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JP Morgan Sold Investors MBS Covered By ‘SACK OF SHIT’ Loans … Then Shorted All Those With Exposure: A Goldman-AIG Redux

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“In a nutshell: JPM committed fraud through misrepresentation, then wilfully and maliciously traded AGAINST the entities it had sold misrepresented securities to, and lastly, when even all this failed to rescue the failed bank, it was rescued, courtesy of the US taxpayers. Only in America will this lead to absolutely no jail time whatsoever.”

Today’s mortgage fraud stunner comes from Bloomberg’s Jody Shenn who reports on the ongoing lawsuit between Ambac and former Bear Stearns mortgage unit EMC, now part of JP Morgan. In what can only be classified as fraud-cum-double dipping-cum-AIG/Goldman, “JPMorgan Chase & Co. demanded that a lender repurchase bad mortgages even as it resisted calls to buy back the loans from bonds created by Bear Stearns. “That would be pretty bad” if true, said Joshua Rosner, an analyst at New York-based research firm Graham Fisher & Co. He said such allegations show why “investors and consumers have a right to be distrustful of the banks’ statements.” The bottom line is that JPM, which has so far been able to escape largely unscathed from the fraudclosure scandal, is about to take front and center. The reason: the very first line of the just released Exhibit 1 to the Ambac lawsuit: “In mid-2006, Bear Stearns induced investors to purchase, and Ambac as a financial guarantor to insure, securities that were backed by a pool of mortgage loans that – in the words of the Bear Stearns deal manager – was a “SACK OF SHIT.” But the stunner, and nothing short of a full-blown scandal if proven true, is that Bear Stearns (aka JPM) after funneling misrepresented loans with Ambac’s insurance, “implemented a trading strategy to profit from Ambac’s potential demise by “shorting” banks with large exposure to Ambac-insured securities.” This needs its own congressional hearing right now, followed by a few wristslaps. After all such wholesale fraud can never possibly be prosecuted in the world’s most advanced country.


(photo credit William Banzai)

More from the lawsuit:

Within the walls of its sparkling new office tower, Bear Stearns executives knew this derogatory and distasteful characterization aptly described the transaction. Indeed, Bear Stearns had deliberately and secretly altered its policies and neglected its controls to increase the volume of mortgage loans available for its “securitizations” made in patent disregard for the borrowers’ ability to repay these loans. After the market collapse exposed its scheme to sell defective loans to investors through these transactions, Bear Stearns implemented an across-the-board strategy to disregard its contractual promises to disclose and repurchase defective loans. In what amounts to flagrant accounting fraud, Bear Stearns’ improper strategy was designed to avoid and has avoided recognition of its vast off-balance sheet exposure relating to its contractualfollowing the taxpayer-financed acquisition by JP Morgan repurchase obligations – thereby enabling its senior executives to reap tens of millions of dollars in compensation.” Surely in non-banana republics heads would roll. What happens, however, when the heads are the same ones that rule said banana republic?

Read moreJP Morgan Sold Investors MBS Covered By ‘SACK OF SHIT’ Loans … Then Shorted All Those With Exposure: A Goldman-AIG Redux

Food Prices to Rocket By 50% As Global Hunger Epidemic Causes Riots and Famines

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The same elite criminals that have intentionally caused famines and all kinds of disasters around the world  (and the financial crisis) are now calling for GM food as the solution.

Problem – reaction – solution.

All think-tanks belong to the elite financed propaganda machinery.

We have the dirt-cheap technology to green the entire Sahara desert in almost no time.

And GM food is the solution? Sure!:

– Max Keiser: Monsanto And The Seeds Of Evil

– The GMO Catastrophe In The US, A Lesson For The World

– Monsanto: GM-Corn Harvest of 82,000 Hectares in South Africa Fails

– Exposed: the great GM crops myth (The Independent):

“Genetic modification actually cuts the productivity of crops, an authoritative new study shows, undermining repeated claims that a switch to the controversial technology is needed to solve the growing world food crisis.”

– Natural Farming: Farmer Doubles Production, Cuts Water Use By 30 Percent, Needs NO Fertilizer, Herbicides And Pesticides

Food prices are about to explode:

– ‘The World Is Only One Poor Harvest Away From Chaos’

– Australia Floods: Food Prices to Rise 30% – 50% of Crops Affected, With 20% Wiped Out

– India: Food Inflation Up Over 18 Percent In Just One Year

– Algerian Riots Continue Over Skyrocketing Food Prices And Unemployment

More on GM food at the end of the following elite propaganda article.

