collapse of the current order. Things have cyclically improved since the height of the crisis of 2008-09. The trillions of currency units created by the Federal Reserve have jammed the stock market higher and kept the big banks from going under. What surprises me is that retail prices have not moved as significantly as I would have expected. The reason, I believe, is that most of that money is still sitting in financial institutions. It has gone into cash out of fear, into stocks because they represent real wealth with earning power and into various speculative assets like artwork and collectible cars. Real estate has recovered somewhat, not because of strong fundamentals but strictly because of money creation. This isn't going to last because the way you get wealthy is by producing more than you consume and saving the difference - not by consuming more than you produce, and borrowing the difference. With the Fed keeping interest rates at artificially low levels, hoping to increase consumption, they're making it very foolish to save - when you get ½% or 1% on your savings. So people are saving less and they're borrowing more than they otherwise would. This is a formula for making things worse, not better. They are, idiotically, doing exactly the opposite of what they should be. Although, I hasten to add, I hate to pontificate on what the Fed "should" do. In point of fact, the Fed should be abolished; the market, not bureaucrats, should determine interest rates. We wouldn't be in this pickle to start with if the government wasn't involved in the economy. In fact, if it wasn't for the state, I suspect we'd all have a vastly higher standard of living, and would be colonizing the Moon, Mars and