Wednesday, October 20, 2010

Foreclosure-Gate Related Disruptions at American Bankers Association Annual Meeting

The first signs that Foreclosure-Gate can lead to problem protests for bankers came earlier this week in Boston.

Tuesday morning, three women dressed as bankers, from a group they identified as the "Alliance to Develop Power"– TC Eckstine, Jamie Sadiq, and Caroline Murray – took turns interrupting the plenary session of  American Bankers Association annual meeting.   Over 1,000 bankers were in attendance at the event which took place in the Hynes Convention Center in Boston.

 The three demanded of  the ABA a somewhat contradictory set of items from the modification of current loans to demands that more loans be issued. Specifically, the three called on the ABA to:
Fix the foreclosure crisis and move millions of families into fair mortgage modifications with principal write-downs.

Invest responsibly and sustainably in community-led economic development projects to create jobs.

Stop bankrupting taxpayers and communities.

End discriminatory lending practices.

Provide workplace protections to employees.
According to eyewitness accounts, the women were detained by Boston Police and told they would be issued summons for trespassing. At the same time a second group of 40 people, equipped with bullhorns and noise-makers made their made way into the Hynes Convention Center chanting "You're the worst. Time to put the people first! "

The protests, if nothing else, signal that foreclosure-gate is fast becoming a hot potato that no politician is going to want to go near. Jamie Dimon is going to have to handle this on his own.

11 comments:

  1. Now that's GUTS!!... way to go ladies!!!

    This is just getting started, news is going to be interesting to watch in the coming days.

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  2. I guess the line has finally been crossed. God Speed USA

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  3. Keep this in mind: The ABA represents the TBTF banks while the Independent Community Bank Association represents the nation's community banks, who are for the most part, have not participated in the malinvestments and fascist takeover of the system. Members of the ICBA have really have been sounding alarms- See Rusty Clotier, former head of the ICBA and Atlanta FED vice president, he wrote a book about the ongoing fiascos.

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  4. ThePatriotMuckrakerOctober 21, 2010 at 9:39 AM

    Police = bitch to the rich. And, an enemy to a free people.

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  5. Survival Time,

    Way to go ladies? Are you kidding me? These entitled commies walk in and start demanding MORE government intervention and you're cheering them on?

    How clueless are you people? Do you not see where all of this is leading? It's of no benefit to anybody if the people criticizing the status quo want a more interventionist, government controlled "reform", except the politicians and the special interest groups who get serviced.

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  6. Taylor, re-read the article. The 3 ladies with more guts than you went to a private business banker meeting, they don't want anything from a gov. already in the banker pirate hands. Maybe you are a pirate banker Taylor.

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  7. To Taylor Conant: what we want is a government that does its job. And that job is to protect the country and the people--not the bankers.

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  8. Right on Taylor, the root of the problem is gov't encouraging the banks to make these loans through Fannie/Freddie, and cheap money from the FED. Combine that with the FDIC insurance which removes people incentives to watch out for their money at the bank and there you go. Big problems.

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  9. Anon,

    The three demanded of the ABA a somewhat contradictory set of items from the modification of current loans to demands that more loans be issued. Specifically, the three called on the ABA to:
    Fix the foreclosure crisis and move millions of families into fair mortgage modifications with principal write-downs.

    Invest responsibly and sustainably in community-led economic development projects to create jobs.

    Stop bankrupting taxpayers and communities.

    End discriminatory lending practices.

    Provide workplace protections to employees.


    Which of these demands led you to believe these weren't a bunch of typically entitled commie protestors? Excuse me, does everyone have a RIGHT to the things they demanded, now?

    I don't have to waste my time marching into meetings I wasn't invited to, making known my "List of Demands" aka my cut of the government loot, to prove I am not a "pirate banker" you dolt. I prove that perfectly well, doing my job, in the non-subsidized private sector, and generally minding my own G-D business instead of foolishly playing the role of the communist martyr like that's noble and like that's EVER made a difference in situations like this.

    Sharonsj,

    You are clueless about what government is and what government does, and therefore you've blown it on your analysis of the government's "job." The government is a gang of thieves-- end of story. Doesn't matter who is in power. It is a coercive organization that finances itself with stolen wealth and acts unilaterally to impose its will on the rest of society through its monopoly on the initiation of the use of force.

    You are yet another well-intentioned but nonetheless useful idiot for the cause of government oppression in the name of "justice."

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  10. Anon,

    The three demanded of the ABA a somewhat contradictory set of items from the modification of current loans to demands that more loans be issued. Specifically, the three called on the ABA to:
    Fix the foreclosure crisis and move millions of families into fair mortgage modifications with principal write-downs.

    Invest responsibly and sustainably in community-led economic development projects to create jobs.

    Stop bankrupting taxpayers and communities.

    End discriminatory lending practices.

    Provide workplace protections to employees.


    Which of these demands led you to believe these weren't a bunch of typically entitled commie protestors? Excuse me, does everyone have a RIGHT to the things they demanded, now?

    I don't have to waste my time marching into meetings I wasn't invited to, making known my "List of Demands" aka my cut of the government loot, to prove I am not a "pirate banker" you dolt. I prove that perfectly well, doing my job, in the non-subsidized private sector, and generally minding my own G-D business instead of foolishly playing the role of the communist martyr like that's noble and like that's EVER made a difference in situations like this.

    Sharonsj,

    You are clueless about what government is and what government does, and therefore you've blown it on your analysis of the government's "job." The government is a gang of thieves-- end of story. Doesn't matter who is in power. It is a coercive organization that finances itself with stolen wealth and acts unilaterally to impose its will on the rest of society through its monopoly on the initiation of the use of force.

    You are yet another well-intentioned but nonetheless useful idiot for the cause of government oppression in the name of "justice."

    ReplyDelete
  11. Gonzola Lira writes in the linked article Mulligan Mortgages – The Banks’ Only Way Out: ”A mulligan is a golf term. It’s when your first shot pretty much sucked—so your golf partner lets you take another shot, with no penalty. It’s the gentlemanly thing to do, as it were. A way to keep a lazy Sunday afternoon game interesting.

    Both the mortgage laden intermediate mutual bond funds, such as GSUAX, and the mortgage backed bond ETF, MBB, rose stunningly this last week, giving credence to the concept that the Fed is going to not only be buying short therm bonds, SHY, and those in Pimco’s Mint, MINT, but the mortgage backed bonds as well, in its QE II.

    I appreciate Gonzola Lira's thoughts as they tie into what I believe we will see in the future.

    The Dodd Frank legislation established a Federal Financial Regulator, that being the Treasury Secretary, and granted him wide discretionary power of the economy.

    From your recent EconomicPolicy Journal article Secret SEC Meeting with Goldman Sachs and JP Morgan, I conclude that in the US, through an October 6, 2010, meeting of bankers, investment bankers and SEC officials, that an elite group of stakeholders has arisen to act as a “banking, lending, credit, and investment Regulatory Council”, supporting the Financial Regulator in overseeing the US economy.

    I believe that the Dodd Frank legislation, empowers the Federal Financial Regulator, to intervene in the foreclosure and mortgage securitization issue; and that at some point in the future he will provide a solution that integrates the banks with the Government in state corporate governance over housing, bandking, and mortgage securitization. Perhaps, Annaly Capital Management, NLY, may have a role to play, given that it has done so well in the Government debt field.

    Perhaps this solution will involve purchase of mortgage backed securities, debt foregiveness, and leasing of bank owned properties.

    And of course, the US Dollar, $USD, will go down in flames. All I can ask is: “Got Gold?” ... Yes one should definitely be invested in gold bullion.

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