The coming global food crisis has been artificially created, like the financial crisis.

* ‘Perfect storm’ of issues will bring widespread starvation if nothing is done
* Food prices to rise by 50 per cent over the next decade
* GM crops will be needed to feed the world
* Global population to grow to 9billion by 2050


Food crisis: A leading Government think tank has warned scaremongering over GM farming is no longer acceptable

The cost of food will soar by 50 per cent over the next few decades as the world becomes racked by famine, mass migrations and riots, experts have warned.

The increase will be triggered by the exploding world population, rising cost of fuel and increased competition for water, according to a leading Government think-tank.

Spiralling food prices will push hundreds of millions of people into hunger, trigger mass migration and spark civil unrest, the report warned.

And in the UK, the price of basics such as bread, rice and milk will spiral to inflation-busting record prices within the next few decades.

The report, from Foresight, a think-tank set up to predict future crises, called for ‘urgent action’ to prevent food shortages, and said genetically modified crops may be needed to prevent famines.

Even a ‘modest’ rise in food prices could push 100million people into hunger, the report warned.

Read moreFood Prices to Rocket By 50% As Global Hunger Epidemic Causes Riots and Famines

AIRPrint Biometric Security System Reads Fingerprints Up to 2 Meters Away

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While ears may be the new biometric du jour, Advanced Optical Systems (AOS) is doing its best to keep fingerprints as the preferred method for identifying enemies of the state.

The company has built a fingerprint scanner with the ability to accurately read a print up to two meters away, and our military views the system as a means to reduce the risk to soldiers at security checkpoints all over the world.

The AIRPrint system is a significant upgrade over previous biometric security systems because it allows a person’s identity to be confirmed by military personnel from behind the safety of a blast wall or armored vehicle, which keeps our serviceman out of harm’s way.

AIRPrint uses a source of polarized light and two 1.3 megapixel cameras (one to receive vertically polarized light and another to receive horizontally polarized light) in order to produce an accurate fingerprint.

Read moreAIRPrint Biometric Security System Reads Fingerprints Up to 2 Meters Away

Federal Judge Rules Obamacare Unconstitutional

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Speaker of the House Nancy Pelosi(2nd-L) holds a pen given to her by US President Barack Obama(L)after signing the healthcare insurance reform legislation during a ceremony in the East Room of the White House in Washington, DC, March 23, 2010.

(NaturalNews) U.S. District Judge Henry Hudson dealt a severe blow to Obamacare today, ruling that the government’s attempt to force citizens to buy health insurance violates the U.S. Constitution. This decision puts the enforceability of Obama’s health care system in doubt.

Obama’s health plan was designed around a “minimum essential coverage provision” that seeks to force every American to purchase health insurance beginning in 2014. This is essentially a Big Brother commerce requirement where the government dictates that private citizens must purchase a product or service even if they don’t wish to. It also forces followers of natural medicine to buy into a system of drugs-and-surgery conventional medicine even if they have no intention of ever using it.

The Constitution limits the power of federal government

The United States Constitution, which is the document that grants the federal government powers, did not grant the federal government any right to force citizens to purchase certain products or services. Obama’s health care insurance mandate, therefore, was an overreaching effort on the part of the federal government to dictate the purchasing decisions of private citizens in order to achieve a political goal.

Citizens who refused to comply with this requirement to purchase health insurance were to be punished by none other than the IRS. Fines would be issued to citizens beginning in 2014 if they failed to prove to the IRS that they had purchased health insurance. Thus, Obama’s health care system put the IRS in charge of enforcing an unconstitutional mandate that private citizens buy something they did not want nor need.

This is what Judge Henry Hudson found to be unconstitutional. He found that the essential coverage provision “exceeds the constitutional boundaries of congressional power.”

Tenth Amendment protections

He’s right, of course. There is no such power granted to the federal government by the United States Constitution. Furthermore, the Tenth Amendment clearly states that the “powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”

In other words, if a specific power was never granted to the federal government, then that power remains with the States or the people. Since the Constitution never granted the federal government the power to dictate that private citizens purchase health insurance — and in fact Jefferson, Franklin, Madison and other founding fathers would have been horrified by such a power grab — that power remains solely with the States and the people.

What will the US Supreme Court rule?

With this ruling in place, the constitutionality of Obamacare will now likely move to the U.S. Supreme Court. The Supreme Court, of course, is the body that interprets the Constitution and decides whether modern-day laws are allowed under its provisions.

Read moreFederal Judge Rules Obamacare Unconstitutional

FAA Admits Losing Key Information Necessary To Identify 100,000 Private Planes in the US

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Agency fears ‘questionable registration’ could be exploited by terrorists, drug traffickers

Visit msnbc.com for breaking news, world news, and news about the economy

The FAA admitted that it has lost key information necessary to identify 100,000 private planes in the United States, creating a possible risk to national security. NBC’s Brian Williams reports.

NEW YORK — The Federal Aviation Administration’s aircraft registry is missing key information on who owns one-third of the 357,000 private and commercial planes in the U.S. — a gap the agency fears could be exploited by terrorists and drug traffickers.

The records are in such disarray that the FAA says it is worried that criminals could buy planes without the government’s knowledge, or use the registration numbers of other aircraft to evade new computer systems designed to track suspicious flights. It has ordered all aircraft owners to re-register their planes in an effort to clean up its files.

About 119,000 of the planes on the U.S. registry have “questionable registration” because of missing forms, invalid addresses, unreported sales or other paperwork problems, according to the FAA. In many cases, the FAA cannot say who owns a plane or even whether it is still flying or has been junked.

Already there have been cases of drug traffickers using phony U.S. registration numbers, as well as instances of mistaken identity in which police raided the wrong plane because of faulty record-keeping.

Next year, the FAA will begin canceling the registration certificates of all 357,000 aircraft and require owners to register anew, a move that is causing grumbling among airlines, banks and leasing companies. Notices went out to the first batch of aircraft owners last month.

Read moreFAA Admits Losing Key Information Necessary To Identify 100,000 Private Planes in the US

US: Major Snowstorm This Weekend; Life-Threatening Cold to Grip Dakotas to New York

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– Life-Threatening Cold to Grip Dakotas to New York (AccuWeather)

Dangerously cold air, perhaps the coldest of this entire winter season, is poised to invade the eastern half of the country over the next few days. In many places, if actual temperatures don’t fall below zero, brutal winds will make it feel that way with life-threatening conditions resulting.

A major storm will bring heavy snow and strong winds to the Great Lakes and parts of the Midwest northeastward into portions of neighboring Canada this weekend.

Enough snow to shovel and plow will fall over this region, but the primary form of precipitation along the I-95 corridor will be drenching rain.

Travel in much of the region will be extremely dangerous especially as strong winds develop on the backside of the storm producing widespread blowing and drifting snow.

However, there are some forecast problems that remain with the storm, due to its complexity, track, dry air pockets, and changeover times in some locations from not only snow and ice to rain, but also back to snow and a freeze-up at the end.

Read moreUS: Major Snowstorm This Weekend; Life-Threatening Cold to Grip Dakotas to New York

Wikileaks: US has deployed 200 tactical nuclear weapons in Europe

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The US has deployed 200 nuclear weapons in Europe says WikiLeaks’ files.

THE US has deployed 200 tactical nuclear weapons in Europe, mostly in Belgium, Holland, Germany and Turkey, the WikiLeaks’ files claim.

The four nations were long suspected of hosting warheads but Nato and the governments involved have refused to confirm reports. Nato yesterday condemned releasing nuclear secrets as “illegal and dangerous”.

A cable issued by WikiLeaks tells of discussions last year in which US Assistant Secretary of State Philip Gordon talks to Germany’s foreign policy adviser Christoph Heusgen about weapons in the four countries.

Read moreWikileaks: US has deployed 200 tactical nuclear weapons in Europe

Indonesia’s Second Volcano Anak Krakatau Erupts

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Indonesia’s Anak Krakatau volcano in Sunda Strait, straddling East Java and Sumatra, has spewed ash and flaming rocks.

Officials raised alert levels to ‘high’ on Friday as the volcano showed signs of increased activity, producing 117 small eruptions.

Staff at the observation post in Pasauran, Banten Province are on a 24-hour watch. Residents in Pasauran have been told to stay at least two kilometres away from the volcano.

Anak Krakatau means ‘Child of Krakatau’, named so because it rose in the place of Krakatoa volcano after it blew itself apart in one of the most destructive eruptions in history in 1883. The area is a popular tourist site and many villagers farm on the slopes of nearby Ibu Krakatau (Mother of Krakatau) on the same island.

“Until now we are still on alert level but when we examined our equipment on October 27 and 28 we experienced tremors,” said Anton Priambudi, a volcanologist observing Anak Krakatau.

Several volcanos in Indonesia increased their activities recently following Mount Merapi’s eruption on Tuesday.

The eruptions came only a day after a tsunami struck the remote islands in western Indonesia.

Sat Oct 30 2010 17:55:46

Source: ITN NEWS

Alert Raised as Anak Krakatau Acts Up


Nov. 2 Jakarta — The Volcanology and Geological Disaster Mitigation Agency on Monday warned the public to avoid the increasingly active Anak Krakatau volcano in the Sunda Strait between Java and Sumatra.

Anton Triambudi, an official from the agency, or PVMBG, said the volcano spewed heat clouds and lava on Monday.

He said people should stay at least two kilometers away from the area to avoid being hit by scorching debris reaching temperatures up to 1,000 degrees Celsius.

Authorities have raised the volcano’s alert level to II, which means there is magma activity that could lead to an eruption.

If the volcanic activity escalates, Anton said the alert level could be raised to III, with IV being the highest.

Read moreIndonesia’s Second Volcano Anak Krakatau Erupts

Happy Climate Fools’ Day!

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Oct. 27 — Today is Climate Fools’ Day. To celebrate, here is an essay courtesy of Simon Barnett to show how your money is being squandered by the Coalition on “Climate Change”.

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The 2008 Climate Change Act commits Britain to cutting its CO2 emissions by 80 percent by 2050 at a cost of £18.3 billion every year for the next four decades (according to the Department for Energy and Climate Change website).

This is being funded by top slicing the cash from your energy bills. The figure does not include other costs, such as the losses incurred due to the economic damage and opportunity costs of these measures. And obviously the law only seeks only to address CO2 emissions from the UK.

Without pausing to question how that 80 percent target is to be attained short of closing down the entire economy I’d just like to demonstrate the sheer scale of the cost of this bill with a little help from my beautiful assistant, H.R.H. Queen Elizabeth II. Here she is below on the fifty pound note, the largest denomination note in common circulation, and guaranteed to win friends and influence people wherever she goes…

Also assisting me in my demonstration will be “red stick man” who is participating primarily as a visual reference to scale, but you can call him “Red Ed” if you’d like (to apportion blame). Here he is demonstrating that a million of the above notes (50 million pounds) will fit neatly onto a standard pallet… (h/t)

Read moreHappy Climate Fools’ Day!

Nicolas Sarkozy Deploys Elite Unit GIPN Nicknamed ‘Sarko’s Stormtroopers’ To Deal With Rioting Students

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* Marseilles, Paris’s Charles de Gaulle and Orly airports affected
* Passengers forced to carry their own luggage off planes
* 3,000 of the country’s 12,000 petrol stations have run dry
* Disputes costing country £100million a day


Taking aim: Riot police fired flashball guns at student demonstrators in Lyon yesterday. Two thousand had gone on the rampage, burning cars and destroying shop windows

Armed with pump-action shotguns, sidearms and stun grenades the officers look like they belong in a war zone.

In fact they are elite French policemen who were deployed to the historic centre of Lyon yesterday to deal with rioting students.

President Nicolas Sarkozy took the extreme measure in the face of growing protests against an unpopular law aimed at increasing the retirement age from 60 to 62.

Nicknamed ‘Sarko’s Stormtroopers’, the GIPN (National Police Intervention Group) faced down 2,000 youngsters in Place Bellecour where cars had been set on fire and shop windows smashed.

The elite unit, whose motto is Cohesion Brings Strength, was set up in 1972 to deal with terrorists and hostage takers.

‘Deploying them on the streets was a tactical decision deemed necessary because of the acts of violence and vandalism aimed at the community,’ said an interior ministry spokesman.


Flare-up: Railway workers protesting on the streets of Paris yesterday

Batons, riot shields and tear gas are the GIPN’s first resort when dealing with troublemakers, but they were also armed with Heckler and Koch short-barrelled, pump-action riot shotguns designed for ‘defensive action’.

Verney-Carron flashball guns, which can stun protesters, were also used in Lyon yesterday.

The GIPN carry Sig Sauer Pro pistols, while their armed support mobile unit has sniper rifles and even Heckler and Koch machine pistols. The men always wear black body armour and helmets and cover their faces with balaclavas.

France’s increasingly militant trade unions have called for more industrial action today even though parts of the country are bordering on anarchy.


Clinch: Two students kiss in the road in front of riot police trying to control protests in Paris

Bernard Thibault, of the powerful CGT union, said: ‘There is no reason at all to stop. There is no alternative while the government remains intransigent. We need to continue with massive action as soon as next week.

‘We will ask the unions for strong action that will allow people to stop work and go on to the streets.’

The southern city of Lyon has resembled an urban guerrilla war zone this week, according to one local police spokesman.

There have also been clashes in the Paris suburb of Nanterre, where students yesterday joined hundreds of thousands of others from around the city for a mass demonstration.

‘We will head for the senate and, if necessary, try to storm it,’ said one radical student leader who asked not to be named.

‘The government has pushed us to the brink and has threatened our entire future.’

Read moreNicolas Sarkozy Deploys Elite Unit GIPN Nicknamed ‘Sarko’s Stormtroopers’ To Deal With Rioting Students

Chancellor Angela Merkel: Multiculturalism in Germany Has ‘Failed Utterly’

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Elite puppet Angela Merkel will say whatever she is told to tell the public by her elite masters

Watch the video here.

Chancellor’s remarks, which claimed multiculturalism had ‘failed utterly’, interpreted as a shift rightwards from previous views


Chancellor Angela Merkel says multiculturalism in Germany has ‘failed utterly’. She tells a conference of the youth wing of her Christian Democratic Union party that Germans and foreign workers could not ‘live happily side by side’

Chancellor Angela Merkel has declared the death of multiculturalism in Germany, saying that it had “failed utterly” , in what has been interpreted as a startling shift from her previous views. The German leader said it had been an illusion to think that Germans and foreign workers could “live happily side by side”.

“We kidded ourselves for a while that they wouldn’t stay, but that’s not the reality,” she said at a conference of the youth wing of her Christian Democratic Union party at the weekend, referring to the gastarbeiters, or guest workers, who arrived in Germany to fill a labour shortage during the economic boom of the 1960s.

“Of course the tendency had been to say, ‘let’s adopt the multicultural concept and live happily side by side, and be happy to be living with each other’. But this concept has failed, and failed utterly,” she said, without elaborating on the nature and causes of this failure.

Merkel’s verdict marks a shift in her previously liberal line on immigration which had always put her at odds with the more conservative wing of the party.

While she stressed in the same speech that immigrants were welcome in Germany and that Islam was a part of the nation’s modern-day culture, her remarks positioned her closer to Horst Seehofer, the Bavarian state premier of the Christian Social Union, who last week called for an end to immigration from Turkey and Arab countries.

They also align her with Thilo Sarrazin, the former Bundesbank member whose book on how the failure of many of Germany’s 16 million immigrants to integrate was contributing to Germany’s decline led to his dismissal.

Sharing the same podium as Merkel in Potsdam, Seehofer also said “multiculturalism is dead” and that both the rightwing parties were committed to a “dominant German culture”. If Germany did not revise its immigration policies, he said, it was in danger of becoming “the world’s welfare office”.

Read moreChancellor Angela Merkel: Multiculturalism in Germany Has ‘Failed Utterly’

600ft jellyfish crop circle found in Oxfordshire field

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A 600ft jellyfish pattern has appeared in a barley field in Kingstone Coombes, Oxfordshire, in what is one of the most intriguing crop circles ever seen in Britain.

jellyfish-crop-circle
The jellyfish crop circle measures 600ft across Photo: M AND Y

The vast pattern appeared in the field last week and experts are claiming it to be the first of its kind in the world.

Karen Alexander, a crop circle expert, said: “We have seen butterfly and bird patterns in the past, but this is the first jellyfish crop circle in the world.

“It is absolutely huge – roughly three times the size of most crop patterns and extremely interesting. People have been aghast at the size of it. It is a complete monster.

“We are looking into the meaning of it, but at present it just seems to have appeared out of nowhere.”

Read more600ft jellyfish crop circle found in Oxfordshire field

Illuminati Karate bought Bush’s expired library domain name for $10, sold it back for $35K

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Excellent Illuminati Karate! 🙂
________________________________________________________________________

DALLAS (AP) – George W. Bush’s presidential library domain name has been retrieved after a Web developing company accidentally let it expire – and it apparently came at a high price.

Raleigh, N.C.-based Illuminati Karate paid less than $10 for the http://www.GeorgeWBushLibrary.com domain name and sold it back earlier this year for $35,000 to the library’s contracted Web developers, Yuma Solutions, said George Huger, lead Web developer for Illuminati Karate.

Read moreIlluminati Karate bought Bush’s expired library domain name for $10, sold it back for $35K

Small Bomb Rocks NYC Times Square in Early Morning Hours

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A bomb exploded in New York City’s Times Square early this morning, damaging a military recruiting center. Police are now on the hunt for a man seen on a bike wearing a grey hoodie. While authorities remain on full alert, they insist that there is no imminent threat after the 4 a.m. explosion.

nycbomb.jpg

Read moreSmall Bomb Rocks NYC Times Square in Early Morning Hours